6.6% GDP growth in 2012 in the Philippines
President Aquino acknowledged the symbolic importance of overseas talent returning. “They were not forced to come home,” he said. “They decided that working and living in the Philippines is better than working abroad.”
Long known as an economic laggard whose chief export was job seekers unable to find work at home, the Philippines is now Asia’s rising star.
The country’s 6.6 percent economic growth rate in 2012 was the second-highest in Asia behind China. The stock market expanded by 30 percent during the same period.
In April, the Philippines received investment grade status from two of the big three credit ratings firms, Fitch Ratings and Standard & Poor’s, for the first time in the country’s history.
Among other growth, the Philippines has become amajor destination for call centers and business-process outsourcing. As local consumption rises, legions of shopping malls have also gone up, including two of the world’s largest.
To help keep the momentum going, the PH government is investing heavily in highway and other infrastructure projects through partnerships with the private sector and is negotiating with Muslim rebels to bring peace to the volatile but resource-rich southern island of Mindanao.
We, at Eastvantage, are looking forward to take part to this growth momentum and even, to a certain extent help support it by hiring the best talents for western entrepreneurs investing in South East Asia and seeking for the best BPO IT outsourcing solutions for their companies.