IMF: PH Economy Best Performer Out of ASEAN-5
The International Monetary Fund’s latest Regional Economic Outlook (REO) has reported that the Philippines outranks all the other ASEAN countries in terms of economic performance.
The PH economy’s consistent 6% growth this year with its projected 6.2% growth next 2017 places it on top of its other Southeast Asian neighbors. Last 2015, the country’s growth was only at 5.8%. This is believed to be due to an increase in public consumption and of course, investments. The Philippines is proving to be an attractive destination for investors not only because of its English-fluent market and young workforce, but also because of its economic and political stability.
Although the demand in the private sector increased because of low oil prices, unemployment, higher work remittances and public-private partnerships as reasons for economic progress, the business process outsourcing (BPO) industry remains as the main trigger of economic growth in the Philippines. Providing employment to at least 1.2 million people, the BPO sector is expected to surpass OFW remittances in terms of gross domestic product contribution. Currently, the country is responsible for 27% of BPO exports around the globe, the majority of its exports coming from companies in the US.
As usual, there are still challenges to overcome to make sure the progress is sustained for years to come. For one, fighting against cybercrime and protecting labor rights are matters of utmost concern, especially if the country would rely on the BPO sect to flourish. Fostering an environment for more BPO careers would also be beneficial for graduates.