Philippine Outsourcing Industry Drives Long-Term Economic Growth

On September 7, 2012, in Outsourcing, by Business Development Group
According to CNBC, “The economy’s focus on the services sector and domestic consumption, as well as a lower exposure to global financial markets, helped it to escape a recession following the 2008 global financial crisis.”

According to CNBC, “The economy’s focus on the services sector and domestic consumption, as well as a lower exposure to global financial markets, helped it to escape a recession following the 2008 global financial crisis.”

In a recent article by financial network, CNBC (Consumer News and Business Channel), the Philippines topped the list of “The Best Countries for Long-Term Growth.” The list was based on a recent report from HSBC Global Research, “The World in 2050,” predicting the world’s economic landscape in the next 40 years.

Related Article: HSBC Report “The World in 2050”

According to CNBC, “The economy’s focus on the services sector and domestic consumption, as well as a lower exposure to global financial markets, helped it to escape a recession following the 2008 global financial crisis.”

Related Article: The Best Countries for Long-Term Growth

In another CNBC article, “Who Is Asia’s New Darling of Investors?”, the Philippines was dubbed as the “new market darling” by Medha Samant, Investment Director at Fidelity Worldwide Investment; and as “Asia’s rising star” by Barclays Regional Economist, Prakriti Sofat.

Related Article: Who Is Asia’s New Darling of Investors?

The phenomenal growth of the Philippines’ Business Process Outsourcing (BPO) industry was cited as one of the main drivers of long-term economic growth together with other factors including reduced fiscal deficit, strong domestic consumer demand, and increased pace of overseas foreign worker (OFW) remittances. The Philippines has recently surpassed India as the global leader in voice-based outsourcing services, with about 350,000 Filipinos employed in call centers. The Business Processing Association of the Philippines (BPAP) has set a new revenue target for the outsourcing industry— $27.4 billion by 2016.

Related Article: Philippine BPO Sector to Benefit from Signed Data Privacy Act

With the “combination of its powerful demographics and strong fundamentals,” the Philippine economy is set to become the 16th largest in year 2050; that would be quite a leap of 27 places from the country’s current ranking of 43rd in the world.

Related Article: The Philippines in 2050

 

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