IT-BPO sector to drive Philippines into a $-trillion economy



Driven by the IT-BPO sector, the Philippines is expected to become a trillion-dollar economy by 2030.  “The Philippine economy has undergone a remarkable transition from a pussycat into a tiger economy over the last decade,” Rajiv Biswas, Asia-Pacific chief economist for HIS, said in a statement  issued ahead of the holding of the World Economic Forum on East Asia meeting in  Manila this week.

“The Philippine economy has the capacity for robust long-term economic growth of around 4.5 percent to five percent per year over the 2016 to 2030 time horizon. This will transform the Philippines economy from its current $280-billion economy to a $680-billion economy by 2024, with a projected GDP of $1.2 trillion by 2030,” he said.

He cited the strong growth of remittances from the estimated 10 million Filipinos working overseas as well as the local business process outsourcing industry, which has surged in the past decade. But Biswas also warned that in order to sustain economic growth, the Philippines will have to improve conditions to attract more investment to the  key tourism and manufacturing sectors.

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May 19, 2014

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