ASEAN KEY DESTINATIONS
Agri, BPO, manufacturing sectors to continue driving PHL growth
The agriculture, manufacturing and business process outsourcing (BPO) sectors will continue to drive Philippine economic growth, a report by global research and consultancy firm Oxford Business Group (OBG) showed.
According to its publication "The Report: The Philippines 2017," the three sectors are well supported by the government's planned reforms.
"With a raft of reforms in the pipeline aimed at further sharpening the economy's competitive edge, the country is well placed to build on its solid foundations," OBG Chief Executive Officer Andrew Jeffreys said in an emailed statement.
"Sectors of the economy that are continuing to drive growth ... include manufacturing, agriculture, and the country's booming business process outsourcing segment," OBG said in a statement.
Socioeconomic Planning Secretary Ernesto M. Pernia said the manufacturing sector is expected to keep on growing on the heels of anticipated demand during the harvest season and school enrollments.
Latest available data from the Philippine Statistics Authority (PSA) showed agricultural output grew by 5.28 percent in the first quarter, driven by improved performance in all farming subsectors.
The outsourcing sector is forecasting to generate as much as $39 billion in revenue over the next six years.
The socioeconomic agenda of President Rodrigo R. Duterte hinges largely on continuing and maintaining macroeconomic policies of the previous administration, as well as implementing a comprehensive tax reform program.
"With a high-profile President in place, who has made clear his plans for driving new growth, expectations for the Philippines are on the rise," Paulius Kuncina, OBG managing editor for Asia, said.
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