Sign up | Log in



Home  >>   Daily News  >>   Philippines  >>Economy  >> Rosy economic outlook seen for Philippines
NEW UPDATES Asean Affairs  27 April  2015  

Rosy economic outlook seen for Philippines

THE Philippine economy is projected to expand significantly over the next decade and a half to become one of Southeast Asia’s heavyweights, fueled by a growing middle class and a resurgent manufacturing sector.

IHS Global, a think tank, said that the government’s business-friendly policies would lead to higher levels of investment, helping create more jobs and raise incomes in the country.

Over the next five years, gross domestic product (GDP) growth may average 5.5 per cent, forecasts showed. If this expansion were to be sustained, per capita income, or the money the average Filipino makes, could double to $6,000 a year by 2024. By 2029, the size of the economy is expected to more than triple from $310 billion in 2015 to over $1 trillion.

“These significant increases in per capita GDP will create one of Asean’s largest consumer markets of the future, as the middle class rapidly expands over time,” IHS Global Asia Pacific chief economist Rajiv Biswas said. “This will help attract foreign direct investment by multinationals into the Philippines manufacturing and services industry.”

The main growth drivers for the Philippines economy are the rapidly growing outsourcing sector and the strong flow of remittances from Filipino workers abroad. The expected gains may be attributed to the large pool of university-educated workers as well as the strong English-language skills of the workforce in the country.

In the Philippines, the export revenue from the business process outsourcing (BPO) sector more than doubled between 2008 and 2014, reaching an estimated $18 billion in revenues by 2014, while the total number of employees in the IT-BPO industry exceeded one million.

By 2016, the Philippines’ IT-BPO industry is projected to have 1.3 million employees. The rapid growth of this industry is also driving economic development in a number of cities across the Philippines, with Manila and Cebu now ranked among the world’s leading BPO hubs.

Also, remittances from Filipino workers abroad rose to a new record of $26.9 billion in 2014—up 6.2 per cent from the level seen in 2013, providing a key source of strength for the Philippines’ balance of payments.

Overseas workers’ remittances directly support consumer expenditure and residential housing construction, becoming a key driver of GDP growth in the Philippines.

In the long term, the development of the Philippines will depend on the manufacturing sector’s competitiveness—whether it can effectively harness foreign and domestic investment flows.

“This will require considerable improvement of the business climate, with the Phili

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           April  27 , 2015 Subsribe Now !
• China to invest $5 billion in Indonesia Subcribe: Asean Affairs Global Magazine
• Govt likely to liquidate Petral soon
• Rosy economic outlook seen for Philippines
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Gov’t mulls green incentives
• HCM City reports strong economic growth
Asean Analysis                   April 17, 2015
• Asean Analysis April 17, 2015
Thailand and the United States Need Better Communication
Advertise Your Brand

Asean Stock Watch  April  24,  2015
• Asean Stock Watch-April  24, 2015
The Biweekly Update
• The Biweekly Update April  17, 2015

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand