View Full Version : Philippine Economy Status

23rd January 2015, 18:07
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The Philippines have progressed from being an economic country based solely on agriculture to now being based more on services and manufacturing. This relevant shift has caused the Philippines to be considered as a newly industrialized country. In 2011, the World Bank ICP gave an approximate of $543.7 billion for the Philippine’s GDP (purchasing power parity). The 2013 World Bank statistics report that the Philippine economy is the 39th largest in the world, and thus has one of the promising markets across the globe. Goldman Sachs even forecasted that the Philippines will be the 14th largest economy in the world by 2050, and enlists the Philippines (http://filipinaroses.com/where-can-you-marry-in-the-philippines/) in its list of the Next Eleven economies. Even one of the largest banks, HSBC has foreseen that by 2050, the Philippines will become the 16th largest economy in the world, the 5th largest economy in Asia, and the largest economy in Southeast Asia.

Today, the Philippines are still actively promising a resolution to its major problems, which include mending the wide income and growth differences between the country’s regions and socioeconomic classes, eliminating corruption, and ensuring to invest in the right infrastructures that would benefit for future growth and progress. Yet still, the Philippines continues to deliver its exported high quality products: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. The country has established its relationship with its major trading partners, the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Because of these and its future promise, the Philippines has been named as one of the Tiger Club Economies alongside Indonesia, Malaysia, and Thailand.

In 2011, the International Monetary Fund declares the Philippines as the 45th largest economy in the world. Despite the steady growth of the Philippine economy over the decades, it still has been left behind the economies of the Asian Tigers, which consist of its neighboring Asian countries. The Philippines is not considered a part of the Group of 20 Nations. However, the Philippines is open grouped in a second tier of emerging markets or of newly industrialized countries, which, depending on the analyst, are collectively called the Next Eleven or the Tiger Club Economies.

The Philippines track record in its GDP growth rates is as follows:

2012.> 6.8%
2013.> 7.2%...
One of the fastest growing industries of today, the Business Process Outsourcing (BPO) has established widespread resources in the Philippines in the forms of call centers. These call centers originally began as merely plain providers of email responses and service management, but has now been a major source of employment for Filipinos. Call centers offer customer related services that range of travel services, technical support, education, customer care, financial services, online business to customer support, and online business to business support. The Philippines is an ideal location for BPO industries because of the business benefits, which include cheaper operation and labor costs, and the existing high proficiency in English and the already highly educated Filipino talents. Records show a significant percentage increase in the Philippine-based BPO industries, which by 2011 has generated an estimate of 700, 000 employments, and an $11 billion revenue. In fact, by 2016, the industry is projected to generate an estimate of 1.3 million employees and around $27.4 billion in revenue.
Another significant Philippine economic contributor is its remittances from the Overseas Filipino Workers (OFW), or the Filipinos who work abroad. In fact, the contribution of the OFW remittances has spurred the Philippines economic growth by increasing the investment status from credit ratings agencies, such as the Fitch Group and Standard & Poor’s. Some of the reported valuable remittance data include those from 1994 with more than $2 billion, and that in 2012 with $10.6 billion.
The Philippines may now be a highly industrialized country, however, a great part of its economy is still based from a large agricultural sector. Another great Philippine economic contributor is from its industrial sector that is based on processing and assembly operations in the manufacturing of electronics and other high-tech components for multinational corporations.
These percentages are the highest GDP growth rates in Asia for the first two quarters in 2013, and are then followed by those from China and Indonesia.

Philippine Economy Status
http://filipinaroses.com/philippine-economy-status/ | Philippine Economy Status

23rd January 2015, 20:04
Looks like the best time to invest there is now.

7.2 % growth in 2013 is a large increase for their economy but only a small part of a percentage in the UK would dwarf that.

UK GDP for 2013 was 2,678,455 million dollars
Philippines GDP for 2013 was 272,067 million dollars

These figures are from World Bank.