Philippine economy to double earnings with BPO’s help, IHS predicts

OABPO Blog Team Published on May 20, 2014

Non-voice-services-in-the-Philippines--Open-Access-BPO

The business process outsourcing industry (BPO) continues to play a significant role in reconstructing the Philippines from economic ruins to a thriving Asian nation. Open Access BPO reports about the upcoming growth of the country, as predicted by a top economist.

The BPO industry along with remittances from overseas Filipino workers (OFW) will help the Philippines produce more than double of its current earnings in the coming decade, according to an economist from industry resource giant IHS.

Non-voice-services-in-the-Philippines--Open-Access-BPO--

IHS Asia-Pacific chief economist Rajiv Biswas predicted that the Philippines can reclaim its former glory by 2030 after decades of economic lag.

Biswas said in an issued statement that the country “has undergone a remarkable transition from a pussycat into a tiger economy over the last decade.” Formerly dubbed as the “Sick Man of Asia,” the forecasted comeback can place the Philippines among the three best performing economies in the Southeast Asian region, the chief added.

Also mentioned in the release is the Philippine economy’s capacity to charge a “robust long-term economic growth of around 4.5% to 5% per year over the 2016 to 2030 time horizon.”
If attained, the economy will jump from this year’s $280-billion level to the $680-billion range by 2024 and have a probable gross domestic product (GDP) of $1.2 trillion by 2030.

The economist further cited international companies that outsource call center and non-voice services in the Philippines as the main drivers of the oncoming growth. Foreign currencies remitted by about 10 million OFWs will also aid the surging BPO sect in crutching the previously ailing country.

Biswas then advised the country to improve business and tourism conditions to attract more manufacturers among other investors, who will help sustain the Philippines’ economic growth.

He pointed out that the nation still ranks low in the World Bank’s ease of doing business ratings. Basing on government figures, Biswas said that one in four Filipinos lives in poverty while employment stability still remains as one of the country’s biggest challenges.
Fixing these, the Philippines can stay in the race towards Asian economic dominance, given the fact that it is among the fastest-growing economies in recent years with a recorded 7.2% GDP growth in 2013.

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Open Access BPO recently hosted an exclusive financial literacy webinar on May 22, 2025, specifically designed to equip its employees with essential knowledge for personal #FinancialSecurity.

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The webinar centered on crucial aspects of #ProtectionPlanning, offering clear, actionable guidance on how to secure future financial stability. It explored a range of practical financial strategies, from traditional savings and investments to entrepreneurial ventures.

This initiative is a reflection of Open Access BPO's deep commitment to the overall well-being and financial stability of its workforce. This webinar is one of many planned employee engagement activities aimed to help our employees grow personally and professionally.

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Held in Barangay Eden, Toril District in Davao City's upland Toril District, employee volunteers planted 100 seedlings of the Philippine indigenous white Lauaan forest tree.

Partnering with the Department of Environment and Natural Resourcesโ€“Community Environment and Natural Resources Office (DENR-CENRO), this effort aids in the vital reforestation and rehabilitation of the Talomo-Lipadas Watershed, a crucial water source for Davao City.

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