Reasons to outsource to the Philippines: Q2 GDP tops expectations

Reasons to outsource to the Philippines: Q2 GDP tops expectations

OABPO Blog Team Published on August 30, 2013
outsource-to-the-philippines

The country’s economy reinforces its stability with its latest growth update, an encouragement to foreign corporate entities eyeing to invest or outsource to the Philippines. Gross domestic product (GDP) grew 7.5% in the second quarter, exceeding market expectations and matching that of the People’s Republic of China.

Growth was previously estimated at only 7.3% and revised in the first quarter at 7.7%.
The domestic economic growth of the Philippines, for the first six months, also outperformed that of its neighboring ASEAN countries, which are as follows: Indonesia, 5.8%; Vietnam, 5.0%; Malaysia, 4.3%; Singapore, 3.8%; Thailand, 2.85%.

National Statistical Coordination Board Secretary General Jose Ramon Albert said in an interview that this growth is spurred mainly by consumer and public spending, as well as increased investments in fixed capital. Services, manufacturing, and construction sectors are also contributing factors.

In relation, Socio-Economic Planning Secretary and National Economic Development Authority (NEDA) Director General Arsenio Balisacan says in an announcement that this “confirms that the Philippine economy is now on a higher growth trajectory and the fastest growing economy among emerging economies in the ASEAN region.”

While other economies that were growing at a fast rate are now decelerating due to global slowdown, the Philippine economy has shown an ability to withstand external shocks.” Balisacan adds.

This recent development is expected to support the local stock market and boost investor confidence across different industries.

Aside from those mentioned above, the business process outsourcing (BPO) industry is also a chief economic driver in the country. It accounts for approximately 10% of the total GDP and directly employs 1.3 million Filipinos, with 3.2 million others employed through ancillary jobs. It is projected to hit $25 billion by 2016.

Photo credit: Renzelle Mae Abasolo on Flickr

Leave a Reply

JOIN US ON FACEBOOK
Open Access BPO
Open Access BPO4 days ago
Developing countries, including India, Indonesia, and the Philippines, showed 30% increase in gig platform use.

See how Open Access BPO empowered a leading #GigEconomy platform with tried-and-true #CX and process management solutions. Get your hands on our exclusive market insights today: https://buff.ly/2WwrLqR

#WeSpeakYourLanguage #Outsourcing
Open Access BPO
Open Access BPO4 days ago
Setting the right performance metrics helps your #CustomerService team achieve business goals and scale as you grow. Partner with a qualified #BPO provider for seamless program management: https://buff.ly/2Vhw7BB

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO5 days ago
With their ability to solve simple issues instantly, chatbots allow brands to make the always-on consumer happy.

Enhance your #LiveChat support strategy with these 7 best practices: https://buff.ly/3lbuHn4

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO6 days ago
Get a glimpse of what The Open Access Difference can offer your business in the #GigEconomy: https://buff.ly/3zN708T

#WeSpeakYourLanguage #Outsourcing
Open Access BPO
Open Access BPO7 days ago
Here are five ways to help your business gain a deeper understanding of your customers' needs:
✔️ Put yourself in their shoes
✔️ Conduct customer research
✔️ Gather #CustomerFeedback
✔️ Go to social media
✔️ Maximize your #CRM system

Read more: https://buff.ly/2TAVDRN

#WeSpeakYourLanguage #CustomerService
Open Access BPO
Open Access BPO7 days ago
What began as a humble telemarketing startup in 2006 has grown into a full-suite multilingual outsourcing provider.

Get to know Open Access BPO more: https://buff.ly/3BJXBk9

#WeSpeakYourLanguage
Do NOT follow this link or you will be banned from the site!