The latest article featured at Investopedia.com commends the Philippines for having displayed a recent remarkable comeback worldwide. It can be recalled in the past that it was among Asia’s lagging countries; however, in the later years, it has shown resiliency by bouncing back. Dubbed as the “Next Eleven Economy” and “tiger club,” it is now reveling in innumerable achievements and developments.
Among the key factors that contributed to the Philippine’s economic growth is the stability now established by its current government. With the President having control over the turbulent political setting, there came a gradual restoration of confidence both domestically and internationally. As the later years went by, this confidence became steadfast and was clearly manifested when the Philippines was tapped to host East Asia’s World Economic Forum, which was a momentous gathering that discussed trends and opportunities for business, lawmakers, industry leaders and global press groups.
Suffice to say, the Philippines underwent extensive changes within the last ten years due to its remarkable accumulation of foreign exchange reserves, as well as posts of great earnings despite imminent issues about inflation and interest rates.
The nation likewise proved its resilient ability when Haiyen, the strongest typhoon ever recorded, struck in November of 2013. Despite the national catastrophe, its economy went up by 7.2% of the same year, securing fifth place in Southeast Asia. With this, IHS Inc. Has predicted that the Philippine’s yearly economic growth will be at 4 to 4.5% from 2016 to 2030, and will have a value of $1.2 trillion by 2030.
Philippine Stock Market Performing Positively
With the the country’s economy performing strongly, country stocks have been notably operating well for the previous four years. The PSEi Index released a year-to-date earnings which exceeded 16% in June of the present year. Among the industries driving growth are cement, consumer products and of course, call centers.
Because of its low operational and labor costs as well as massive workforce that speaks fluent English, the Philippines is now known as the world’s best call center outsourcing destination with an expected minimum of 110,000 jobs to generate in the incoming years.
Be that as it may, the article likewise brings to light that currently, no record has been made of a publicly listed company that invests in call center companies. Investors are encouraged to prioritize capitalizing on businesses that are presently fueled by business process outsourcing. This list comprises of real estate and property businesses which include Megaworld Corp, SM Prime Holdings, Inc., SM Investments Corp., Robinsons Land Corp. And Ayala Land, Inc.
Leaders of the industry must now find a way of sustaining the Philippine’s economic growth. More importantly, caution should be taken to avoid depending on the call center outsourcing companies and remittances contributed by Filipinos who work overseas. There are still an array of industries that can be developed further like tourism, agriculture and manufacturing.