Nov. 29 – The Philippines has taken analysts by surprise by posting strong GDP growth figures for the third quarter this year, rising at three times higher than expectations. To date, the Philippines over the past two years has been one of the poorest performers in GDP growth among emerging Asian nations. However, both robust domestic consumption and strong exports have helped the country revive plans to achieve overall growth rates of 5 percent to 6 percent overall for 2012.
Manila has produced a record infrastructure budget of some US$12 billion for 2013, earmarking major upgrades for roads, ports, bridges, and airports to improve the country’s overall infrastructure and to secure strong long-term growth projections.
The Philippines bucking the trend is something the World Bank anticipated earlier in the year. The international organization cited the Philippines as being the only country in the world who were likely to grow faster in 2012 than anticipated. The International Monetary Fund has also raised its 2012 growth outlook for the nation from 4.8 percent to 5 percent for the year.
The Philippines has been developing as a business process outsourcing center in recent years, and with English language widely spoken and a reasonable education sector, the country is starting to take preference in direct-communications lead outsourcing away from India.