by: Sarah Joson
Friday, August 31, 2012 | Outsourcing News |
At CNBC Asia’s latest article “Who Is Asia’s New Darling of Investors?” published in The New York Times last August 27, it identified the Philippines as the country that is getting the attention of investors. The country posted a GDP growth rate of 5.9 during Q2, making the GDP of this year’s first half 6.1%.
The Philippines’s Q2 GDP enabled it to come in third place, closely following China and Indonesia. With the country’s 5.9% GDP, fuelled by the strong growth of services exports, it was able to outdo Malaysia (5.4%), Vietnam (4.4%), Thailand (4.2%), and Singapore (2%).
Prakriti Sofat, Regional Economist at Barclays, said the Philippines is “Asia’s rising star”. It is also expected that the country would get an upgrade in credit ratings in the second half of 2012.
Medha Samant, Investment Director at Fidelity Worldwide, said the Philippines’ reduced fiscal deficit, strong domestic demand, and high volume of remittances from overseas workers help the country attract more investors. Another key growth driver for the country’s economy is the thriving business process outsourcing (BPO) sector. Samant noted that the BPO market poses a lot of opportunities.
Meanwhile, research consultancy firm Everest Group said the Philippines is the global leader for call center operations, overtaking India’s $7 billion in voice-based processes by posting $7.6 billion.
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