by: Sarah Joson
Wednesday, September 25, 2013 | Outsourcing News |
According to Standard Chartered Bank, the growth of the Philippine economy will remain strong as domestic demand and investments in the country continue to flourish.
The UK-based financial institution released a report called "Asian sovereigns -- Key takeaways from investor trip" where it was noted that this year, the Philippines is one of the strongest players In the Asian region. The country is also recognized for its gross domestic product (GDP) which is said to have surpassed initial expectations.
Standard Chartered’s executives analyzed three Asian countries - the Philippines, Indonesia, and Vietnam. They coordinated with independent analysts, multilateral agencies, and quasi-sovereign corporates. They found that the Philippines is a "positive outlier" due to remittances and strong business process outsourcing (BPO) industry.
Moreover, for this year’s first semester, the local economy grew 7.6 percent, which is higher compared to 6.4 percent for the same period last year. It has also exceeded the 6-7 percent growth projection of the government.
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