According to Rajiv Biswas, Chief Economist at IHS Asia-Pacific, the Philippines - formerly known as "the sick man of Asia" - is well on its way to becoming one of the top three players in the Southeast Asia region with an economy worth trillions of dollars in 2030.
The growth is expected to be driven by factors such as the information technology-business process outsourcing (IT-BPO) sector and dollar remittances from an estimated 10 million overseas Filipino workers.
Biswas shared in a statement before the inauguration of the World Economic Forum on East Asia meeting in Manila that the Philippines has improved tremendously over the last decade. The executive added that the Philippine economy is capable of growing 4.5-5 percent annually for the 2016-2030 period. At present, the Philippine economy is worth $280 billion, and with the growth rate projections, it can transform into $680 billion in 2024, and a GDP of $1.2 trillion by 2030.
However, Biswas advised that the country has to work on the business environment and other industries such as tourism and manufacturing to attract more investors.