According to a report done by Philippine Institute for Development Studies (PIDS), it is very likely that the Philippines will lead the Asia-Pacific region when it comes to services exports.
Dr. Ramonette Serafica, a research consultant and author of the study, said there are numerous opportunities in the services sector that are yet to be accessed. He also pointed out that the services sector has significantly contributed to the growth of the Philippine economy through numerous employment opportunities it has produced. The services sector has helped reinforce the investment and revenue levels of the country. For service value, it accounts for 44.15 percent in gross exports.
Compared to its neighbors, Serafica stated that the Philippines’ strong information technology-business process outsourcing (IT-BPO) puts it in a strong position.
One of the key factors that contribute to the country’s comparative advantage is its workforce. The innovations in information and communication technology and the business models that are also being integrated to the process are further highlighting the capabilities of the Filipino workforce in the outsourcing and offshoring segments.
Another industry that the Philippines may soon be well-known for is ship repair - also because of its competent workforce in the industrial field. The country’s geographical location also makes it a premier logistics hub for cargo and ship repair.