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Economic Growth Seen as PH Enters New Demographic

by: Sarah Joson

Wednesday, October 29, 2014 |

With the opening of a new demographic for the Philippines, the local economy is expected to grow and more opportunities will be made available for job seekers.

The demographic window is predicted to last from 2015 to 2050. The United Nations defined it as a period when majority of the population is within the working or productive ages of 15 to 64. It is also when citizens aged 65 and above are less than 15 percent, and those who are 15 years old and below comprise only a maximum of 30 percent.

The information technology and business process outsourcing (IT-BPO) industry and the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) are expected to sustain these job opportunities.

Zedric J. Matubis, Vice-president for retail sales of Philam Asset Management, Inc. (PAMI), said whenever a job is a created in the BPO industry, 2.5 more are made available. This is the multiplier effect. He added that the 2.5 factor falls under the economic growth prospects category since it contributes to the food services and retail industry of the country.
In a study done by the Philippine Statistics Authority, they projected that the population will grow to nearly 103 million by next year and 44 million are in the 15-64 age bracket. Matubis pointed out that since half of the population will be earning, it will result to a higher level of economic growth.

The Information Technology and Business Process Association of the Philippines (IBPAP) said the IT-BPO industry posted one million employees during the first half of 2014. It is expected to increase at least 120,000 every year.


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