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PH to Reinforce Services Sector in APEC Meeting

by: Sarah Joson

Tuesday, February 3, 2015 | Outsourcing News |

According to the National Economic and Development Authority (NEDA), the Philippines can use its position as the chairman of the largest global economic gathering in the last 19 years - the Asia-Pacific Economic Cooperation (APEC) Meeting, to leverage its services sector.

From January 31 to February 7, NEDA will host four events at the Asia-Pacific Economic Cooperation (APEC) Senior Officials Meeting to be held at the Clark Freeport Zone, Pampanga.

PH services sector largest contributor to growth

The services sector contributes 56.7 percent to the gross domestic product (GDP) of the country, and is the largest contributor to its growth during the fourth quarter of last year.

Emmanuel Esguerra, Deputy Director-general at NEDA, said the services sector could use a little more push for its potential to be maximized. He also pointed out that the country’s APEC chairmanship can enable local small and medium enterprises (SMEs) to make it to global value chains (GVC). In addition to that, he said out of all the APEC economies, the Philippines has the highest GVC participation in optical and electrical equipment.

Last year, the services sector posted a full-year growth average of six percent, similar to the figures posted during the fourth quarter of the same year. Also, the business process outsourcing (BPO) sector is eyeing to have 1.3 million full-time employees and $25 billion in revenues by 2016. The sector currently has 1.052 million workers.


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