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PH Economy Seen to Grow 6% Annually up to 2020

by: Karen Cayamanda

Friday, May 6, 2016 |

Research firm IHS Global Insight expects the Philippine economy to post gross domestic product (GDP) growth of about six percent annually from this year until 2020.

IHS Global Insight Asia-Pacific Chief Economist Rajiv Biswas said the country will be able to continue its growth streak until 2020 if the next administration will still aim for economic reforms and strengthen institutional governance. Biswas added that under President Benigno Aquino III's term, the economy posted an average of six percent growth.

According to estimates by the research firm, the country's economy could reach $700 billion by 2025, and even $1 trillion by 2030. This year, it is expected to post $300 billion. With these figures, Biswas said the Philippines will be one of the leading emerging markets in the region.

As the IT-business process outsourcing (BPO) industry continues to grow and remains a key revenue-generator for the economy, the country's GDP growth rate is expected to reach an average of 5.3 percent between this year and 2025.

In 2015, the BPO industry posted $22 billion in revenues and employed 1.2 million direct workers.  This year, it is expected to reach $25 billion and add more than 200,000 job opportunities, especially with the rapid growth of the healthcare sector.


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