[photo credit: Export Development Council via iNFORMS (EDC eNewsletter)]
Department of Finance (DOF) Secretary Ralph Recto reported the Philippines is the fastest-growing economy in the Association of Southeast Asian Nations (ASEAN) leading it to the top (5.6%) based on the actual gross domestic product (GDP) growth performance of ASEAN in 2023.
Secretary Recto said the global growth will be led by Asia’s powerhouses for the next decades, notably by the Philippines. Contributing to this is the massive growth of the transportation and storage, construction, and financial services, he explained.
Additionally, the country is projected to be the 14th largest economy worldwide by 2075, with an average GDP growth rate surpassing Asia and the world.
According to the Information Technology-Business Process Management Association of the Philippines (IBPAP), the Information and Technology – Business Process Outsourcing (IT-BPO) services is an added revenue in the export industry that will contribute almost USD37.87 billion this year, which will bring over 800,000 jobs that could make an employment of 1.7 million. Factors include the rise of demand overseas, employees in the work-from-home (WFH) set-up, and other digital development in other companies.
Furthermore, Recto emphasized during his speech in the Manila Overseas Press Club (MOPC) Finance Night that DOF eagerly supports the President’s Build Better More (BBM) program which includes: 134 physical connectivity projects (PHP8 trillion), 29 water resources projects (PHP681.7 billion), 9 agriculture projects (PHP213.6 billion), 1 power and energy project (PHP10.2 billion), 5 health projects (PHP91.9 billion), 3 digital connectivity projects (PHP82.7 billion), 3 other Infrastructure projects (PHP28.2 billion), and 1 education project (PHP30.6 billion).
He also underscored the advantage of Public-Private Partnership (PPP), reflective of strong collaboration between the private and government sectors in pursuing different projects and programs for the country’s development.
