Recent news on the economic growth in the Philippines seems to be quite positive, at least thats what the Asian Development Bank (ADB) predicts. The country enjoys a great demographic advantage and is slowly witnessing a revival of the manufacturing industry as well.
According to Takehiko Nakao, ADB president, the consistently strong economic growth in the Philippines is quite encouraging. The 6.8 percent growth rate in the previous year was indicative of increased private investment as well as higher public infrastructure investment.
According to the Volume of Production Index, growth in the manufacturing sector jumped to 14.4 percent. This is a significant jump from the 2.5 percent growth recorded in 2015. At the same time, the BPO industry is proving to be a huge dollar earner. In 2016, the revenue recorded from the BPO services sector equaled 10% of the GDP. Domestic demand is likely to drive economic growth in 2017.
Nakao was reported saying that the Asian Development Bank will be closely working with the administration for boosting infrastructure investment, making business processes easier, reforming the tax policy, upgrading education and healthcare, promoting rural development and strengthening social security.