China, ASEAN integration boosts Philippines’ BPO sector
According to the economic research arm of a regional integration organization, trade and investment integration between China and the Association of Southeast Asian Nations (ASEAN) will continue to thrive. The ASEAN+3 Macroeconomic Research Office (AMRO) said the development is being propelled by a number of factors. These factors include the increase in market size on both sides, greater cooperation in facilitating trade and enhancing connectivity, and continued relocation of labor-intensive and other types of manufacturing activities from China to ASEAN. It is also due to the development of regional production networks with China at the center and ASEAN countries as part of the supply chain. It noted that China-ASEAN integration has boosted the Philippines’ business process outsourcing (BPO) sector, which was among the top contributors to economic growth in the past decade. AMRO said ASEAN’s services exports also got a boost from China’s outbound tourism with Philippines witnessing a lift in its export of BPO services to China.
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