Despite a slowdown in the business process outsourcing (BPO) industry, one of the country’s key economic drivers, the economy managed to post growth of 6.7% in 2017. Socioeconomic Planning Secretary Ernesto M. Pernia said the GDP growth last year was the fastest in the region after China’s 6.9% and Vietnam’s 6.8%. In the fourth quarter, the economy grew at a slower rate of 6.6%, a pace similar to that of a year ago but slower than the 7% expansion in the third quarter. Pernia acknowledged that the slowing BPO industry, worth USD23bn and employing 1.15 million people, was a “major contributing factor to this decline”.
Join the world's premier outsourcing community
Get the world's leading outsourcing news summary, Inside Outsourcing, delivered to your inbox each week, for free. Plus, benefit from being a part of the fastest growing outsourcing community.
- Breaking news: daily web updates with outsourcing sector updates
- Newshub: Browse over 4,000 outsourcing industry news items
- Access: get outsourcing white papers, guides, articles, videos and podcast episodes
- BPO community: join our extensive outsourcing community
- Cancel anytime: zero obligation, no spam, just great information