News » PH economy will increase by 5-6% this year

PH economy will increase by 5-6% this year

PH economy will increase by 5-6% this year

The Philippine economy is forecasted to recover with a growth of 5 to 6% by the end of 2021, reversing the 9.6% contraction in 2020 during the pandemic, according to First Metro Investment Corporation (FMIC).

FMIC, the investment banking arm of the Metrobank Group, said that the country’s economy will be fueled by various factors such as accelerated vaccine roll-out, sustained fiscal and monetary policies, and the government’s constant push for infrastructure projects.

FMIC president Jose Patricio Dumlao said, “Our dependable and resilient OFW (overseas Filipino workers) remittances, which grew 13 percent year on year in April this year, and BPO (business process outsourcing) services are anticipated to perform even better. As employment starts to pick up and more people get inoculated, consumer confidence is also expected to improve.”

Dumlao also added that the upcoming national election next year will support the growth of the local economy.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.