Philippine economy to grow 6.2% this year – World Bank

The robust services sector, which includes the country’s business process outsourcing industry, will continue to buoy the Philippine economy. According to the World Bank, the Philippine economy would grow 6.2% this year, making it one of the fastest growing economies in East Asia and the Pacific. The report says that the services sector, including the BPO industry, will remain a key growth driver, projected to grow at 7% in 2016, and 6.8% in 2017-2018. The World Bank report, entitled ‘Outperforming the Region and Managing the Transition’, said the Philippine economy may surpass the forecasts if authorities can further ramp up spending on public infrastructure as planned.