Philippine economy to reach USD1tr by 2030

IHG Global Insight said the Philippine economy can expand around 6% annually over the medium term and become a USD1tr economy by 2030. Economists said the country’s expanding Information Technology – Business Process Outsourcing (IT-BPO) industry and remittances from overseas Filipino workers will continue to be key growth engines. IHS Global Insight Asia-Pacific chief economist Rajiv Biswas cited the rapid economic growth recorded under the administration of President Benigno Aquino III when revenue from the IT-BPO industry grew to a point where analysts believed it will surpass the remittances from Filipinos working abroad. The IT-BPO industry raked USD22bn last year and created around 1.2 million jobs.