News » Philippines economy slows in first quarter

Philippines economy slows in first quarter

Philippines economy slows in first quarter

The Philippines economy grew by only 5.6% in the first quarter of 2019, according to the Philippines Statistics Office (PSA), its worst quarterly performance since 2015. Analysts are expecting a rebound in the second quarter, however. “Despite the sub-six percent economic growth for the … quarter, the growth in major industries’ gross revenues reflect an improved economic environment amid tapering consumer prices during the period,” said Security Bank chief economist Robert Dan J. Roces. “Services, tied with better consumption, remain a major driver in industry especially BPOs (business process outsourcing), which provides a steady stream of employment and wage growth.”

Of significance to the outsourcing sector is that compensation growth increased to 4.6% during the period from 3.3% in the first quarter of 2018. On a per employee basis, compensation grew 2.9%, up from 2.0% last year. Preliminary results of the PSA’s April 2019 round of the Labor Force Survey shows the labor marketing tightening. It estimates the employment rate at 5.1%, down from the 5.5% rate given in the same survey last year. The underemployment rate – the proportion of those working, but looking for more work – decreased to 13.5% from 17% a year ago.

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.