Philippines must ramp up services exports to cushion slowdown – Pernia
Socioeconomic Planning Secretary Ernesto M. Pernia is pushing the development of service exports such as tourism and business process outsourcing (BPO), to compensate for a possible global economic slowdown. Pernia made the pronouncement as the World Bank said uncertainty around global growth conditions has risen, with the possibility of trade and other policy shocks emerging from major economies. The country’s chief economist said there is a need to seriously ramp up the service exports, especially tourism and BPO, where the Philippines has a natural advantage. World Bank data showed that the Philippines’ service exports continued to climb, from USD20.4 billion in 2012 to USD23.3 billion in 2013, USD25.5 billion in 2014, USD29.1 billion in 2015 and USD31.4 billion in 2016. Pernia has said that the growing trade war between top trading nations such as the United States and China may dampen global economic growth.