The Philippines' main SOURCE of ECONOMIC Growth
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- Опубліковано 30 вер 2024
- #philippines #Economy #service #bpoindustry
How Strong Is the Philippine Service Sector
The Philippines is often referred to as a country where the export of services rather than manufactured goods is the main engine for economic growth. The share of the service sector of the country’s gross domestic product has exceeded that of the industry and agricultural sectors combined.
In the first quarter of 2023, the service sector contributed about 60.6%, while the industrial sector contributed 29.3%, and Agriculture, Forestry, and Fishing contributed about 10.1% to the country’s economy.
The IT-BPO industry and the Services provided by Overseas Filipino workers constitute to almost 20% of the country’s GDP.
According to the IT and Business Process Association of the Philippines, the total IT-BPO headcount reached 1.6 million in 2022, with revenues for the sector rising to $32.5 billion. For the record, the country holds a 10% market share of the Global IT-BPO market.
Personal remittances to the Philippines sent by Filipinos abroad are rapidly growing. According to the World Bank, the Philippines is expected to be among the top recipients of remittances this year, with money sent from overseas seen to reach $38 billion. These remittances came from 11 million Filipinos worldwide, working or residing outside the country.
The Filipino diaspora is one of the largest and most spread out in the world. Indeed, it is estimated to comprise over 10% of the country’s population. Countries with the highest Filipino population are the United States, Canada, Saudi Arabia, the United Arab Emirates, and Japan.
Philippine Tourism is also growing. The country breached the two million mark in international arrivals, for the first five months of 2023 surpassing last year's baseline target. And these accounted for more than 100 billion pesos in estimated visitor receipts.
For 2023, the Department of Tourism expects 4.8 million international arrivals and more than 120 million domestic trips.
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Well, Philippines is truly a unique country in South East Asia, Philippines attracts more & more multinational investors in service sector such as BPO, International Call Center, and IT because Philippines has highest literacy in proficient english language on the Planet that is the biggest advantage of the Philippines in other South East Asian Countries so no wonder the modern high rise buildings in Philippines is booming and mushrooming. Philippines is now dubbed as "The Call Center Capital of the World". The foreign tourist who are going to the Philippines is on the rise. The Big Infra projects are ongoing construction in Manila side by side. Mabuhay Philippines!
si Pnoy ang nag hikayat ng BPO na yan sa bansa, muntik pang umalis ang mga company na yan kung di lang bumaba ang tax ng mga BPO companies
and that might be your downfall, call centres are becoming scamming centres as phone people are blocking calls, and high literacy yes maybe but it is the low wages that attract companies who have to pay so much in their own country, foreign tourism is good but its also an escape for all the bad people leaving their countries to marry and live cheap and scam for balikbyn boxes, some are getting twenty a year and selling to stores to sell, Bohol seems to be the centre for that at the moment.
Philippines should also invest in manufacturing sector and agriculture.
The Philippines is a hopeless country.
All Filipinos do is to hope
fallback of China manufacturing I guess service and agriculture still the pillar of growth
Philippines focused too much on outsourcing services and overseas remittances to prop up the economy. Put up more manufacturing and agriculture as well to create more jobs for more people.
Well, atleast the philippines economy is growing very fast and the next more years it will have bigger improvements. Now that philippines infrastructure is booming, and also many investors are investing in the philippines for their new business. Also philippines is the new big thing in asia, thanks for our president that doing his best even if many people are downgrading him.
The Philippines is growing super slow
.
@@dongshengdi773 Hahaha yes, our economy are growing super slow that's why philippines was not one of the fastest growing economy in southeast asia, we are not be called the next big thing in asia if our economy are slowing down 😂😂
@@dongshengdi773 It's ok if the Philippines progress slow, any step forward matters and counts..
@@dongshengdi773No one needs your opinion here WUMAO!
@@dongshengdi773 Jealousy will make you stressed. lol 🤣😅
Best wishes from Germany, i´m looking forward to know more about our friends within the asean region.
Start an IPO business in the Philippines for German companies and become a billionaire.
@@leapdrive interesting Idea, but I'm more of an long term investor. Like through an ETF
@christian9365 - visit Cebu
@@leapdrivewhere did you get your information? Such a st*p*d thing
@@superhirro4852 , an idea of an IPO? That’s standard for businesses going public. How can it be a stu *d things.
Still, It would be really great if manufacturing is one of their focus because it is more sustainable! We used to have Intel, Hewitt Packard, Advance micro & Texas Instruments that implored thousand thousands of Filipinos! Now we lost them, & we lost that jobs! Now Filipinos has to go abroad such in Taiwan, Korea, Japan & even to China! Yes, they need to shift their priority from agriculture to manufacturing!
That would require a cheaper power source, preferably nuclear power, we have one of the highest if not the highest electrical cost in Asia. For a long time that reason kept the investors away. We skip the industrialization phase of country development due to this reason and jump towards service driven economy. As said before we Filipinos, in general, do not have a strategic mindset. Had we run the BNPP then we would have a very different situation today. We were left behind by our neighbors. Sad reality is Filipinos today still refuses to look in to the future of the country. They instead want to run their individual selfish agendas, rich and poor alike. I am starting to think that democracy is not suitable to govern the Filipinos :D.
@@aarnkgnar986 That' is very true! Cambodia & Myanmar are catching up Philippines! & Philippines is way lagging behind Infonesia, Malaysia, Thailand & Vietnam! & to blame is our constitution & policies! They keep talking about changing or ratifying the constitution & the policies several years ago but nothing happened! & that cost them big time! Lets hope, the BBM administration is defferent & steer the country to the right path! to become prosperous again just like his father did during his time!
Excuse me?! Like his father did before? Then all hell will break loose in the Philippines!
Don't worry when we lost a peso if a 10 peso bill is sure coming in. We lost Intel, etc. but good heavens give us strong IT BPO sector that we should appropriately nurture. Greed can destroy everything.
The Philippines is the rising star of asia.,and they will be a brighter tomorrow to the country.,
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The gorilla in the room for the Philippines is the looming inability to grow enough food to feed its population. Food security is a huge issue. not enough is being home grown and constantly importing more and more food has driven the cost of living by more than 25% in just the past 24 months.
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it is not something to be proud of.. they leave their family from home just to support them but it sacrifice family bond time
Hey sour grape! Most of them just go for six month- contracts then go back home with an option to eventually renew their contract. They do this perhaps until they can build their own business or buy a house or a car. They don’t work for life in another country except the others who immigrate for good. Immigrants get to take their family eventually to the new country by applying to the Immigration Department of the country. Still others immigrate while they’re still single, and marry and raise a family in their new adopted country.
You have a very simple mind!
Of course, they leave their family just to work in other countries and earn money. What do you expect? Just staying in your home without money to your survival?
@@LeeSkJohn-sv8wi , no! Some contracts are good for six months and is renewable. So workers would go home for a few weeks and start another six-month contract which is also renewable.
@@LeeSkJohn-sv8wi , you’re talking out of your anus. I know people who did that kind of contract for a while.
see!.. someone called you a liar... and in your statement you said "Some contracts are good for six months and is renewable. So workers would go home for a few weeks and start another six-month contract which is also renewable. there is the word "some" that comes from you, meaning there is also some is not as fortunate as you claim so..
AMBIL KEMBALI NEGERI SABAH SARAWAK KEPADA SAUDARA KAMI PHILIPINA🇵🇭
@hopelope1703since sabah become a part of malaysia, other sulu terretory should join malaysia
@hopelope1703 so, why sulu want sabah?
Spain never colonised sabah and mindanao
as a Filipino. Our country should just leave Sabah alone. its a waste of resources trying to take it back. a war with Malaysia is a stupid idea, even if we won our economy and reputation is too broke and we would have to allocate more resources to send military troops to maintain control of Sabah. our corrupt politician will only siphon the natural resources from Sabah. We should just focus our effort on improving the lives of the Filipino people.
Focus more on AGRICULTURE food sectors, TOURISM INDUSTRY,more jobs creation, EDUCATION all Filipino children should be all professionals future of the country and family...We love Philippines iur Philippines❤❤❤🎉🙏🌾🌾🌾🌴🌴🌴🌿🌳🌵🍃☘🍀🌱😅😂🥰🤩👍👍👍🙏
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innovation and technology too
Add cheap, reliable, distributed, and abundant electricity to the country's infrastructure and the manufacturing and industrial sector will surely develop and grow. As long as electricity is expensive, foreign investment in manufacturing will always lag behind.
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You mean add a Freaking nuclear power plant? 😂
Thank you ASEAN Analytics for sharing those info . Am learning a lot as if I'm in a lecture room.
Great to hear!
China is the most migrant workers around the world, followed by India, followed by Indonesia, and then the Philippines. The Chinese migrant workers employers are Chinese businesses around the world. The Indonesian migrant workers employers are those of the Muslim countries and the Netherland. The Indian migrant worker employers are varying, and so as the Filipino migrant workers.
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Filipinos have found their niche in the business world. One that does not damage the environment. The next good business they should develop is becoming Switzerland located on the opposite side of the world.
In Japan there are 276,000 filipinos only. You got the wrong stats my friend. You need to research more
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Ph growth comes from EXPORT, OFW and BPO.
It's goos we are improving our service sector but it shoukd be balanced to inckude manufacturing and agriculture. Manufacturing is more sustenable and have more multiplying effects.
Agree to support and fond the economy for more exploration of the Philippines to other industries..
It doesn't look good to me.
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Corrupted mind at kulang sa disiplina na lang ang kulang... sana wala ng nagugutom sa mundo..
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From slaves to kings, the Philippines is rising and will be like Israel in the time of King Solomon 👑
The AI ang chat bots is on the rise and will eradicate soon the bpos😢😢
C pnoy from 180 bln dollor pina akyat nya 350 bln
That's the Vision of PBBM for Philippine Innovations
Dapat tanggalin na mga negosyante sa Pilipinas especially owned by Chinese na mga hindi nagbayad ng tamang buwis...or ung mga nambabayad lng ng mga corrupt officials para mgka business sila sa Pinas.. yn ang dapat baklasin lahat agad2x
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There are manufacturing and technology centers for more than 20 years already.
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Boom🇵🇭
from what i see this country will get hit extremely hard with the introduction of AI generated speech in services sectors like callcenters. People are already ordering pizza with AI via telephone
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didn't you watch the video? customer-service is only 22% of the BPO industry. It's mostly IT. and what sector does AI operate again? lmfao use critical thinking bro
Nothing new but still worth watching.
hope phillipines no more demanding Malaysia oil from Sabah as main source of economic growth
Philippines never demanding oil from sabah 😅. We have more oil than entire malaysian territory.
😂😂😂 in ur dreams Philippines have more natural oil reserve than Malaysia estimated a $23 trillion dollars
Number 1 talaga nag papaangat sa ekonomiya ng pilipinas ang bpo
Hindi lang BPO, ang overseas remittances ng mga OFW's at migrants abroad ang bumubuhay sa household economy ng mga Pilipino.✌✌✌
Philippines should strive to produce its own food. Food security is still a major failure of our government from Pres Cory Aquino time up to now. PBBM is promising to make the Phil self sufficient but up not much had change.
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Well.. Philippines is unique.. Filipinos are prefer to work abroad.. meaning they are flexible and economic minded
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My favorite Asean Countries are 🇸🇬🇮🇩🇹🇭🇻🇳🇲🇾, i love how develop they are, and many project was done, not delayedddddd and not just 3D ❤️❤️❤️❤️❤️ and i also love 🇧🇳🇱🇦🇰🇭 too, they are very friendly 😊
Go Asean 👏👏
😂😂😂😂😂😂😂😂 Bitter
@@heyamax Go Asean 👏👌❤️
WHERE IS SICKMAN OF ASEAN???
🇵🇭🇵🇭🇵🇭🇵🇭☠️☠️☠️☠️💩💩💩💩
Praying for those countries you mentioned. I hope many like you do the same
Praying for those countries you mentioned. I hope many like you do the same
Service sectors bring benefits but not enough. Services are limited when compared to products manufacturing.
Lol manufacturing is cheap
Labor no deference in slavery kind of situations when you work as factory worker😂might as well apply abroad higher currency more money.
Propaganda works
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Why use a clip (2:30) of Doha airport, not an airport in the Philippines?!
Lol it's just a presentation
Another " DDB pattern " of doing ad / propaganda ?
Agriculture should have more growth in the PH.
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i hope the homeless in philippines well be solved by 2030
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Wag naman masyado topic phil marami mag selos iba naman .
nangungunang mga ingitero at ingitera representing NGUYEN and INDOG😂😂 these 2 poor people are always hate Philippines when it come to the developement however it is obvious that PHILIPPINES is ahead to them.😢😂
@@nielk799 hindi mo rin masabe malay mo namn kung smear campaign lang mga ganito post para pag awayin mga ASEAN.,devide in concor ba..marami nagsilabasan gamito kahit sa fb nag away away mga asean pero kapag tinignan
Mo namn sa news channel ng ibang bansa asean mga comment don puro cooperation at masaya sila lahat ng asean umaangat.
@@nielk799saya dari Indonesia,dan saya tahu 2 orang itu di tunjukan kepada siapa,saya kira anda perlu memahami,jangan beranggapan kalau semua orang Vietnam dan Indonesia adalah pembenci,dan anda jangan memperkenalkan orang orang philiphine sebagai pembenci negara Vietnam dan indonesia,saya sangat senang jika ekonomi philiphine,bisa membawa kesejahteraan bagi rakyatnya,mari kita bangkit bersama,saya cinta philiphine bahkan kami/saya dari Indonesia berterima kasih kepada philiphine atas kerjasamanya selama ini ...ua-cam.com/video/r9Jsh0EXvvw/v-deo.htmlsi=zei_pqqy8p8_vscr
Corruption is the main hurdle for the Philippines to be one of the modern countries in the world..
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Not wrong
The Philippines is the modern-day ancient Israel. She is tasked for a certain mission just like the mission carried over by ancient Israel. Ancient Jews were scattered in different parts of the Old World for mission and evangelization. After over 2 Millennium Anno Domini, this mission and evangelization is handed down to Filipinos. The Philippines may not be a great economic power but its power lies among its people building bridges and communities all over the world.
🇵🇭🇵🇭🇵🇭💪🏻💪🏻💪🏻💪🏻🎉🎉🎉
AI will impact BPO!
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Celebrating how 10% of the population has to go and seek work abroad and not spend time with their families because the country cannot provide a decent salary is no cause for celebration. Celebrating BPO because we are effectively the cheapest supplier of people is not a win when we should be creating a knowledge based innovative economy. Chronically unproductive agriculture sector due to under investment in farming increasing our vulnerability to price hikes and food insecurity is desperately bad….all of which are examples of successive governments (of all political flavours) lack of investment, vision, crony capitalism and a protectionist mindset and woefully out of date constitution. …..there’s little to cheer about here. When there is so much latent potential here to be unlocked, but the same old families and their few selected friends riding their coat tails, benefiting from a system skewed in their favour then the PH will never reach its full potential sadly.
Paupers can't be choosers. We make the best of what's available, for now.
Filipinos are intelligent they work abroad to save and earn and make investment when they got home. It's really true they uplift the livelihood of their family now they have small businesses that could contribute to phillipine economy. Filipinos are resilllient and resourceful they can really rise even on a hardest life...
@@joshcoraza1268Hahaha true. Ang bitter ng nag comment 😅
@@joshcoraza1268because in your country
No jobs 😂
@@Tumanggor-sq2xp worry about your country unemployment rate over populated value of our money still higher than your country.
Say hello to AI 😂🎉❤
Al that be the next big thing in ph 😂
@beastmood6635 then BPO is irrelevant with human when AI can replace MOST of the jobs
PINOY PROPAGANDA CHANNEL AND EVERYONE ALREADY KNOWS THAT 😂😂
Is it possible that there's nothing new or exciting to report about our neighbors?
INDOGNESIAN TROLL AND EVERYONE ALREADY KNOWS THAT😂😂
@teguhfaisalm1997 Hahaha just like indog propaganda channel 😅. Many indonesian are happy because their country are going to be the next big thing in asean but still struggling to deal with pollution 😂
Correction: Indianesia 😁
@@Stellarlaurens 😅😅
AI enter the chat, goodbye BPO Philippines...
AI is overrated. They will try AI with some BPOs, but they’ll find humans would rather talk to humans - unless you’re truly rational, logical and mathematical like Mr. Spock, but how much of the human race can say they’re like Mr. Spock?
Sorry to rain on your parade!
Jealous hahaha
... Tourism not possible because of despicable public toilets, no water and no toilet paper, piss and shit scattered around...
Don't go if you don't like that.
@@beastmood6635true fr
Long Live Philippines.🥰👊🇵🇭🇵🇭🇵🇭
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Philippines is the best country all over the world, I love my country.
Is that because the peso hss depreciated from 2 pesos to $ to 57 + now?
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Goodbye peso if the philippine name will change