What is the PHILIPPINES biggest ECONOMIC DRIVERS?
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- Опубліковано 29 сер 2024
- #philippines #Economy #service #bpoindustry
How Strong Is 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 contributes about 60.6%, while the industrial sector contributes 29.3%, and Agriculture, Forestry, and Fishing contribute 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, 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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Ayo kita maju bersama - sama dan membuat kawasan asia tenggara menjadi pusat ekonomi baru di dunia.
Selamat 🇵🇭❤️🇮🇩
Go ASEAN ❤ We win as One 🎉
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The Philippines biggest driver economy are BPO, International Call Center & IT..also the manufacturing of electronics products & equipments in fact Philippines is one of the leading producer of Chip Semi Conductors in the world and today the Philippines dubbed as The Call Center Capital of the World.Manufacturing export & services industry are both driven the Philippines economy that is the biggest advantages of Philippines to her South East Asian countries peers.amazing Philippines!
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Yeah right...call center of the world the lower paid jobs
The Philippines will rise and shine
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We need more manufacturing hubs for job opportunities to those Filipinos who didn't even reached college education
Philippines must build seaports in the Pacific Coast.
Go Fishing Industry, the very large fishing areas of the Philippines awaits Filipinos Fishermen to acclaim the vast of wealths under the water of Philippine sea.
Example:
1 pc. 30 kg. Tuna caught by a Filipino Fisherman has its value equivalent to P15k. which is also equal value to 100 grams of Gold.
Meaning, If we catch 1-pc. of Tuna daily it is the same that we found 50 to 100 grams of Gold everyday.
pwede naman basta wag lang kayo mag union strike at kuntian ang number of holidays
Manufacturing is impossible if electricity remains the most expensive within the ASEAN region.
@@lunar-e.6620 6 to 7.5 grams lng ng gold ang 15k pesos.
Karakter orang filipina lebih cocok dengan indonesia daripada malaysia...orang filipina baik dan sopan santun..tidak sombong...
The wealthy Filipinos 🇵🇭 especially those mixed with Spanish 🇪🇸 and or Chinese 🇨🇳 are arrogant.
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kayaknya analisanya langsung disanggah oleh warga ph sendiri bu hehehe
Wow Philipinas good Job. From indonesia
As a Filipino working abroad, I am very grateful of the recognition that we contributed a lot to the Philippines government especially during the pandemic. Go go go OFW Saudi Arabia.
The philippines need to Land Use Act, to properly plan its resources and increase its productivity.... Food sufficiency must be priority among national plans to reduce inflation and reduce importation..
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The Philippines 🇵🇭 I believe will become a Regional Major power but connecting all of its islands with internet/communication cables and building sufficient electricity stations to sustain its many inhabited islands and a complex logistics structure to supply its many islands with consumer/industrial goods might be a coming challenge for the Philippines 🇵🇭
BMM have an idea on that issue. Starlink is the key to improve the quality of Internet connection in the philippines. Lots of bridges also are constructing now to connect the other islands in the philippines. It's on the way, and I'm sure in just 6 years our president have many done projects in his term.
Hopefully not tofu bridges but China that require PHP to give up more land in the West Philippines Sea, our it's natural resources to repay Xi.
You should thank your traitor to the PHP people president Dutarte for this burdenous monkey.
China in your backyard harassing the PHP's because of dutarte loving China
Yes Philippines superpower 2080! 🙌🙌🙌
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I dont think so
TOURISM!!! We are building our Beach Resort there in the beautiful Philippines! Love CDO!!! LET'S GO!!!
Tourism only accounts for 10% of the economy. The service sector is the biggest contributor which accounts for 70% of the country's economy/GDP.
@@apinezstats2237 thanks for the great information!
Modernize the restrooms, Coron needs a lot!!!!
@@hunk2176 we will make nice modern restrooms. Hope to welcome you next year!
@@OHANA-Beach-Suites
Not true, it’s been a year since they finished the restrooms at Dolomite beach. Why is it that they haven’t opened it yet. Maybe the colifiorm level is still high?
I agree with our President! We need to focus on Agriculture and Education! With strong agriculture, the country will survive and thrive! Manufacturing we will limit to food. In order to minimize pollution we cannot afford to cater industrialization which could mean increased pollutants! Look at the air quality in China’s driver? We would rather remain as an agricultural nation than an industrialized one! ! In this way we can maintain the beauty of the country!!!!Mabuhay and Pilipinas!
I love Philippines, we just need to build and improve our infrastructure, manufacture our own basic needs, focus on farming, raise our own farm animals then. We should be good
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Oil and gas and mining will lift the Philippines to prosperity.
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When the Philippines awakes, it will shake the world.
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2nd me🤗phil will become advance economy earlier 2035 if out build better more program will implement properly!its time for phil right now all indicator has been a positiv note like doing bussness,gdp growth,inflation going down and controlled by one of the best bsp!a truelly fastest growing economy not just asean but in whole world!😮😮
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The Lord pours its abundant blessings to the country because Filipinos have elected the right leaders.
Itbpo is already booming before marcos jr.
Dahil unti unti ng nawawala yung mga tamad. Yun lang yun.
Dahil unti unti ng nawawala yung mga tamad. Yun lang yun.
@@christophertubig8267Bull 💩!
Dutarte is Xi puppet. The schole islands was given to China by him!
Dutarte betrayed the Philippine people
@@rannarann9316
Yung mga impiernong tamad na Dilawan🇺🇸❤️🇵🇭
Modernize the public restrooms for tourists🇺🇸❤️🇵🇭
Agree
I agree we need toilets proper rest area clean and monitored with CCTV. If they want more tourist to visit Philippines this must be a priority projects of the Phillipines Govt.
Reliable cheap energy should happen before public restrooms that have been used for decades are upgraded this isn't PHP priority
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Dude we don't even have bidet in BPO buildings. 😅 we're still waiting for US clients to respond hahah
We need to revise our school system in education, teach kids from elementary how to be a business minded, save the money in every way. Be a good entrepreneur not only as employee but be as a employer a business owner.
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Intensify infrastructure construction in electric power generation and distribution to make it reliable and cheap. Right now Philippine electricity is the most expensive in the region and it deters investors for manufacturing and advanced high technology.
Next build up the rail, shipping, road, and interisland air travel ports and transport facilities to cover the isolated islands --- this will help grow tourism and digital nomadic lifestyles. Improve communications via satellite links, submarine cables, and terrestrial microwave. Modernize education at the elementary and high school levels to include construction and repair skills of various low-to-medium tech industries.
Consolidate space launching facilities in Mindanao to take advantage of strategic proximity to the equator. Match US-based advances in space-launch technology to create a support ecosystem for space-based industries in Southeast Asia.
I mean education infrastructure and health facilities are the main drivers of economy
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The Filipino Diaspora is the Biggest Economic Driver in the Philippines 🇵🇭
Nah. Those are gullible people. The semiconductor industry earns almost triple their remittances..
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Philippines has strong workforce over Oil and Gas dependent!!!
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We need More Construction workers and bring back education system to improve in our Economy We hoping for in the future 🙏🙏🙏🙏
No. We need robots and 3D printing construction methods
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❤philipines from indo
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Kahit sino pa ang mamuno sa ating bansa ay hindi tayo uunlad dahil paulit-ulit lang ang sestema at ito ay sumpa sa Gobyerno ng Pilipinas!
"I WOULD RATHER HAVE A COUNTRY RUN LIKE HELL BY FILIPINOS THAN A COUNTRY RUN LIKE HEAVEN BY THE AMERICANS, BECAUSE HOWEVER A BAD FILIPINO GOVERNMENT MIGHT BE, WE CAN ALWAYS CHANGE IT!
--- Manuel L.
Quezon
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The BPO in the Philippines is the "lower skills" subsector. The Philippines should capitalize on the higher paying and high impact software development and IT security services BPO. Also in engineering services, the Philippines can edge the Malaysia's current status as regional center in Asia.
Invest more in higher technical education!
We were ahead of Malaysia and even Korea 20 years ago.
This dvmb gov't prefers to invest in useless crap like tesda and ayuda programs that promote laziness and stvpidity
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Are sure Malaysia is regional center software development and IT security service. 😁
Their salary is actually significantly higher than those from other sectors. I know cause my friends are in BPOs and they earn higher than me.
ALL THE MORE that there should be or must be a second termer for Bongbong Marcos so us Filipinos will enjoy a higher per Capita income and GDP as well. MABUHAY PHILIPPINES ❤
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the PHILIPPINES Forecast to be the 2nd biggest economy in SE ASIA and 2nd trillion dollar economy.
2021 gdp
Thailand: $513 billion
Singapore: $397billion
Philippines: $393billion
Malaysia :$374billion
Vietnam: $366billion
2022 gdp
Thailand:$536billion
Singapore :$467billion
Malaysia:$408billion
Vietnam:$406billion
Philippines:$404billion
2023 gdp
Thailand:$574billion
Singapore:$515billion
Vietnam:$449billion
Malaysia:$447billion
Philippines:$440billion
As you can see thailand, singapore, malaysia and vietnam will get to trillion dollar economy ahead of the philippines, with the way thngs are going.
@@deancafe4739 lol look at the economy of thailand stock in $500billions and for your information PHILIPPINES GDP growth rate is among the highest in the world and leading in SE ASIA. then you will say thailand sinagpore, vietnam and malaysia are ahead for a trillion dollar economy🤣 you are so funny dont hallucinate yourself dear😂 you are just jealous to the PHILIPPINES development and rapid economic growth.
@@nielk799 lol look, in 2021 philippines ranked 4th in asean, then in just two years it went down to 6th rank, so it seems what you're telling me is opposite to what the IMF data is.. So who's delusional? I'm more impressed with singapore in just one year its economy almost grew by $100billion that is so impressive!! Also impressed with vietnam, just look at the ecnomy of vietnam in the last 30yrs, it did'nt even have an economy.before, but look at it now, it even overtook the philippines and malaysia in gdp. It is not jealousy, i'm just presenting factual data.
@@nielk799 in just two years, singapore's economy grew by $118billion, vietnam grew by $83billion, malaysia grew by $73billion, thailand grew by $61billion and philippines grew by $47billion.. So who do you think grew fastest? And who is the slowest?
This development will continue if all the Dilawan disappear🇺🇸❤️🇵🇭
The Philippines should have been like Singapore a long time ago💥
Brainwashed obob... The average annual gdp growth rate of 6yrs under pnoy is higher than the average annual gdp growth rate under 6yrs of du-tae admin.. Look at the data and don't just an obob zombie.
them, dilawan na Naman... move on.. don't blame others for others shortcoming... it is disgusting topic...
@@leonortenorio6604
It’s true, for dilawan like you it’s not good…from NYC
@@leonortenorio6604
Dilawan demonized the Marcoses for 36 years and terrorized them with 1,000 hoax/fabricated lawsuits that none of the Marcoses in jail. The acquittal of Imelda here in NYC should have ended it but Dilawan wasted taxpayers money and stole the Marcoses properties. They should be the one filing a lawsuit. But Andres Bautista in hiding and Janet Napoles in prison.
@@hunk2176 you don't know how Filipino suffer during marcos sr era.. if you are not Marcos crony your business end is near.. ganun that is the reason many old rich are migrated in other country.. sy of SM, Lucio tan, couangco, benedicto, to abortiz of cebu, goko, singsong, florendo, yulo and others are Marcos coronies who have power and hold different kind of business.. that is the reason why they called them as oligarch..before people power martial law...there was a time people do not have gasoline and rice to buy... if you have a car.. register your plate numbers to LTO to have monthly 100 liter coupon so you can used it to buy gasoline.. without coupon no gasoline.. you needed to fall in line for 2kilos rice every other days... no rice available in the market.. that why filipino always saying Hindi baling Mahal basta Meron mabili... they experience a hard time.. central bank of the Philippines files for bankruptcy.. and changes it bangko sentral Ng pilipinas..( BSP).. imaging central bank file for bankruptcy.. Philippines look like Sri lanka.
US ex president Ronald Regan protected Marcoses.. he is Marcos sr best friend and bbm godfather... that is the reason why filipinos got angry to American... you know nothing how filipinos suffered during Marcos sr era...
maybe you still young.. anyway filipino learn how to move on.. past is past... and Marcos siblings change a lots spclly bbm.. wennie munsod was bbm tutor in economics during his college days.. she advised bbm don't try to change or revise the history just let is rest.. and do, make a better history... imaging imee interviews inamin niya binato niya ang pari habang nagmimisa... kahit Siya natatawa Hindi niya akalain nagawa niya ang ganun.. bbm have place full of different animal.. like safari in africa.. his personal jungle... that is the reason why Palawan have different kind of birds and animal.. pasaway sila as in totally pasaway... they get what they want no matter what and regardless who you are... anyway past is past...and Marcoses changes a lots. experience and time tamed them... so let the history rest and move on...give bbm a chance to make a much better history... even bbm he never mention about Aquino or dilawan... no negative comments about Aquino or dilawan.. actually he is surrounded by dilawan groups.. most of his technocract are dilawan..and he continues Aquino platform..
like edca and ppp... he focus to make history of his own.... corrupt politicians used dilawan.and Aquino admin to justify their shortcoming...
Goodluck sa BPO. Nanjan na AI.
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Manufacturing and Oil research... make it done asap.
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CORRECTION: "What is the Philippines' biggest economic driver?"
export services❤
@@juliusricaforte3366 I wasn't asking. I was only correcting the grammar of the thumbnail heading. ... But thank you for answering.
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GDP ASEAN countries 2023 ($)
Indonesia-1.38T
Thailand-511B
Singapore-474B
Vietnam-433B
Philippines-432B
Malaysia-425B
Cambodia 32B
Laos-17B
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Why did you use pictures of Japan and America for philippine city Landscape? isn’t that you were trying to mislead people’s perception?
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I’m not expecting a lot from this corrupt Pres of the Philippines. I expect slower progress!
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If the philippines will get beter in ttaxation
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Philippines is a sleeping GOD.
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Go Fishing Industry, the very large fishing area of the Philippines awaits Filipinos Fishermen to acclaim the vast of wealths under the water of Philippine sea.
Example:
1 pc. 30 kg. Tuna caught by a Filipino Fisherman has its value equivalent to P15k. which is also equal value to 100 grams of Gold.
Meaning, If we catch 1-pc. of Tuna daily it is the same that we found 50 to 100 grams of Gold everyday.
The only hindrance of richness is that FILIPINOS DON'T LIKE TO WORK, want to live like a King sitting chatting whole day rounds.
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China, japan, india, south korea, australia, taiwan and indonesia are already trillion dollar economies for some time now.
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Our country is Progressive or not
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Philippines is the richest country in the world... Soon you will notice it why.😊
Mangyayari lang Yan if Pilipino select the right leaders not pinklawans. Marcos /Duterte are the best to lead our country.
@@remediossaludaga9211 sorry to say that no one in the politicians today mark my word no one at very soon you will notice who they are and why they are for now let the corrupt politicians enjoy their counting happy days cuz ar the very soon it will end at their bitter destiny.
@@francisjebebulac981 yan na ba ung divine governance?
@@rienzotrinidad3606 Yes it is
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Create low housing cost please
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With the current trend, thailand, singapore, vietnam and malaysia will reach trillion dollar gdp faster than the philippines.
@deancafe4739 how can they reach trillion dollar economy if the growth of their economy are slow 😂? It's the philippines could reach 1 trillion dollar economy because they are the fastest growing economy not only in southeast asia but in the world.
Do you even keep up as to which ASEAN country has the highest GDP growth in the last 3 quarters? 😩🤭😁
@@beastmood6635 do you know that Thailand has replaced there BPO with AI Chat box technology, Thailand can always import cheap labour from myanmar what about phillphines , when pinoys need higher salaries where do you expect to get your cheap labour from. Thai Malaysian Singaporean people don't even work on construction sites only Burmese laos Cambodian, do you think pinoys can offer higher salaries to attract migrant workers. foreign companies will stop investing in BPO IT BEING REPLACE WITH AI.
what filipino needed to do is working and not talking nonsense..
Daming satsat linampasan n nga tayo ng vietnam eh😂😂😂even poverty rate ng pinas npkataas😂😂😂
BPO Will be replaced by ai soon,
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Phillipines doesnt even have any new unique sky high skyscraper,bullet trains and other unique infrastructures like magnificent bridges unlike other ASEAN countries have
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I hate the word "Newly Industrialized" c'm on it's already a developed country
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hELLO - hELLO - i KNOW A GROUP OF DEAD PEOPLE - WHO WANT TO BUY COFFINS - CAN YOU HELP?
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The End is near....
Let go back 👉 ⛪🎚️
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