The Department of Finance (DOF) Secretary Ralph Recto reported that the Philippines is the fastest-growing economy in the Association of Southeast Asian Nations (ASEAN) leading it to the top (5.6%) based on the actual Gross Domestic Product (GDP) Growth Performance of ASEAN in 2023. Sec. Recto presented that the global growth will be led by Asia’s powerhouses for the next decades, notably by the Philippines. Contributing to this is the massive growth of the transportation and storage, construction, and financial services.
Additionally, the country is projected to be the 14th largest economy worldwide by 2075, with an average GDP growth rate surpassing Asia and the World.
According to the Information Technology-Business Process Management Association of the Philippines (IBPAP), the Information and Technology – Business Process Outsourcing (IT-BPO) services is an added revenue in the export industry that will contribute almost $37.87 billion this year, which will bring over 800,000 jobs that could make an employment of 1.7 million. Factors include the rise of demand overseas, employees in the work-from-home (WFH) set-up, and other digital development in other companies.
Furthermore, SOF Recto emphasized during his speech in the Manila Overseas Press Club (MOPC) Finance Night that DOF eagerly supports the President’s Build Better More (BBM) program as follows:
Physical connectivity 134 projects PHP 8.0 trillion
Water Resources 29 projects PHP 681.7 billion
Agriculture 9 projects PHP 213.6 billion
Power and Energy 1 project PHP 10.2 billion
Health 5 projects PHP 91.9 billion
Digital Connectivity 3 projects PHP 82.7 billion
Other Infrastructure 3 projects PHP 28.2 billion
Education 1 project PHP 30.6 billion
Underscoring the good advantage of Public-Private Partnership (PPP), reflective of strong collaboration between the private and government sector in pursuing different projects and programs for the country’s development. The PBBM administration continues to build a better economy as well as to uplift the lives of many Filipinos. JVL