The Philippine’s economy has grown steadily over the past decade, averaging about 5% per annum over the past ten years but at a slower pace than its Asian neighbours and is grouped in the second tier of emerging markets, referred to as Tiger Cub Economies.
It is the world’s second largest producer of geothermal power, after the USA, and although it still has a large agricultural sector, being the world’s largest producer of coconuts and pineapples, the service industry has come to dominate the economy. The Philippines is considered as location of choice due to its less expensive operational and labour costs and high proficiency in spoken English and highly educated labour pool.
Telecommunications, financial services and business outsourcing sectors have all enjoyed rapid growth making the Philippines the world leader in business process outsourcing (BPO) industry which is considered to be one of the fastest growing industries in the world
The Government has, as part of a policy of improving the investment climate for domestic and foreign investors, prioritised improvements in the regulatory environment, infrastructure development and public-private partnerships