Economic Updates: Philippines

The Sunrise Industry

Philippines | 12 May 2009

While the majority of industries are struggling to cope with the effects of the ongoing global economic downturn, the Philippines business process outsourcing (BPO) sector is predicting strong 20-30% growth in 2009. Although this is far short of the near-50% growth the industry sustained throughout 2004-07, it will certainly play a major role in keeping the Filipino economy afloat during what is proving to be a challenging year.

Bridging the Energy Gap

Philippines | 15 Apr 2009

The Philippines has been facing some of the highest energy costs in the region for some time now – a fact any industrialist will attest to. It seems, however, that looming power shortages could possibly be averted as a result of the ongoing economic turmoil; thus giving the government and private sector precious time to boost domestic production. As it stands, the country relies heavily on outside sources of energy, which account for roughly 65% of its energy needs. However, despite slowing industrial demand for power, some industry insiders still believe the country could face a power shortage of 3000 MW by 2012.

Domestic Incentives

Philippines | 31 Mar 2009

Although the Philippines boasts one of Asia's oldest capital markets, it still remains heavily dependent on foreign portfolio investors, a reality confirmed by last year's market activity. The Philippine Stock Exchange Index (PSEi), alongside many of the world's equity markets, lost nearly 50% last year, mostly due to foreign sell off. However, despite the challenges endured by the PSEi in 2008, the Philippines defied most analysts by posting an annual GDP growth of 4.6%.

A Recurring Dilemma

Philippines | 17 Mar 2009

Industrial production in the Philippines has long been dominated by the manufacturing and export of electronic goods, which have fallen prey to the global downturn as demand slows worldwide.

A Test in Resilience

Philippines | 5 Mar 2009

The Filipino economy is fortunate to post flat year-on-year growth this year as the worldwide economic turmoil comes into full swing.

Long-Term Prospects

Philippines | 23 Feb 2009

The real estate sector will likely endure a difficult year throughout 2009 as the deepening global economic crisis continues to dampen consumer and investor confidence.

Construction Stimulus

Philippines | 6 Feb 2009

Infrastructure development has been identified as a key driver for the Philippines' economy, as the country moves to minimise the effects of the global downturn.