Philippine growth hype needs job support

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Statue in front of the University of the Philippines

Engendering inclusive growth through job creation remains the largest barrier to sustaining the Philippines’ economic success, a new report released by the Asian Development Bank (ADB) has noted.

According to the bank’s Asian Development Outlook 2013 report, the Philippines is set to continue on a path of strong growth buttressed by high domestic consumption bred from a rising BPO industry, a rejuvenated boost in government spending and increased foreign direct investment, now more likely than even to surge inwards thanks to the recent investment grade credit rating.

“Governance reforms and prudent macroeconomic management have laid the foundation for strong growth. The recent investment grade rating affirms the improved macroeconomic fundamentals and investment environment,” said Neeraj Jain, ADB’s Country Director for the Philippines.

“A stronger industrial base is vital for increasing jobs, and will help make growth more inclusive and sustainable.”

Playing aid to this cause, the Department of Tourism is targeting that 20 per cent of the Philippines’ workforce will be in their sector, now set to train some 5,000 skilled workers.

The ADB projects annual GDP growth for the Philippines of 6 per cent for 2013 and 2014, down slightly from 6.6 per cent in 2012, according to the report.

In 2012, exports picked up, the service sector became a key growth engine and inflation eased to a five-year low of 3.2 per cent, but is likely to slide up to 3.6 per cent in 2013 due to increased private consumption and a rise in excise taxes on alcohol and tobacco.

 

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Reading Time: 1 minute

Statue in front of the University of the Philippines

Engendering inclusive growth through job creation remains the largest barrier to sustaining the Philippines’ economic success, a new report released by the Asian Development Bank (ADB) has noted.

Reading Time: 1 minute

University_of_the_Philippines
Statue in front of the University of the Philippines

Engendering inclusive growth through job creation remains the largest barrier to sustaining the Philippines’ economic success, a new report released by the Asian Development Bank (ADB) has noted.

According to the bank’s Asian Development Outlook 2013 report, the Philippines is set to continue on a path of strong growth buttressed by high domestic consumption bred from a rising BPO industry, a rejuvenated boost in government spending and increased foreign direct investment, now more likely than even to surge inwards thanks to the recent investment grade credit rating.

“Governance reforms and prudent macroeconomic management have laid the foundation for strong growth. The recent investment grade rating affirms the improved macroeconomic fundamentals and investment environment,” said Neeraj Jain, ADB’s Country Director for the Philippines.

“A stronger industrial base is vital for increasing jobs, and will help make growth more inclusive and sustainable.”

Playing aid to this cause, the Department of Tourism is targeting that 20 per cent of the Philippines’ workforce will be in their sector, now set to train some 5,000 skilled workers.

The ADB projects annual GDP growth for the Philippines of 6 per cent for 2013 and 2014, down slightly from 6.6 per cent in 2012, according to the report.

In 2012, exports picked up, the service sector became a key growth engine and inflation eased to a five-year low of 3.2 per cent, but is likely to slide up to 3.6 per cent in 2013 due to increased private consumption and a rise in excise taxes on alcohol and tobacco.

 

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