The Philippines' main SOURCE of ECONOMIC Growth

#philippines #Economy #service #bpoindustry
How Strong Is the 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 contributed about 60.6%, while the industrial sector contributed 29.3%, and Agriculture, Forestry, and Fishing contributed 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, the 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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