What's next for the Chosen Land?
The Philippines economy grew by 6.6 percent in 2012. Economic growth was primarily fueled by strong domestic consumption, which accounted for 71% of GDP in 2012. Consumption was primarily driven by remittances from overseas Filipino workers (OFWs), which amounted to a record USD 21.39 billion in 2012 and the growth of the business process outsourcing industry, which generated more than USD 13 billion in revenue in 2012. Growth is expected to continue in 2013, led by the rapid pace of the construction (14% growth in 2012) and BPO sectors.
Beyond the short-term, the Philippines economy is predicted by Moody’s to grow at a rate of as much as 8% in 2016 if the current pace of reforms and investments continues. However, President Benigno Aquino III will step down in 2016, so much will depend on how his transition is handled and whether the climate of good governance continues.
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