Philippine Economy to Grow 5.9% in 2021

The Philippine economy is expected to grow 5.9 percent in 2021, according to the Organization for Economic Cooperation and Development (OECD). The new OECD forecast is lower than the 6.2 percent projection in November and the government’s 6.5 to 7.5 percent target.

Digital Technologies

“Use of digital technologies in the Philippines has increased during the COVID-19 crisis, helping individuals, businesses and the government to cope with physical distancing measures. Around 17 percent of Philippine companies with digital transformation projects reported that the crisis pushed them to start implementing the projects,” said the OECD.

Technology Adoption in the Philippine BPO Sector

However, technology adoption in the manufacturing sector has been lower compared to the services sector, which includes BPO. BPO companies are moving toward more specialized services like research and development, cover-fraud analytics, data integration, project management, and valuations. The Philippine BPO industry is the second largest in the world behind India and one of the country’s top dollar earners along with remittances from overseas Filipino workers (OFWs).

Philippine Economy to Grow 5.9% in 2021




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