Situation of Economy of the Philippines (2013)

Topics: Unemployment, Economics, Business process outsourcing Pages: 4 (1012 words) Published: June 7, 2014
Mendoza, Adrienne Monday F.
SOCIO 101 WBYDX (Sir Café)

Economy of the Philippines
Jobless recovery has truly hit the Philippines. Despite being the 40th largest economy in the world and despite having larger GDP and GNP rates, the unemployment rate of the country rises more than ever as technology continue to be more advanced. The Philippines’ full year Gross Domestic Product (GDP) in 2013 grew by 7.2 percent, higher than the government’s expectations of 6 percent to 7 percent and despite several challenges that strained the economy last year (Lopez, 2014). Gross National Product in Philippines increased to 2075531 PHP Million in the fourth quarter of 2013 from 2047706 PHP Million in the third quarter of 2013 (Trading Economics, 2013). This is despite the man-made and natural calamities that brought economic stagnation on some regions of the country, like what happened in Tacloban when it was struck with super typhoon Yolanda. Philippines’ economic boom has really been jaw-dropping, and even the foreign countries get amazed and call the country as the “Asia’s rising tiger economy”.

Services sector is the main contributor on the country’s real GDP, which has a contribution of 3.6 percent in the last quarter of 2013 (Lopez, 2014). It is followed by the industry sector with 2.8 percent, and the agricultural sector with 0.1 percent (Lopez, 2014). Services sector has really been a great part of the post-industrial economy, which is characterized by advanced information and computer technology. Services jobs such as being a call-center agent and other computer-related jobs get more demand in the post-industrial world, while the demand for industrial and agricultural jobs get lesser than the past years.

Business-process Outsourcing (BPO) in the country offers more job slots for the Filipinos, as the top ten BPO firms in America operate here in the Philippines, such as Convergys. The BPO industry is estimated to create more or less...

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