Exploring the Latest Business Trends in the Philippines through Photos
The Philippines has been one of the fastest-growing economies in the world in recent years, with an average GDP growth rate of 6.6% from 2012 to 2019. This growth has largely been driven by the country’s booming tourism industry, along with its BPO (business process outsourcing) and manufacturing sectors.
In this article, we’ll cover some of the latest business trends in the Philippines through a visual journey, exploring some of the best business spots in the country and the industries they represent.
Booming Tourism
The Philippines has been attracting an increasing number of tourists in recent years, with over 8 million visitors in 2019 alone. The tourism industry has been a major contributor to the country’s GDP, accounting for around 12.7% in 2018.
One of the most popular destinations in the country is Boracay Island, known for its pristine beaches and crystal-clear waters. The island has been named the best island in the world by Condé Nast Traveler Reader’s Choice Awards in 2019. Boracay has become a hub for eco-friendly businesses, with many resorts and restaurants adopting sustainable practices.
Growing BPO Sector
The BPO industry has been a significant growth driver in the Philippines, with the country becoming the top destination for voice BPO services in the world. The industry has grown exponentially in the last decade, with around 1.3 million employees by the end of 2019.
One of the emerging BPO hotspots in the country is Cebu City, located in the Visayas region. The city has become a hub for IT and tech-related services, with many global companies setting up shop in Cebu. The city has also been recognized as one of the most “ICT-ready” in the country.
Rising Manufacturing Industry
The Philippines’ manufacturing industry has been steadily growing, with a compound annual growth rate of 7.6% from 2012 to 2018. The industry has been diversified, with the country becoming a major exporter of electronics, garments, and automotive parts.
Calamba City, located in the province of Laguna, has become a major manufacturing hub in the country. The city hosts several industrial parks and hosts manufacturing operations for global brands such as Nestlé and Coca-Cola.
Conclusion
The Philippines’ business landscape is rapidly evolving, driven by industries such as tourism, BPO, and manufacturing. With the country’s dynamic and diverse business environment, it’s no wonder that it has become a top destination for investors and entrepreneurs alike. By exploring some of the latest business trends in the Philippines through photos, we hope to have piqued your interest in the country’s potential and offered a glimpse into the exciting opportunities it presents.
