Over the past year, the Philippine economy has successfully withstood the shocks brought about by the slowdown in U.S. economic growth and the surge in international oil prices, achieving a high rate of growth. The Philippine government expects the country's economic growth rate to exceed 7% this year, which is a high level not seen in over 20 years.
On November 29, the National Economic and Development Authority of the Philippines announced at a press conference that the country's GDP grew by 6.6% in the third quarter of this year, with an average growth of 7.1% for the first three quarters. Director-General Santos stated that while the government originally projected an economic growth rate between 6.1% and 7.1% for this year, the results are expected to be better than anticipated, with the potential to exceed 7%.
Philippine President Arroyo has stated multiple times this year that the government will continue to advance its established economic development plans, utilize effective fiscal and monetary policies to maintain low interest and inflation rates, improve the investment environment to attract foreign investment, and increase efforts in infrastructure construction.
A key focus for the Philippine government this year is to leverage the English language proficiency of its citizens to vigorously develop the service outsourcing industry domestically, making it a new highlight for the Philippine service sector and the overall economic development. The government estimates that in 2007, revenue from the Philippine outsourcing industry will reach $4.5 billion to $5 billion, an increase of approximately 40% over the previous year, providing 300,000 job opportunities for the Philippines.
