The Development Budget Coordination Committee (DBCC) of the Philippines reports that in 2011, the service industry is expected to grow by 4.3-5.2%, significantly higher than the 3.3-4.3% growth in 2010.
According to the DBCC, as the global economy continues to recover, the service industry will experience rapid growth due to the strong development of offshore and business process outsourcing, as well as the rapid growth of the residential and real estate sectors. In recent years, the service industry's share of GDP has been steadily increasing, with the most notable performances seen in the financial and private service sectors.
