A robust growth in domestic industries has positioned the Philippines as a promising hotspot for foreign investors.
The country’s GDP rose by 7.6% in 2022, the fastest growth since 1976. Key sectors driving this economic growth are business process outsourcing (BPO) and semiconductor manufacturing.
The BPO industry alone contributed around $32.5 billion in 2022, and experts anticipate BPO revenues to reach $59 billion by 2028.
Concurrently, the semiconductor industry expects to yield $50 billion in exports for 2023, marking an increase from $45.92 billion in 2022.
The Philippines’ digital economy also shows promise, with a gross merchandise value of $20 billion in 2022, and projected to rise to $100 billion-$150 billion by 2030.
In the renewable energy sector, the country aims to increase the share of renewable energy in the power generation mix to 50% by 2040.
These rapidly growing sectors present ample opportunities for foreign investors.