Ateneo Professor on Entrepreneurship
From Rappler.com
Step aside powerhouses of the past. Indonesia and Philippines, once the sick man of Asia will be poised to be new economic tigers of Asia. India and China will lose momentum. Stock markets are performing well, inflation is low, and economic growth is one of the highest in Asia. While Europe will be doing 2%, PHL may do 4 to 5% growth.
This is according to Market Watch.
PHL is powered by remittances of its OFW which saw record growth in the past years. This accounts 9% total GDP; BPO which the number of seats rise to 540,000 account for 5% of total GDP. The PHL contact service is No. l in the world. (has overtaken India) BPO is growing at 25%; the PHL stock market grew at 24.4%.
PHL graduated from being a borrower nation to being a lender. It lent $l billion to IMF which will be used to rescue Europe's weak economies.
Other factors that contribute to PHL being a tiger are:
l. Relatively young population;
2. Low debt/debt service
3. Expanding middle class (?)
4. Diversifying (entrepreneurial) economies
5. Stable government.
Do you agree that PHL is now an economic tiger?
As Erap says, pa "weather weather lang yan" Poor nation today, rich nation tomorrow.
Mabuhay.
May PHL leaders and entrepreneurs, people, keep this up.
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