Philippines’ Economic Renaissance: BPO Triumphs Over Trade Deficit, Job Growth Soars, and Global Partnerships Flourish
The Philippines experienced positive economic impacts, mitigating its 17.2% trade deficit through gains in the Business Process Outsourcing (BPO) sector. The Asian Development Bank (ADB) attributes this to a service surplus in outsourcing, finance, and tourism, along with rising remittances from Overseas Filipino Workers (OFWs). Despite the trade deficit, the