The rapid economic growth marked a phenomenon that transformed the country into a dynamic and emerging market which is now referred as the “Asia’s Bright Spot” or the “New Asian Tiger”. Whether or not the process of the Philippine economic transformation is considered as part of the wonders of Asia, the huge turnaround made the country emerge as one of the developing countries in Asia. III. Background The Philippine economic transformation revitalized the sick man of Asia into a healthy and abundant country that is eying high, gearing towards economic prosperity. The wonders that orchestrated the big turnaround may be described in layman’s term as the “reversal of fortune” wherein from “dead last” into a rapid economic growth performance.
The Philippines, which sprawls gracefully in the center of Southeast Asia, has reached a pivot point to regain its reputation as the ‘Pearl of the Orient’ and attain the limelight worthy of an emerging economic tiger. At present, the Philippines is the world’s 43rd largest economy and if current trends hold, it could soar to be the 16th largest economy in the world, fifth in Asia and the largest in Southeast Asia according to HSBC’s report, The World in 2050. When it comes to outsourcing, business owners have found many advantages in choosing the Philippines as an ideal destination. Ever since the first call center was set up in the country back in 1992, the BPO industry has played a significant role in providing opportunities to millions of Filipinos and in supporting the country’s economy. English in the Philippines is not merely treated as a second language, but an official one.
CHAPTER 6 INDUSTRY ANALYSIS PESTEL Analysis: a. Economic The recent change in the Philippines economic growth especially in the Gross Domestic Product in last 5 years is evident on the prosperity the country is experiencing right now. Philippines experienced a growth rate of 7.2% in 2012 that would indicate that Philippines would have a bright future ahead economically. With these consistent growths in the economic sector, the country is now considered a new growth area that would attract investors from different countries. This would mean that businesses in the Philippines would experience stability especially for small industries like Pet Care with a small range of market.
The economic system is a consequential element that can manage the eventual fate of one nation. For the most recent decade, the Philippines, which is known as the Republic of the Philippines has an economy that concentrates more on cultivating and organization, the economy of the country also specializes in agricultural field. In the recent decade the Philippines has risen as one of the most happening places for Business Process Outsourcing (BPO) in Asia, and the also specialize in various call centres. The impact of the 'BPO revolution' has given immense to the Philippine market opportunities. These parts illustrate more than an extended segment of the nation's Gross Domestic Product (GDP) creation at 68.9%.
The banner “It’s more fun in the Philippines” turn heads and had foreigners flock the country and gradually boost the tourism sector since 2011. Among ASEAN countries the Philippines has posted the slowest growth rate since 2013 (Figure 1). The country is sixth in the region with a growth rate of 3.2% attracting 4.8 million inbound visitors. Although the country has been increasing its tourist arrivals since 2012, the number (increase) is slowly decelerating. The industry’s travel performance is attributed to the infrastructure gap that supports the tourism sector (Masigan, 2015).
In the last years, Latin America has experimented an amazing change in its market, in the present not only the Great Powers are good places to invest, and this the case of Peru. One of the strongest market in Latin America, Peru has become one of the best places to invest, according to Forbes reached 53 place worldwide, over strong economies like Mexico and Brazil; and Number 1° in Latin America with a score of 58, 1 points in accordance with the weighted index of indicators considered for selection of Bloomberg Markets magazine. II. Political system and its effect on International business Peru has a political system based on a constitutional republic where the President is the head of the state and the government. The mandate of the President
DISCUSSION The Philippines is predominantly a country relying heavily in the maritime industry because of its geographical location and form. With these factors, many Filipinos are involved in the maritime industry and the numbers continue to grow. According to Abueva, J. (2015), 30% among the almost million mariners are Filipinos, making the Philippines as the “Manning capital of the World”. Almost 87,000 Filipinos are seafarers and beefs up the economy by bringing remittances worth $6 billion dollars, which is very significant and contributes to the country’s total Gross Domestic Product.
Malaysia has stepped up its manufacturing activities and established large-scale electronics industrial parks with a focus on investment in global product research, development and marketing. In the plan, Malaysia has established four strongest electronics parks in Asia such as Penang, Selangor and Miltimedia, Super Corridor. The establishment of large electronics industries has helped reduce Malaysia's dependence on foreigners, Upgraded domestic facilities can join the global back-up production network by linking with the world's leading manufacturing centers, thereby expanding offshore manufacturing facilities. . The competition in electronic and information technology in Asia has helped Malaysia to gain more advantage, go deeper into the global production network, and attract more capital and advanced technology to invest in manufacturing.
The Philippines is the last country in Asia and one among the three countries worldwide with a short span of basic education system comprising only of 10-year pre-university cycle which is considered as congested when compared to the other competitive nations. Because of this congested basic education curriculum, high school graduates apparently are insufficiently ready for making rational career decisions, consequently, contributing to the increasing unemployment and job mismatch rate among the young and educated. Based in January 2013 Labor Force Survey of the National Statistics Authority, there are around 7.3 percent or about 3 million unemployed Filipinos or an underemployment of 19.8 percent and from which, one-fifth 20 percent
So why is it that the Philippines haven’t improved for the past decades? Why is it that we have never again seen the Philippine flag be raised and the national anthem be played in the awarding ceremonies of international competitions?