Where all the other countries are trying to meet their ends, the Philippines has freed itself from the clutches of the COVID-19 pandemic. With the recent evaluation, it is clear that the Philippines economy is steadily recovering. To add a cherry on the top, the trend suggests a “positive” growth in the first three months of 2021. Bangko Sentral ng Pilipinas’ (BSP) Governor Benjamin Diokno recently stated that the agency’s Gross Domestic Product (GDP) would be targeted from 6.5 to 7.5%. With the current developments in the Philippines, even this target is seemingly achievable. One of the main reasons for the surge is due to the easing of lockdown restrictions, improvements in the healthcare system, and cooperation from everyone. The Philippine Stock Exchange (PSE) is expecting to receive funding from around 10 different companies through the initial public offerings (IPO). This would significantly help in improving the current condition of the stock market for FY21.
Micheal Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) replied positively to the estimates for the financial year of 2021. He also added a forecast stating a growth of around six to seven per cent in the overall economy for the current financial year. He stated that the deployment of COVID-19 vaccines along with the continued easing of quarantine measures were the main factors for the surge in the economy.
The supporting pillars of the Philippines economy as determined by the Department of Labor and Employment (DOLE) are Business Process Outsourcing (BPO) industry, Health Sector, and Construction Sector. Even in the pandemic, these sectors continued to offer jobs to people and kept their head above the waters. Health Sector led was on the top position for providing employment followed by BPO sector and then by the construction sector. Dominique Tutay, Assistant Secretary at DOLE stated that customer service representatives, information technology (IT), programmers and encoders, and game developers were the jobs in demand under the BPO sector.
Speaking of profits from BPOs, Atos, a France-based information technology (IT) firm, would be acquiring DXC Technology, a New-York listed B2B corporation. The company, DXC Technology, was sold off after the bidding cap of $10 billion made by Atos. DXC Technology was formed by merging two corporate firms Hewlett Packard Enterprise Services and Computer Sciences Corporation. By gaining such a big firm, Atos would most likely become the leading player in the IT service market.
The recent developments in Philippine were recognized by the entire globe. In the HR Asia Awards which was concluded recently, ‘Microsoft Philippines’ and ‘Everise’ were recognized as the two of the ‘Best Companies to Work for in Asia 2020.’ The award of HR Asia’s ‘Best Companies to Work for in Asia’ is held every year and across 11 markets throughout the region. Being recognized as the best company to work for even in the pandemic conditions is something of a great achievement in itself. Jan Phillipe Tanachi, Human Resources Director of Microsoft Philippines was interviewed after the said event. On asked upon the future plans of their operations, he aptly replied that they are committed to continue providing their employees with an inclusive workplace and creating a community that follows their values. He added that the company as a whole would aim at empowering their employees so that they could offer their best and most authentic selves to the company.
By following these trends it is obvious that Philippines was unshaken even after the pandemic and would rise like a Phoenix rising from the fire, a new, improved and better version of self.
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