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The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
850 W 4th St, Mansfield, OH. Built in 1979.
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As was common with some Kmart locations, a Kroger was built nearby. This was no exception. I couldn't really find out when it was shuttered, but it has since found new life as Startek, a "customer engagement business process outsourcing company." Whatever THAT is...
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
The Business Process Outsourcing (BPO) is a rapidly growing industry and a key sector in the Philippines. Majority of workers are in back office and voice services like call centres.
© ILO/R. dela Cruz
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 IGO License. To view a copy of this license, visit creativecommons.org/licenses/by-nc-nd/3.0/igo/deed.en_US.
Indian BPO (Business Process Outsourcing) employees in Mumbai, take call from UK citizens. Barrack Obama has recently declared to withdraw tax benifits from companies, which outsource work outside US.
poster anouncing employment opportunities in callcenters and other business process outsourcing (BPO) operations on a wall next to the shavij nagar bus stationin bangalore.
Vee Technologies is a premier Business Process Outsourcing (BPO) services provider, with focus on transaction processing. We are the market leaders in Back Office Outsourcing area, specializing in niche areas: Medical Billing Services, Insurance Payor Services, Engineering services, Logistics Processing Solutions, Finance and Accounting, Legal services and Media Monitoring.
Contact us.
Email: info@veetechnologies.com
Visit: www.veetechnologies.com
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
Promotes healthy heart and circulation
Shahnawaz Group is a leading industrial group of Pakistan with turnover in billions of rupees. This success has been achieved through honesty, professionalism, commitment and hard work spanning a period of 63 years. For example, Shezan International Ltd last year paid 110% cash dividend and its share was quoted as high as Rs. 290 for a Rs. 10 par value share on the Karachi Stock Exchange; Shahtaj Textile Mills Ltd is the record setter in Karachi Stock Exchange whose share at the time of IPO was oversubscribed by 2200%!
The name SHAHNAWAZ stands for a successful group of companies in Pakistan both in public and private sector. The network of Shahnawaz Group covers the whole country with full-fledged offices in all the main cities of Pakistan including Karachi, Hyderabad, Lahore, Rawalpindi, Hattar, Peshawar and Quetta with manufacturing facilities in all major cities.
Over 10,000 employees are working in a professionally managed environment and contribute to the progress of Shahnawaz Group and further enhance the technical advancement of Pakistan.
We operate in the fields of Pharmaceuticals, Fruit Processing, Beverages, Textiles, Sugar, Automobiles, Computers, Software, Real Estate Development, Satellite Communication, Restaurants, Business Process Outsourcing, Agriculture and Engineering.
Some of Shahnawaz Group companies:
Shahnawaz (Pvt) Ltd.
Shezan International Ltd.
Shahtaj Sugar Mills Ltd.
Shahtaj Textile Mills Ltd.
Shahnawaz Textiles Ltd.
Nawazabad Farms.
Shezan Services (Pvt) Ltd.
Information Systems Associates Ltd.
Shezan (Pvt) Ltd.
Shahtaj Services (Pvt) Ltd.
Shahnawaz Engineering (Pvt) Ltd.
First Global Sourcing.
Trigen Pharma International (Pvt) Ltd.
Brief Introduction of Shahnawaz Group of Companies
Shahnawaz (Pvt) Ltd: SPL represents, exclusively; a large number of the worlds reputed manufacturers. It is one of the first trading houses in Pakistan. SPL is proud to be the exclusive/sole distributor for DaimlerChrysler AG/Mercedes-Benz in Pakistan for the past 45 years and is authorized to deal in the entire range of Mercedes-Benz products. We have dealerships/workshops/showrooms all over Pakistan to cover the entire country.
We have an extensive network of offices throughout Pakistan having their own workshops, spare parts departments and other allied service & support facilities for the complete range.
SPL also undertakes installation of Industrial projects and is well known in a wide spectrum of diverse activities ranging from implementing turnkey computer based solutions to air-conditioning multistoried buildings.
Website: www.shahnawazltd.com
Shezan International Ltd: SIL was incorporated in 1964 with the main objective to set up an industrial undertaking for manufacturing of juices, squashes, sherbets, jams, pickles and preserves from fruits and vegetables. SIL was conceived as a joint venture by the Shahnawaz Group of Pakistan and Alliance Industrial Development Corporation of U.S.A. in 1964.
The agricultural background of Shahnawaz Group induced them to establish this agro-based industry. Taking advantage of the abundance of fruits available in Pakistan and the advanced technology provided by the American partners, Shezan became a pioneer in the field of converting fruits into pulps, concentrates and juices. It is the first company in Pakistan to specialize in this process.
Today Shezan is the largest fruit processing unit having developed and installed the capacity to meet the country's local as well as export needs. Over the decades, the company has shown sustained growth in both domestic and export fields. SIL has been steadily expanding its production capacity over the years with factories in Karachi, Lahore, Hattar and a 4th factory is expected to start production in 2007.
All SIL factories produce the entire range of Shezan products. Today Shezan is one of the most recognized brand names in Pakistan synonymous with quality products and available in more than 90% of the households. Shezan’s product range is over 80 products and growing.
Today, Shezan having most suitable location for export, with outstanding quality, flavors and packaging is exporting its products to Afghanistan, Central Asian States, UK, USA, Europe, Southeast Asia and Japan.
Website: www.shezan.com
Shahtaj Sugar Mills Ltd: SSML is a Public Limited Company, which is spread over an area of 1.5 Million square yards at a prime industrial zone of Mandi Bahauddin, Gujrat (Pakistan) and its Head Office is at Karachi. It is the second largest sugar mill in Pakistan according to crushing capacity. Its daily crushing capacity is over 10,000 tons.
Shahtaj Sugar Mills is one of the flagship companies of Shahnawaz Group. It has consistently won major awards as one of the best performing companies in Pakistan and has paid attractive dividends to investors and shareholders.
Shahtaj Textile Mills Ltd: STML is a hi-tech weaving unit and is equipped with 150 Air-jet looms and located in the Chunian Industrial Estate near Lahore and is spread over 100,000 square yards area of land.
STML was established by Shahnawaz Group in 1991 for the purpose of manufacturing and producing greige fabric. The mill is situated in the textile hub near Lahore and employs around 500 people.
The company has installed air-jet looms ranging from 190cm to 340cm. It has the most advanced high speed 4 color Picanol and 2 color Toyoda air jet looms of Belgium and Japanese origin to ensure versatility and production volume. The mill has established itself as a supplier to major Pakistani processors and exporters as well as marketing its own product to major US and European Textile manufacturers. It exports to UK, Holland, Belgium, Turkey, USA, Brazil, Australia, New Zealand, Malaysia, South Korea, Singapore, Hong Kong and Mauritius among others.
Website: www.shahtaj.com
Shahnawaz Textiles Ltd: This spinning unit of Shahnawaz Group produces high quality yarn with higher counts and has 22,560 spindles. It is spread over 85,000 square yards area and is located on Manga-Raiwind Road, near Lahore. It has over 600 employees working to make it a quality oriented spinning mill.
STL is a premium quality ring-spinning unit consisting of 22,560 spindles, producing 7800 tons of yarn per annum. The company commenced production in 1993 with the vision to be at the forefront of providing value to customers. The company produces 100% cotton combed and carded yarn. Our valued customers are from the air jet weaving, knitting and denim sectors. We also produce yarn for the sewing thread industry. Our quality speaks for itself.
The company is equipped with the most modern Japanese, European and Chinese equipment and the mill is being continuously upgraded with the latest machinery so that our customers get the highest quality standards.
This emphasis on quality is reflected in raw material selection. We aspire to use the highest quality of Pakistani, as well as imported cotton. Special effort is made to procure the highest grade of cotton from the best stations in Pakistan. Great effort is put to make our yarn contamination free. We also use imported cotton as well as specialized manufactured fibers like Lyocell to make high value added yarns for the apparel and home textile sectors.
Nawazabad Farms: Nawazabad Farms, the agriculture division of Shahnawaz Group is located around 150 miles from the port city of Karachi in Sind Province Pakistan. This is a fully developed fruit plantation and agricultural farm; spread over 12 Million square yards in Tando Allah Yaar, near Hyderabad. It is one of the largest Mango producers in Pakistan and is well renowned as having the best mango orchards in the entire country.
The farm is one of the most advanced and largest fruit farms in the country. The principal fruits grown at the farm are Mangoes, Lychees, Dates, Grapefruit, Pears, Oranges, Guavas, Chikoo, Banana, Avocado, Berries and Papaya. At the farms we grow more than 62 varieties of mangoes including Sindhri, Chaunsa, Sonera, Fajri and Neelum. The fruit orchards division of Nawazabad Farms alone has over 100,000 fruit trees where no chemical fertilizers and no chemical insecticides are used. Nawazabad Farms grows a variety of vegetables including carrots, cabbage, okra, green chilies and spices including red chilies and turmeric.
The water distribution system at our farms consists of over 100 km long water courses including 17 km long concrete main water course, which minimizes the water loss.
The farm has recently converted all its land into Organic under the supervision of the Soil Association UK. No pesticides, fungicides, insecticides have been used in the area and all the strict standards of the Soil Association have been adhered to. To avoid the use of harmful pesticide and insecticides EM Technology is used.
This highly successful farm has consistently won first prize in Horticultural Exhibitions. Most of our fruit produce is of export quality and is being exported to the Middle East and Europe.
Shezan Services (Pvt) Ltd.: Shezan Services owns the brand name "SHEZAN", which is one of the most recognized consumer brands in the country. This company also owns property in prime locations in Karachi, Lahore and other cities of Pakistan. We are in the process of building one of the highest buildings in Lahore to house the Shahnawaz Group companies and will be called "Shahnawaz Towers" .
Another prime real estate is being developed in Karachi to house the Mercedes-Benz showroom, a restaurant and another office for our group companies due to the expansion in the group’s portfolio.
Information Systems Associates Ltd: Comstar ISA Ltd. is primarily a Wide Area Network Provider. Licensed by the Pakistan Telecommunication Authority to establish and operate data networks throughout Pakistan.
Operating under the legal name of "Information Systems Associates" Comstar has been in business since 1996 – this year we celebrated our first decade of operations.
With Head Quarters in Karachi and regional offices in Lahore, Islamabad and Multan Comstar covers the entire length and breadth of the country ensuring error free services to its customers.
Comstar has been the service provider of choice for mission critical networks including Banks and Oil & Gas Companies, our customer list boasts many well known International and Local Organizations many of which have been with us for several years.
Our main focus has been on Wireless Communications – Satellite and Terrestrial Broadband.
This year we achieved yet another milestone by signing an agreement with Infosat Communications to jointly offer Infosat Satellite Services in Pakistan. Infosat is the largest VSAT Operator in Canada and is the largest I-Direct Service Provider in the World. Infosat has made a substantial equity investment in Comstar which is the first of its kind in Pakistan by a major Satellite Service Provider.
Website: www.comstar.com.pk
Shezan (Pvt) Ltd.: SPL as part of Shahnawaz Group operates popular restaurants all over the country. Shezan restaurants are the pioneers in Pakistan in setting up a network of restaurants all over the country and in England (London) and the US (New York and Washington D.C.). These restaurants have exclusively developed recipes that have been fine tuned over a period of decades to cater to the domestic as well as the international clientele covering Oriental, Pakistani, Chinese, Italian and Continental.
For over three decades Shezan has served the finest quality cuisine, being the only Indian or Pakistani restaurant in Great Britain to receive a "Star" rating by the Egon Ronay Good Food Guide also winning the Gold Plate Award and the Restaurant of The Year Award. The focus is mainly on the "Punjabi" style although Shezan boasts varied and delightful offerings from all regions suiting all tastes with the finest quality foods and ingredients. Served in one of the most pleasant and friendly atmospheres available in London just opposite the prestigious Harrods departmental store.
Shahtaj Services (Pvt) Ltd: Shahtaj Services is involved in exporting fruits to the Middle East and South East Asia including Malaysia, Dubai and Japan. It has also installed several satellite tracking systems at railway stations all over Pakistan to update passengers of arriving and departing trains. This is a pioneering project that is done in collaboration with Comstar, which is another Shahnawaz Group company. This company is further involved with indigenously developing advertising billboards to post at railway stations across Pakistan.
Shahnawaz Engineering (Pvt) Ltd.: Its client base includes some of the most illustrious organizations of the country. Shahnawaz Engineering has been instrumental in working on large scale projects of National and International importance.
SEPL is engaged in providing Engineering Services, including Air Conditioning design, Supply, Execution, Operation and Maintenance of large projects. It has a team of highly qualified and experienced professional engineers who are dedicatedly performing their services at various projects throughout Pakistan. Our Project Managers are acquainted with the latest professional techniques and tools, and are foreign trained in respective fields.
We are working for the last ten years at FINANCE & TRADE CENTER Karachi, under close monitoring of FTC Management Company. Shahnawaz Engineering is committed to providing a service of quality acceptable under international standards and as required for ISO 9001:2000 Certification.
First Global Sourcing: FGS is a sourcing organization backed by manufacturing alliances. FGS provides buyers with a cost effective sourcing base from major textile hubs. The FGS customer service and sales offices in markets such as North America, Europe, and the Middle East provide our customers with local language support backed by a sourcing team.
Our offices are staffed with experienced textile experts who understand the changing market requirements. Our goal is to provide buyers with a platform through which they source at the best quality/price ratio.
At FGS the Quality Assurance (QA) team provides quality control services to further strengthen our buying partners trust in our abilities.
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
Prime Minister, the Most Hon. Andrew Holness (centre), breaks ground for the development of 150,000 sq. ft. Business Process Outsourcing (BPO) space at the Portmore Informatics Park in St. Catherine on February 16. He is joined by (from left): President and CEO of the Port Authority of Jamaica (PAJ), Professor the Hon. Gordon Shirley; Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Dr. Horace Chang; PAJ Chairman, Ambassador Nigel Clarke; and Portmore Mayor, His Worship Leon Thomas. The US$23 million project is being implemented by the PAJ and will create 3,000 jobs.
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
The national economy of the Philippines is the 45th largest in the world, with an estimated 2010 gross domestic product (nominal) of $189 billion.Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.Major trading partners include China, Japan, the United States, Singapore, Hong Kong, Saudi Arabia, South Korea, Thailand, and Malaysia.Its unit of currency is the Philippine peso (₱ or PHP).
A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP.
The unemployment rate as of July 2009 stands at around 7.6% and due to the global economic slowdown inflation as of September 2009 reads 0.70%. Gross international reserves as of February 2010 are $45.713 billion. In 2004, public debt as a percentage of GDP was estimated to be 74.2%; in 2008, 56.9%. Gross external debt has risen to $66.27 billion. The country is a net importer.
The Philippine Stock Exchange with the statue of Benigno Aquino, Jr.After World War II, the country was for a time regarded as the second wealthiest in East Asia, next only to Japan. However, by the 1960s its economic performance started being overtaken. The economy stagnated under the dictatorship of Ferdinand Marcos as the regime spawned economic mismanagement and political volatility. The country suffered from slow economic growth and bouts of economic recession. Only in the 1990s with a program of economic liberalization did the economy begin to recover.The Philippines has enjoyed sustained economic growth during first decade of the 21st century. However, as of 2010, the country's economy remained smaller than its neighbors in Southeast Asia such as Thailand, Singapore, Indonesia and Malaysia from both GDP and GDP per capita (nominal).
The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. There have been signs of progress since. In 2004, the economy experienced 6.4% GDP growth and 7.1% in 2007, its fastest pace of growth in three decades. Yet average annual GDP growth per capita for the period 1966–2007 still stands at 1.45% in comparison to an average of 5.96% for the East Asia and the Pacific region as a whole and the daily income for 45% of the population of the Philippines remains less than $2.
Other incongruities and challenges exist. The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon—Metro Manila in particular—gaining most of the new economic growth at the expense of the other regions,although the government has taken steps to distribute economic growth by promoting investment in other areas of the country. Despite constraints, service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.Goldman Sachs includes the country in its list of the "Next Eleven" economies.But China and India have emerged as major economic competitors.
The Philippines is a member of the World Bank, the International Monetary Fund, the World Trade Organization (WTO), the Asian Development Bank which is headquartered in Mandaluyong City, the Colombo Plan, and the G-77 among other groups and institutions
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Prime Minister, the Most Hon. Andrew Holness, emphasises a point while addressing a groundbreaking ceremony for an additional 63,000 square feet of office space for the Business Process Outsourcing (BPO) sector, in the Montego Bay Free Zone, on August 25.
Prime Minister, the Most Hon. Andrew Holness (centre), breaks ground for the construction of 63,000 square feet of new office space for the Business Process Outsourcing (BPO) sector in the Montego Bay Free Zone, on August 25. Joining the Prime Minister (from left) are President and Chief Executive Officer (CEO) of the Port Authority of Jamaica, Professor Gordon Shirley; Attorney General and Member of Parliament for West Central St. James, Hon. Marlene Malahoo Forte; Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Dr. Horace Chang; and Mayor of Montego Bay, Councillor Glendon Harris.
Prime Minister, the Most Hon. Andrew Holness (left), speaks with Chairman of the Montego Bay Free Zone, Mark Hart (centre) and Attorney General and Member of Parliament for West Central St. James, Hon. Marlene Malahoo Forte, at a groundbreaking ceremony for 63,000 square feet for the Business Process Outsourcing (BPO) sector in the Montego Bay Free Zone, St. James, on August 25.
The SM i-City is a 1.17 hectare lot allocated to serve as a prime venue for companies engaged in software development and IT-enabled services. A mix of single and multi-storey buildings will be developed to provide for the office and workspace requirements of prospective IT-related locator companies and for support office and backroom operations of business process outsourcing. The first building, OneE-comCenter, began March 8, 2006. The building was completed on the first week of October 2007. Its first occupant, Fitness First opened its doors on October 12, 2007. Office space will start to fill on January 2008.
The 105,857 square meter, 10 storey OneE-com Center was designed by international firm Arquitectonica and Architect Felix Lim. The building itself will have a total of 71,934 square meters available for lease. Seven floors will be allotted for office space, and the ground floor for commercial use. The average floor plate will be 9,000 square meters. There will be two and a half levels for parking with 600 slots. Tenants on the fourth floor will enjoy the convenience of parking their cars on the same floor as their offices. Offices on all floors can look out into a courtyard in the middle of the whole structure.
More than its design features, tenants of OneE-com Center will also enjoy tax incentives as it is completes its registration with the Philippine Export Zone Authority (PEZA). Its strategic location and proximity to the airport will ensure a strong market response for OneE-com Center. The building is connected by a second level pedestrian bridgeway to the mall's north parking building.
For more and various business process outsourcing resume templates visit: www.resumetemplate.org/business-process-outsourcing-bpo-r...
I was in a meeting when my mobile buzzed. A closer look flashed the name of Kabir. I excused myself from the meeting and answered the call, “Hey, Kabir. How are you? Tell me, what can I do for you? How come you thought of me at this moment”? “Sanjeev Sir, I need a career advice from you”, he said. He needed a career advice through a phone call at this time of the day. It was very confusing. “Kabir, right now I am in a meeting. Let’s meet at my place at around 7 PM. We will discuss it there”, I suggested. “Okay, Sir. I will be there sharp at 7 PM. Thank you”, he reconfirmed.
Kabir and I stay in Hermes Heritage Society, Pune. He is 32 years old. His marriage is scheduled in less than SIX months from now. He is staying with his parents. Kabir was working with a leading Infrastructure Development Company as a Project Manager. Few months ago, he had joined a mid-size Business Process Outsourcing (BPO) Organization as Vice-President Operations.
He reached my flat at 6:45 PM. As I got freshened up, Shraddha made coffee for three of us while Kabir waited in our drawing room. After exchanging greetings and daily pleasantries, I asked him to share his concern. “I need your help in finding me a new job. I am willing to compromise on my current compensation package”, he said.
You can read Organizational Culture Another Dimension of Human Relations
“Why do you need a new Job? You joined you current organization around FIVE months ago. You seemed very excited about it. Your compensation package was also met, without any negotiation. You are a part of the leadership team. So, why do you want to change?” I asked curiously.
He took a deep breath and said, “Sir, you are right. They have given me good package and benefits. I am in the leadership team. I have great opportunities for growth. But the route to encash those opportunities are very weird. The organizational culture is not good. It is much more complicated and complex than the plot of any daily soap opera”.
“Hold on. Career Opportunities, Organizational Culture, and Daily Soap Opera, I don’t know what you are trying to say. Please elaborate?” I asked.
He explained, “Our organization is privately held. We are 200 employees. Last year, our total turnover was 50 million USD. I am heading the Operations Team of 37 employees. Anish Jain, 42, is Founder and CEO of our organization. His sister Anita, 37, is one of the FIVE Directors and look after legal compliances and approvals. Anish and Anita are well connected across political galleries. It is needless to say that no matter how educated and capable our employees are, these two take all strategic decisions. However, they don’t interfere in the personal life of one another. Our Leadership comprises of Anish, Anita, Yogesh (VP-HR), Rajeev (Creative Director), Sachin (Head – Digital Marketing), Sameer (Head – Information Technology), Sunil (Head – Customer Service) and me. Our Company allows family members to work together. Every week, CEO directs Department Heads to invite THREE employees from each team for an informal stress-buster meeting of leaders and team members on Friday nights at a pre-decided venue. Many HR decisions such as increments, incentives, promotions, employment terminations are taken in these meetings over drinks”.
“Priyanka, who was a girlfriend of Sunil, until last year, is now the wife of CEO Anish. Disappointed by this act, Sunil got involved with Anita, CEO’s sister and is also dating Rajeev’s wife Yasmin. As for Anita, she is also interested in VP-HR Yogesh but he never responded to her advances. Nikita, who is a girlfriend of Sameer, also has romantic relations with Sachin. Over last few months, CEO developed liking for Sachin’s girlfriend Madhuri as well but he doesn’t want them to break-up in order to remain clean in his wife’s eyes. Hence, Sachin is offered expensive perks, bonuses, and rewards for no reason related to his job and performance”.
“Each Department Head needs to invite THREE of his team-members to the Friday evening party. The hidden ugly motive of leaders behind such meetings is to find themselves a companion to spend a weekend with, unethically.
I asked, “What is the role of Yogesh, VP-HR? What does he do in the organization? If most of the decisions are taken my Anish and Anita, and the culture is so shoddy then why does your organization need HR?”
He continued, “Usually, after Friday parties, some of those chosen team members, either resign out of exasperation or they get terminated for refusal to leaders. As a result, some of them file a legal case against the organization. The role of Yogesh is to manage employee separations, hire new employees, and face litigations and execute instructions issued from leaders.
“Sanjeev Sir, I am not able to turn a blind eye to such to organizational culture. It’s beyond my understanding of human relations. These are not my learnings, values, and ethics. Out of 37 members in my team, 18 are females. I haven’t yet invited any of my female team members to these parties but I can’t avoid for long. I don’t want my team members, especially females, to encounter this filth.
Others have started taunting me, saying ‘I want to keep all girls to myself’ or that ‘I belong to old school’, etc. For last few weeks they have been insisting on inviting Anshita, my fiancée, to the party. I have been making one excuse or another. I don’t feel like going to this office anymore.”
I have no doubt that there are such organizations. These organizations do not have long-term vision or strategies. Finding a new job for Kabir at such short notice was a challenge. His marriage was scheduled in few months. He was getting depressed. I asked him to share with me his updated profile along with his expected CTC. I also asked him to explore with his last employer, where he had worked for SIX years.
Maybe because of his good deeds and clean heart, last week he got a new job offer. The compensation package is less than his current package by 20% but he is more than happy to get this offer and will be joining them next month. He will be getting married soon.
Organizational culture is an important aspect for the growth of any organization. When business experts say that over 89% of start-up companies fail within three years of the commencement and less than 0.01% become billion dollars organizations, probably they take into consideration the organizational culture. Successful organizations are focused and value-based organizations. For them, core values are much more important than few pointers documented and posted on organizational walls.
The organizations such as the one where Kabir was working and bosses like Anish and Anita are unlikely to fade away. A large chunk of people of both sexes, caught in wide mouthed unemployment, are willing to compromise to get jobs and growth.
How would you have responded to this situation? Please share your stories and experiences.
About Us
With multiple successes achieved through driving commercially embedded HR strategy and programs across Africa, Europe, the Middle East, USA, and Hong Kong, Sanjeev Himachali, Talent Strategist & Management Consultant exhibits over a decade and a half years of progressive, leadership experience and core competencies in talent acquisition, management, and development, HR program management, compensation & benefits management, and staff engagements. In January 2015 he launched Ecliptic HR Solutions to provide strategic human resource and talent management consulting across BFSI, Manufacturing, Automobile, IT & ITES, Telecom, Retail, and FMCG sectors.
As a Talent Strategist, Sanjeev partners with organization’s hiring managers to find, select, and hire top talent which exemplifies firm’s values and provides a foundation for organization’s future growth. Sanjeev is adept at expediting change management through leadership, differentiated talent models, attracting and developing the best talent, and building a culture of engagement, agility, and innovation. He has proved to be a trusted advisor to organizational leadership in initiating human capital management strategies and aligning HR best practices and processes with organizational objectives.
As a Management Consultant, Sanjeev is credited with pioneering best practice HR systems and processes for clients that brought a new era of employer brand visibility and saw the company’s HR systems heralded among the industry best. Sanjeev has championed psychometric assessment DISC and Thomas Profiling, and developed Managerial Competency Framework for clients, while simultaneously deploying succession planning strategies for high profile roles in organizations. He is highly experienced in the organizational diagnosis and the design and facilitation of events and staff development activities including executive coaching. Sanjeev has earned his MBA in HR and is certified in MBTI, PPA & Extended DISC Practice, and Green Belt Lean Six Sigma.
Contact Us
Sanjeev Himachali
Address: No: 22, C2, 6th Floor,Hermes Heritage – II,Shastri Nagar, Yerwada,Pune - 411006
Contact No: 9975689991 8149007976
Email : sanjeev.himachali@ecliptichr.com
Website: www.sanjeevhimachali.org
سمو الأمير الحسين بن عبد الله الثاني، ولي العهد، يرعى حفل إطلاق برنامج "جوردان سورس/ Jordan Source"، الهادف إلى تعزيز الاستثمارات الإقليمية والدولية في مجال الإسناد المحلي للأعمال وتكنولوجيا المعلومات
His Royal Highness Crown Prince Al Hussein attends the launch of “Jordan Source”, a programme that seeks to promote regional and international investments in business process outsourcing and IT outsourcing in the Kingdom