Tourism and Business Process Outsourcing to drive Philippine economy in 2009
Tourism and Business Process Outsourcing (BPO) will remain the driver of economic activities next year.
Emando S. de Leon, deputy director for Department of Economic Research (DER) of the Bangko ng Sentral ng Pilipinas (BSP) said in an interview with Davao reporters that the two industry sectors will continue to bring in investments.
“My projection will be in these two industries,” he said.
De Leon said there will be economic slowdown next year of major economies and the Philippine government must pump prime the economy here.
However he said they expect foreign direct investments still coming next year as there are interested businesses from Canada and Australia.
But de Leon said the government must be very careful and sincere in their commitment of pump priming the economy.
“The investors would monitor how the Philippine government is pursuing this,” he said.
De Leon also said that recent forecast; economy recovery is going to happen early 2010 citing statement of the IMF.
De Leon said that in this type of situation the BSP ensures that there is price stability and will remain on its mandate.
He said they ensure that banking system remain stable and sound.
The BSP’s primary objective is to maintain price stability conducive to a balanced and sustainable economic growth.
