Philippines:10 Insights

about a hidden pearl

Asia 5Bringing you a flavour of businesstrends in Asia...in just 5 minutes

A Futures Coaching initiativewww.futurescoaching.com

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The Philippines is known as 'The Pearl of the Orient Sea'

Whilst this is a pearl that has remained hidden......it is about to be discovered

growth

Economically, the Philippines is a laggard; it has the 12th biggest global population but only the 33rd biggest economy

Goldman Sachs thinks it faces “broad-based challenges”in areas like fiscal discipline, education,

investment and health care

However, by 2050, GS predicts the nation's economy could rise to 14th rank with average incomes from $20K-$40K

fertile mixThe nation is a rich blend of

western and eastern influences

The Spanish and Americans have left strong legacies –

food, a 'fiesta' culture, language, Christianity

(Islam is strong in the south)

Mixed with this is a clear Asian colouring

One of biggest English speaking nations on the

Planet

It is reckoned that 93% of Filipinos speak some English

(source: Andrew Gonzalez, Journal of Multilingual Development)

...And some 110 million have received English training

Unsurprisingly, call centres are a big industry

language

big brother

Filipinos' outward ties are strongest with America,which it sees as its protector

Americans honour their role by sending aid (e.g. in the recent flooding) & military cooperation

In Jan 2012, there were joint talks which might lead to American military bases being reinstalled on the islands

work culture

Filipinos are in demand due to their strong work ethic...but also their creativity. A new wave of entrepreneurs (Kermit Tesoro, Michael Cinco, Monique Lhuillier, Charice Pempengco)

are making names for themselves internationally

lack of confidence

Naturally optimistic and welcoming,deep down Filipinos feel that the world doesn't like them

Over-crowding, poverty, lack of jobs, poor infrastructure terrorist threats & natural disasters all contribute

to rock the national psyche

wasted potential

The Philippines has one of the worlds' biggest

diaspora with 11 million working abroad

Whilst 'Overseas Filipino Workers' are considered “the new heroes” of the

Philippines, they are evidence of a country which remains firmly a place to escape from

more waste

Whilst an official unemployment rate of 7.4% is not bad, many Filipinos consider that they are

unemployed, underemployed or simply abused

E.g. there are an estimated 250,000 trained nursesunable to find work (Professional Regulatory Commission)

thwarted

Corruption & bureaucracy slows the country

Manila's attempts to widen its roads and build its

infrastructure proceedsat a snails' pace

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