Services has been one of the strongest and fast-growing sectors of the Philippine economy. Its gross value added contribution reached to 57% in 2014 (from 36.6% in the 1970s), and it also grows by an average of 6.3% from 2000 to 2014.
While this performance is considered as stellar by most analysts, there is still huge potential for increasing value-added in services outputs, as well as deepening participation in global value chains. Taking advantage of this unique competitive advantage in the services sector, the Philippines aims to position itself as the core of services trade in Southeast Asia and the Asia-Pacific region.
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Services
Services has been one of the strongest and fast-growing sectors of the Philippine economy. Its gross value added contribution reached to 57% in 2014 (from 36.6% in the 1970s), and it also grows by an average of 6.3% from 2000 to 2014.
While this performance is considered as stellar by most analysts, there is still huge potential for increasing value-added in services outputs, as well as deepening participation in global value chains. Taking advantage of this unique competitive advantage in the services sector, the Philippines aims to position itself as the core of services trade in Southeast Asia and the Asia-Pacific region.