Asia 5 Bringing you a flavour of business trends in Asia...in just 5 minutes A Futures Coaching initiative www.futurescoaching.com
specialThe 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 12 thbiggest 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 careHowever, by 2050, GS predicts the nations 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
language One of biggest English speaking nations on the Planet It is reckoned that 93% ofFilipinos speak some English (source: Andrew Gonzalez, Journal of Multilingual Development)...And some 110 million have received English trainingUnsurprisingly, call centres are a big industry
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
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 work culture
lack of confidence Naturally optimistic and welcoming,deep down Filipinos feel that the world doesnt like themOver-crowding, poverty, lack of jobs, poor infrastructure terrorist threats & natural disasters all contribute to rock the national psyche
wasted potentialThe Philippines has one of the worlds biggest diaspora with 11 million working abroadWhilst Overseas FilipinoWorkers are considered“the new heroes” of the Philippines, they are evidence of a country which remains firmly a place to escape from
more wasteWhilst 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 nurses unable to find work (Professional Regulatory Commission)
thwartedCorruption & bureaucracy slows the countryManilas attempts to widen its roads and build its infrastructure proceeds at a snails pace
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