The Remarkable Rise of the Philippines’ Economy

The Philippines, aka the “Pearl of the Orient,” is one of the fastest-growing emerging markets in the world and is projected to have a trillion-dollar economy by 2033. The Philippine economy had one of the highest growth rates among emerging economies in 2022, and according to the IMF, it achieved one of the strongest recoveries in emerging markets following the slowdown due to the pandemic. The country doubled its output from 2010 to 2020, and the World Bank has recognized the Philippines as one of the top growth performers in Southeast Asia, driven by strong exports, robust domestic consumption, and infrastructure expenditures. The country’s growth has been fueled by several factors, including a growing middle class, favorable demographics, and large investments in infrastructure projects. Strong domestic consumption, the rise of outsourced call centers, and remittances (money sent home by overseas workers, which account for 10% of the GDP) are other contributors to the country’s performance. This program focuses on understanding the factors that led to the Philippines’ growth through visits to companies and interactions with business leaders and experts. Students will get an opportunity to learn about the country’s history and economy while also enjoying immersive and fun cultural experiences.