Widespread use of English makes call center business thrive in RP
Cagayan de Oro City (11 September) -- "The perpetual sick man of Asia is making an unexpected recovery."
This is how James Hookway of the Wall Street Journal has described the Philippines in his article "For Philippine Economy, Harsh Remedies Pay Off: A Risky Tax Increase By Arroyo Helps Spur New Investments" published August 31, this year.
Hookway said once among Asia's most prosperous nations, the Philippines had languished economically for decades while neighboring countries, big and small, raced ahead.
"For the past two years-almost amid the international excitement about the growth of China, India and Vietnam, the Philippines has been rebounding," he said.
Despite the economic shadow cast by the global credit squeeze sparked by the problems in the US mortgage market, he said, our country's economy is expected to post its fastest growth rate, this year, since the early 1990s.
In fact, Hookway said, the Philippine economy grew at a 7.5% annual rate in the second quarter of 2007 and that the stock market has soared over the past two years, although it has faltered recently.
He said foreign investors are coming back, attracted by our young population with the average age placed at 22 of our 89 million people.
"The widespread use of English, a legacy of it past as an American colony, has made the call-center a thriving business, some of which is poached from India," he said. (PIA 10) [top]