Since the years of autocratic rule, revolution, promising growth of the pre-Asian Financial Crisis of 1997, and COVID-19, the Philippine economy has bounced back from decades of neglect, corruption, and mismanagement.
According to the data published by the World Bank (WB), the total GDP of the Philippines in 2020 is $361.49 Billion. In addition, the Asian Development Bank (ADB) stated that the Philippines’ forecasted economic growth is expected to be between 6% to 6.3% in 2022.
A report published by the International Monetary Fund (IMF) stated that the combined global economic growth in 2022 would be moderate from 4.4% to a maximum of 5.9% and is expected to slow down in the years to come due to the aftermath of the pandemic. Another factor is the ongoing conflict between Russia and Ukraine, which disrupts the global supply chain of oil and other raw materials.
That being said, with all the external factors in mind, the Philippines remains resilient, promising, and attractive to foreign investors.
Overall, the economic growth of the Philippines cannot be attributed to Metro Manila alone. The collective contribution of all its provinces has led its economy to new heights from the manufacturing of circuit conductors and other goods, exports of food and textiles, remittances from overseas Filipino workers, and the domination of the Business Process Outsourcing companies as one of the largest employers in the country.
The province of Pampanga located north of Metro Manila is currently experiencing its own renaissance and industrial revolution. Rich in cultural heritage, numerous prominent and highly educated residents, and massive foreign and government investments have transformed the province of more than two million residents into an economic powerhouse.
High Human Development Index (HDI)
The Human Development Index is measured not by economic growth alone, but by the dimensions of health, education, and income. That being said, the Philippines’ HDI in totality is at 0.718 while Pampanga’s HDI is at 0.765, which is higher than average.
Pampanga’s high human development index shows that its residents enjoy a standard of living higher than that of other provinces in the Philippines. On top of that, Pampanga’s educational institutions contribute to a high literacy rate of 95% of its population.
In addition, the healthcare infrastructure has the capacity and capability to handle influx of patients with varying conditions.
Only an hour or two drive away from the Philippines’ National Capital Region (NCR), Pampanga is ideally positioned between Metro Manila, Subic Economic Zone, and the northern provinces of Luzon Island.
- Current national and local government policy on upgrading and building new infrastructures has led to a construction boom in the province.
- Public and private partnerships continue to drive infrastructure investments such as the newly constructed Clark International Airport which will serve as the premier gateway to the North of the Philippines. Moreover, the airport will reduce the burden of the over capacity being experienced by Manila International Airport
- Clark Freeport Zone, although outside the jurisdiction of Pampanga, is geographically located in the middle of Pampanga. For decades, Clark has been one of the primary recipients of Government and Foreign Investments.
- Educated Workforce
- Majority of the population has a bachelor’s degree.
- 95% of the population is literate.
- Business Process Outsourcing
- Pampanga has been the go-to location for outsourcing companies to set up their facilities. As of this year, BPO companies are one of the largest employers in the province. Numerous BPO companies such as Clark Staff, Cloudstaff, Sutherland, and Accenture have their offices located in Clark and Angeles City.
The Philippines has a relatively young population which means more people are ready to work. Moreover, Pampanga’s population of young educated residents are more open to change. Envisioned to complement Manila in business and government services. The demographic of Pampanga would surely benefit and vice versa from the progressive ideas the young population may have.
Pampanga’s ongoing economic growth combined with a diversified amount of young talents entering the workforce will benefit not only the economy but also the investors. Safety, security, and the stability of their investment will continue this economic miracle which would rival emerging economies in South East Asia.