The Philippines May Experience Significant Growth in 2014

While experts predict that employment situations in the majority of Asian countries are slated to improve through the remainder of the year, the 2014 Q1 Thomson Reuters/INSEAD Asia Business Sentiment Survey indicated that one country stood out among the throng of contenders: the Philippines.

According to the report, the country received a sentiment index of 100, meaning that all 12 respondents were confident that economic growth in the region would be great in 2014. Businesses in the Philippines have seen improvements in the first quarter of the year, reporting higher employment numbers, more shipment requests and a greater governmental emphasis on the economy. The survey indicated that the government invested $3.1 million after a typhoon ravaged the region in November 2013.

Although the country has a large number of impoverished citizens, the Philippine government has made strides to greatly reduce this issue, according to The Wall Street Journal. The source reported that by 2016, the government hopes to reduce the poverty rate by nearly 10 percent. As the agency continues to pour money and resources into creating job opportunities for Filipinos, more citizens may have the ability to work. However, the source noted that while the unemployment and poverty rates may decline, a large portion of workers would be underemployed. But as companies move into the region and opportunities continue to arise, this number may decline, as well.