PBBM: PH is service export powerhouse

“As we address our weaknesses and develop our competitiveness in other potential areas, we must also play to our strengths,” he said. (Pexels photo)

MANILA – President Ferdinand R. Marcos Jr. on Monday dubbed the country as a “service export powerhouse” during his second State of the Nation Address (SONA).

Marcos said that since the services sector is a strength of the Philippines, his administration will nurture the information technology and business process outsourcing (ITBPO) and tourism industries.

“As we address our weaknesses and develop our competitiveness in other potential areas, we must also play to our strengths,” he said.

He said the tourism sector has been the country’s reliable pillar of economic growth and has provided livelihood and jobs to over 5 million Filipinos.

Marcos said with the reopening of the economy and the phenomenon of “revenge travel” after the height of the pandemic, the tourism sector is expected for a great rebound.

In the first six months of the year, the country has received 3 million foreign tourists.

With this, the country is also expected to hit its target of 4.8 million foreign visitors this year.

Meanwhile, the local ITBPO industry posted a revenue of USD32.5 billion in 2022.

This year, it targets over 10 percent growth in revenues reaching USD35.9 billion.