The Philippines
The Philippines is an archipelago composed of more than 7,000 islands and has a population of more than 100 million, where the population of Manila metropolitan area approaches 13 million. The country’s economic growth rate in the past five years exceeded 6%. What served as the main driving force was the service industry. For example, the call center industry has made a breakthrough, and about 60% of the country’s working population engages in BPO (Business Process Outsourcing).
The Philippines’ GDP per capita has approached 3,000 dollars, ranked sixth in 10 ASEAN countries after Indonesia. From various perspectives, we can say that the Philippines is reflecting the growth of the modern ASEAN, as well as Indonesia.
The theme of this conference was Growth Strategies: Collaboration between the insurance and banking industries; expansion of microinsurance; and utilization of technology. Analytics & AI, RPA & automation, and FinTech & InsurTech were all discussed as growth strategies of the Philippines’ financial industry, which is tremendously growing in its immature social infrastructure.
For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale.
As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps you connect this ever-changing puzzle. We offer objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases. With real-life domain expertise, we also guide you through the maze of emerging tech in the pursuit of value.
Our people, data, insights, and relationships form the foundation for you to use Celent to make confident technology decisions in financial services.
