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WorkingDraft-LastModified8/21/200710:21:17PMPrinted08/21/20075:45:59PM

Experience Excellence:Experience Excellence:The Philippine AdvantageThe Philippine Advantage

Oscar SañezOscar SañezPresident and CEOPresident and CEOBusiness Processing AssociationBusiness Processing AssociationPhilippinesPhilippines

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WorkingDraft-LastModified8/21/200710:21:17PMPrinted08/21/20075:45:59PM

Philippine economy: weathering the crisisPhilippine economy: weathering the crisis

GDP Growth (%)1Q 092Q 09Philippines0.41.5Singapore-10.1-2.5Taiwan-10.2-7.5Hong Kong-7.8-3.8Thailand-7.0-4.9Malaysia-6.1-3.9

•Inflation at a 22-year low•Interest rates at an all-time low•Strong growth in particular subsectors:•Services exports – 15.2% (including BPOand tourism)•Mining – 21.4%•Retail trade – 8.8%•Fishery – 5.9%•Air transport – 4.5%

Source: National Economic Development Authority

•Remittances from overseas Filipinoworkers•Strong banking and finance sector—reforms from 1997 Asian financial crisis•Continued growth of the BPO industryPhilippines’ Projections20092010GNP2.1-3.14.7-5.6GDP0.8-1.82.6-3.6

Source: ADB, country Web sites; NEDA

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WorkingDraft-LastModified8/21/200710:21:17PMPrinted08/21/20075:45:59PM

2009 Outlook - BSP2009 Outlook - BSP

ActualProjections200820092009Real GDP Growth(%)3.81.0 (Jan-Jun)0.8-1.8Headline Inflation9.33.7 (Jan-Aug)2.5-4.5OF Remittances(US$ Bn)16.710.0 (Jan-Jul)16.4Current Account(US$ Bn)3.93.9 (Jan-Jun)4.1Balance of Payments(US$ Bn)0.12.8 (Jan-Aug)0.7