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Republic of the Philippines comprises 7,107 islands. With approximately 100 million people currently living in the Philippines, it is ranked as the 12th most populous country in the world. The Philippines economy largely depends on the remittances from the Filipinos residing overseas and investing in the homeland. More than 10 million Filipinos are currently living abroad, and a one of the fastest developing economies in Asia. According to the Asian development Bank, the GDP growth rate is 7.6% higher than the remittances from the last year and accounted for 8.4 % of Philippine gross domestic product (GDP) in 2013. 6.1%in (2014) Inflation, Current Account Balance in 2015 is estimated to be 6.4%,2.8%, and 4%, and an outlook on ADB outlook in 2016 is 6.4%up from its March projection of 6%. For 2017, it decreases back slightly to 6.2%, but is still higher than the previous forecast of 6.1%. The Philippines has emerged as one of the fastest-growing economies in Southeast Asia. In spite, of the hardships of the Philippines in terms of exports, remittances from overseas Filipino workers, and foreign direct investments, during the 2008 global economic crisis, there has been steady economic growth in the recent years. However, underinvestment Infrastructure is one of the biggest challenges. In the Global Competitiveness Report 2014-2015 of the World Economic Forum, Philippines didn’t fare well in terms of the quality of the overall infrastructure. It ranked at number 91 among 144 countries.
The source countries for the remittances included the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. The country heavily relies on these funds. Their economic growth can primarily be associated to the remittances from the overseas Filipino workers, as well as the growth in the Business Process Outsourcing (BPO) sector. A policy of removing structural impediments to growth has to be adopted, with lesser focus on foreign investors and exporters.

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