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Exploring the prospects of services-led development for the Philippines

Author

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  • Ramonette B. Serafica

    (Exploring the prospects of services-led development for the Philippines)

Abstract

The growing importance of the services sector has prompted an examination of possible pathways to maximize its impact, particularly on the quality of economic growth. Some emphasize promoting job creation and exports in the sector, in addition to ensuring that the services requirements of the rest of the economy are met. Others argue that the potential for services-led development depends on being able to replicate the features of industrialization by leveraging trade, technology, training, and targeting. There are also proponents of more active strategies on the demand side of labor markets. This paper discusses the interrelated issues the country must address in pursuing economic transformation through services. Priority actions include boosting productivity, expanding services outside the National Capital Region, implementing structural reform, strengthening exports of digital services, accelerating digitalization, and increasing innovation. For the Philippines, harnessing services to achieve broad-based and inclusive growth should be the essence of services-led development.

Suggested Citation

  • Ramonette B. Serafica, 2024. "Exploring the prospects of services-led development for the Philippines," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 61(2), pages 114-138, December.
    • Handle: RePEc:phs:prejrn:v:61:y:2024:i:2:p:114-138
    as

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    File URL: https://pre.econ.upd.edu.ph/index.php/pre/article/view/1061/1003
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    References listed on IDEAS

    as
    1. Serafica, Ramonette B., 2024. "Insights into Economic Charter Change and the Case for Services Reform," Discussion Papers DP 2024-03, Philippine Institute for Development Studies.
    2. Schettkat, Ronald & Yocarini, Lara, 2003. "The Shift to Services: A Review of the Literature," IZA Discussion Papers 964, Institute of Labor Economics (IZA).
    3. Milo, Melanie S. & Sandoval, Geminiano L., 2018. "Regulatory Measures Affecting Services Trade and Investment: Financial Services," Discussion Papers DP 2018-40, Philippine Institute for Development Studies.
    4. Cuadrado-Roura, Juan R., 2016. "Service industries and regional analysis. New directions and challenges," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 36, pages 107-127.
    5. Dani Rodrik & Rohan Sandhu, 2024. "Servicing Development: Productive Upgrading of Labor-Absorbing Services in Developing Economies," NBER Working Papers 32738, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    services; development; exports; digital trade; structural reform; Philippines;
    All these keywords.

    JEL classification:

    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • L88 - Industrial Organization - - Industry Studies: Services - - - Government Policy

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