Current Account Dynamics and the Philippine Economy: Developments and Prospects Chapter 6: Exploring economic networks in the Philippines: The case of manufacturing and services sectors

Audrey Tabuga, Mika Muñoz, Carlos Vega and Cristeta Bagsic
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Audrey Tabuga: Philippine Institute for Development Studies
Mika Muñoz: Bangko Sentral ng Pilipinas
Carlos Vega: Philippine Competition Commission
Cristeta Bagsic: Geneva Graduate Institute

BSP Special Publications from Bangko Sentral ng Pilipinas

Abstract: The services sector has become the primary driver of economic growth in the Philippines, with its share of GDP rising significantly over the past decades. Services value added as a percentage already stood at about 60 percent in 2018. Given the increasing importance of the services sector in the economy, the Philippine Development Plan, 2023–2028, emphasizes the need for stronger linkages between services and manufacturing to foster economic development. The Plan indicates that the share of embodied services in manufacturing rose from 18 percent in 2006 to 26 percent in 2018. Creation Date: 2026-03

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Published as a BSP Special Publication, March 2026

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