The telecommunications industry is likely to provide a lot of opportunities for economic growth this year, experts said on Wednesday.

On the second day of the Philippine Capital Markets Conference in Manila, panelists from various sectors agreed on the strength of the country’s telecommunication industry, which they said would be a “very competitive market” in the years to come.

In particular, they are looking forward to what Smart Communications Inc. of the Philippine Long Distance Telephone (PLDT) and Globe Telecom Inc.—the country’s two largest service providers—will do to compete this year especially with the current economic downturn.

“The country’s growth is driven by the consumer market, especially on the telcos’ side,” said Atty. Agustin Montilla IV of the Romulo Mabanta Buenaventura Sayoc and De Los Angeles law firm.

Last week, credit evaluator Fitch Ratings said PLDT and Globe are “well-positioned to weather the ongoing downturn” with their dominant market positions and robust balance sheets.

Fitch also saw “moderating” growth of the mobile phone industry in thecountry, with PLDT and Globe exploring various ways to boost their earnings.

“Both PLDT and Globe boast of healthy liquidity and strong free cash flow,” the group said in a report.

Last month, Globe posted a P11.28-billion net income for 2008, lower by 15 percent from the previous year. The company’s wireless subscriber base, however, jumped 22 percent to 24.7 million.

On the other hand, its rival PLDT reported a P34.6-billion net profit last year, a 4-percent decline from its 2007 income. PLDT had a total subscriber base of 35.2 million in 2008.

Aside from telecommunications, panelists saw energy as a “hot item” for the next few years, especially with the Department of Energy set to have its contract round this month, particularly on service contracts for oil, gas, and geothermal plants.

Mining is also seen to be “more opportunistic,” with a number of inquiries on the mining market, particularly from China, Australia, and Indonesia.