BPO can fuel the economy if reforms are made by new administration

The business process outsourcing (BPO) sector and overseas Filipinos’ remittances will continue to fuel the Philippine economy if the new administration implements new economic policies. This was the view of IHS Global Insight, a US-based think tank. IHS noted that the fast-growing IT-BPO industry and remittances were the two key growth engines for the Philippine economy during President Benigno Aquino III’s term of office, which the new administration should continue to support. The US think tank said the GDP growth of around 6% per year can be sustained over 2016-2020 period if the incoming President and the new Philippines government administration can continue to pursue economic reforms and strengthen institutional governance.