BPO earnings won’t surpass foreign remittances – BSP

The earnings of the Philippine business process outsourcing (BPO) industry are unlikely to exceed the remittances from Filipinos working abroad as the country’s major source of revenue, said the Bangko Sentral ng Pilipinas (BSP).

According to Dennis Lapid, director of the BSP’s Department of Economic Research, the conditions when they projected that BPO revenues would surpass the amount sent by overseas Filipino workers were different compared to what they are looking at now, adding that the BSP took additional information and developments into consideration. Lapid noted that most of the downside risk caused by global economic activity has already materialized.

The central bank executive said they are working with the BPO industry to address key issues by diversifying into other key markets and increasing automation, with the BPO sector expressing interest in looking at new markets and higher value-added services.

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