BPO receipts to account for 17% of Philippine GDP this year
The business process outsourcing (BPO) sector in the Philippines is expected to generate receipts at the same level with remittances from overseas Filipino workers. According to a report by the Asianomics Group Ltd, the BPO sector is expected to contribute 17% of the country’s gross domestic product this year, bringing in USD25bn inflows. The success story of the country’s BPO industry was mentioned in the Hong Kong-based research company’s report, titled ‘Philippines: Cruise Control’. According to Asianomics, the Philippines remains in an economic upswing that can spur further growth on the back of sustained investor confidence. Asianomics chief economist Jim Walker said that the Philippines can grow by as much as 6.5-7% in 2016.
