The Business Process Outsourcing (BPO) industry could contribute to the economic recovery of the Philippines as BPO receipts are forecasted to grow by five per cent in 2021 and 2022, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.
In an online forum, Diokno said that the sector “holds much promise in terms of moving up to higher value-added activities in the global supply chain of business services.”
Aside from travel receipts and remittances, the dollar inflows from BPO transactions are important in supporting the country’s external payment position.
The BSP governor emphasized that the Philippines is now seeing signs of economic recovery after almost two years of the COVID-19 pandemic.
Aside from the outsourcing sector, various structural and institutional reforms are important in boosting the economic recovery of the country after the COVID-19.