• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » BPO, remittances keep deficit from straining forex buffers

BPO, remittances keep deficit from straining forex buffers

man on suit 7

The Philippine Statistics Authority (PSA) reported that the country’s trade deficit ballooned by 24% to USD2.61 billion in March as, for the fifth consecutive month, imports outpaced exports. However, Budget Secretary Benjamin Diokno said the trade deficit has not strained the country’s foreign exchange buffers because of the strong inflows from the business process outsourcing (BPO) industry and overseas Filipino workers. Diokno said the USD2.6 billion trade deficit is still small in proportion to the economy, and that the country still has very robust reserves because of the USD50 billion that the Philippines continues to get from BPO and OFWs. The latest PSA data showed that exports contracted by 8.2% to USD5.5 billion in March while imports rose 0.1% to USD8.12 billion. To address the deficit, the National Economic and Development Authority said the Philippines should double its efforts in marketing the country’s export products.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image