BPO revenue helps fuel PH economic growth

Business process outsourcing (BPO) revenue continues to fuel retail spending and maintain a level of Philippine economic growth that is enviable by Western standards. BPO receipts and remittances from Filipinos working abroad remain growth drivers in the Philippines, according to analysts. The consumption-led economy likely expanded 1.5 percent in Q1 from the previous three months. While slightly slower than the 1.7 percent expansion in the December quarter, the expected pace would be one of the fastest in the region, Reuters reported. Economic Planning secretary Ernesto Pernia told Reuters in January he expected annual growth in the first quarter to be between 6.5 and 7.0 percent, or even higher, as the government committed to ramp up infrastructure spending.