BPO revenue, remittances to reach USD51bn this year

Revenues from the business process outsourcing (BPO) industry and remittances from Filipinos working abroad will almost equal each other this year, generating a total of more than USD51bn this year, according to ING Bank senior economist Joey Cuyegkeng. In a report, Cuyegkeng said outsourcing revenues were expected to increase 15% to 16% this year and will average 15% per annum in the next four years. Remittances from Filipinos working abroad, in contrast, were expected to grow by at least 3% this year and average 3% to 4% in the next four years. The central bank has retained its 4% growth target for remittances this year.