British bank Hong Kong and Shanghai Banking Corp (HSBC) said in a report that remittances from Filipinos working abroad is expected to decline in the coming years, but the business process outsourcing (BPO) and related sectors will partly offset the slowdown. HSBC said the moderation in the Philippines’ current account surplus will contribute to the growth slowdown of remittances following years of continuous growth. The bank also stressed that the 2015 slowdown in remittance growth was surprising considering that remittance growth had been resilient over the years. The bank found no reason to explain the decline, especially during the H2 of 2015. HSBC, however, said that services exports from the BPO and related sectors will partly offset the relative decline of foreign currency earnings from remittances.
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