BPO revenues overtaking remittances still good for economy – BSP

The Bangko Sentral ng Pilipinas (BSP) said there won’t be any problem if revenues from the business process outsourcing (BPO) industry overtake remittances from overseas Filipino workers (OFWs). In fact, BSP regional monetary affairs managing director Iluminada Sicat, said the takeover spells a good diversification in the Philippine economy. She said the BPO sector has greatly contributed to where the Philippine economy is today. However, Sicat said she cannot determine if BPO revenues will exceed OFW remittances in the short-term. BSP data showed that OFW cash remittances reached USD25.76bn last year, up 4.6% from USD24.63bn in 2014. The BPO industry, meanwhile, generated USD22bn in revenues, with 1.1 million in direct employment.