BPO revenues, remittances to stabilize the peso

The Philippine peso will continue to be stable despite the volatile global financial markets, thanks to the country’s steady remittances and business process outsourcing (BPO) revenues. According to the Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU), the peso will be shielded by the remittances from Filipinos abroad as well as BPO revenues. It pointed out BPO revenue offers better support to the peso as its growth pace is at least twice the projected 4% growth in cash remittances this year. The 2022 IT-Business Processing Association of the Philippines roadmap sees the IT-business process management sector booking USD39bn worth of revenues and creating 7.6 million additional jobs.