BPO revenues to overtake remittances soon

The country’s business process outsourcing (BPO) industry is forecast to post revenues higher than the remittances of overseas Filipino workers, according to Pinnacle Real Estate Consulting Services. The firm said the Philippine BPO industry is expected to growth further this year with revenues projected to reach USD25bn, overtaking for the first time the inflows from overseas Filipino workers. Remittances from Filipinos working abroad have been considered as a pillar of the Philippine economy. The BPO sector posted total revenue of USD18.9bn in 2014 and is expected to growth between 15% and 18% for 2015. Pinnacle has also identified the country’s next 10 cities for BPOs. These are Baguio City, Davao City, Dumaguete City, Iloilo City, Lipa City, Metro Bulacan, Metro Cavite, Metro Laguna, Metro Naga, and Metro Rizal.