Revenues from the country’s business process outsourcing (BPO) industry grew more than 18% in the first six months of the year. This was revealed by Bangko Sentral ng Pilipinas (BSP) deputy governor Diwa Guigundo. The central bank official said the double-digit BPO revenue growth during the January-June period could cushion the soft remittances flows from overseas Filipino workers. In the first seven months of the year, cash remittances grew by a mere 3% from 7.7% during the same period of last year. Overseas remittances and BPO revenues are two major economic drivers in the Philippines. This year, BPO revenue has been forecast to overtake the remittances from Filipinos working abroad.
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