BPO sector remains a key driver for Philippine growth – Moody’s

The strong growth of the business process outsourcing (BPO) sector continues to be one of the key growth drivers of the country’s economy, according to Moody’s Investors Service. In its report entitled Moody’s Credit Outlook, the credit ratings agency said the growth in the country’s BPO sector not only boosts current account receipts but also domestic demand. Additionally, the BPO sector, along with tourism, counters the decline in the country’s merchandise goods exports. Moody’s forecast a 6% growth for the Philippines this year, higher than the 5.8% growth in 2015. The improved forecast was based on the country’s proven economic resiliency, expected improvement on infrastructure developments, and increased economic activity.