UK-based banking giant HSBC said that the services sectors of the Philippines, particularly business process outsourcing (BPO), will provide sustainable foreign exchange earnings for the country. HSBC economist Joseph Incalcaterra made the pronouncement during the release of the bank’s latest report. The report showed that the Philippines will remain one of Asia’s brightest stories this year despite global economic weakness. For 2016, HSBC has slightly raised its gross domestic product forecasts for the country at 5.7%, with the domestic economy firing on several cylinders, said Incalcaterra. Infrastructure spending and private consumption will continue to buoy the country’s economy this year, while the BPO sector will continue to provide sustainable forex earnings for the country.
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