BPO to take up slack in OFW remittances
The Philippine business process outsourcing (BPO) industry is expected to offset the decline in remittance flows from overseas Filipino workers. According to Alvin Ang, Ateneo de Manila University’s Eagle Watch Senior Fellow, the growth of remittances started tapering off last year and will continue to do so at least in the medium term. The sector that can take up the slack is the BPO sector, which he said will equal OFW remittances in terms of dollars earned in three to five years. The growth of the sector will even be faster in the coming years if the animation and other creative BPOs will increase. Ang added that the BPO industry will continue to enjoy double-digit growth in revenue for this year. Other BPO industry growth drivers are contract centers and software development, among others.
