BPOs will offset faltering remittances – ING Bank

Remittances from overseas Filipino workers is projected to slowdown, but an economist from ING Bank said the country’s business process outsourcing (BPO) industry can take up the slack. Jose Mario Cuyegkeng, ING Bank economist said the rapid expansion of the country’s BPO sector would still allow the country’s external payments position to remain positive. Outsourcing revenues, he said, are expected to rise by 15-16% this year. The central bank, meanwhile, trimmed its projection for remittance growth to 4% from 5% previously for 2015. Cuyegkeng’s statement adds to claims of economists that BPO receipts will outpace that of remittances in the next few years.