Central Bank expects BPO revenues to grow 5% this year
The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, expects revenues from the business process outsourcing (BPO) industry to grow by 5% this year. The BSP also expects remittances to grow by 3%, tourism receipts by 12%, and exports by 4%.
However, the central bank said the country’s balance of payments position booked its widest deficit in 16 months, hitting US$1.36bn in January. The balance of payments is the difference in total values between payments into and out of the country over a given period.
A deficit means more foreign exchange flowed out to pay for the importation of more goods, services, and capital than what flowed in from exports, overseas remittances, BPO earnings, and tourism.
Read more at The Philippine Star.
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