Central bank says BPO firms not exiting the Philippines

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said it is very unlikely for business process outsourcing (BPO) firms to pull out from the Philippines despite the US administration’s new policies. Guinigundo said BPO companies will remain, although expansion plans may be put on hold. After all, he said, there are very few options or alternatives to the Philippines as a hub for BPOs. Concerns of a possible BPO exit surfaced when US President Donald Trump made public his anti-outsourcing stance. The BSP official made the comment as he announced that the central bank expects the country’s balance of payments (BOP) surplus to hit USD1bn this year. BPO is one of the components of the BOP.