The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said remittances from overseas Filipino workers and receipts from business process outsourcing (BPO) firms continue to grow in July. Although he did not release figures for the BPO receipts, BSP Deputy Governor Diwa Guinigundo said the amount has gone up from January to July of this year. Remittances, BPO and tourism receipts are the major source of foreign exchange for the Philippines. In the first seven months of the year, remittances grew 5.9% to USD17.92bn. Guinigundo said remittances and BPO receipts have been resilient all these years. Industry analysts said BPO revenues will overtake remittances in the next few years.
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