HSBC tells Philippines to diversify away from BPO

Hong Kong and Shanghai Banking Corp (HSBC) said the Philippine economy will continue to be resilient in the next couple of years despite the threat of the protectionist policies of US President Donald Trump. However, HSBC said the Philippines needs to diversify away from business process outsourcing (BPO) to ensure more sustainable growth. Economic expansion would continue despite Trump’s policies against the BPO sector, but the Philippines should not rely too much on the BPO industry to sustain growth, the British bank said. HSBC said the Philippine economic growth will remain robust over the next two years.