IMF tells PH not to rely too much on BPO or remittances

The International Monetary Fund (IMF) has urged the Philippine government to improve public and private investments to sustain the country’s economic growth. It added that the Philippines should increase investments instead of solely relying on remittances from overseas Filipino workers and the business process outsourcing industry. IMF resident representative to the Philippines Shanaka Jayanath Peiris, however, clarified that there is nothing wrong with the remittances and BPO, but stressed that the country’s investment diversity needs to be improved. Remittances and BPO revenues contribute around USD50bn to the Philippine economy annually. Aside from remittances and BPO, Peiris said the Philippines has an enormous potential for expansion going forward, with agribusiness, tourism and mining sectors as potential strong contributors.