ING Bank raises growth forecast, bullish on BPO industry

Dutch lender ING Bank raised its economic growth forecast for the Philippines to 6.2% from an earlier estimate of 6% on the back of improved growth prospects in the coming first half of 2016. ING Bank also expressed confidence that despite the foreseen contraction in remittances by overseas Filipino workers, revenues from the outsourcing industry will hit a 16% growth to bring in USD48bn in structural inflows. ING Bank Manila senior economist Joey Cuyegkeng said in a report that domestic demand is also likely to continue to power the country’s 2016 growth. ING Bank joined a list of international banks and institutions to have maintained or revised upward their economic growth forecast for the Philippines, all citing the country’s robust BPO industry.