ING Bank says BPO revenues to grow 16% in 2016

Outsourcing revenues are expected to increase 16% to USD25bn this year, higher than the remittances from Filipinos working overseas, an economist at ING Bank Manila said. The combined remittances and BPO revenues this year will hit USD47bn, according to ING Bank Manila senior economist Joey Cuyegkeng, of which remittances from Filipinos working abroad will account for USD22bn. With the two inflows combined, Cuyegkeng said the country’s external strength will be sustained this year and moderate any externally-driven weaknesses for Asian currencies.