ING forecasts 9% average growth in outsourcing revenues

Dutch financial firm ING Bank expects structural inflows, which include outsourcing revenues, to post a 9% average growth this year from the almost 11% growth last year. ING Bank Manila senior economist Joey Cuyegkeng announced the bank’s forecast as it revised its GDP growth forecasts for 2016 upwards to 6.5% from its previous outlook of 6.2%. For 2017, ING sees Philippine GDP growth moderating to 6.2% next year. Cuyegkeng said the upgraded growth forecast for this year was on the back of higher deficit spending but still relatively affordable financing costs for the private sector. Consumer spending also remains buoyant with structural inflow growing at an average rate of 9 percent this year and next year.