Korean chamber president warns against reliance on outsourcing
Korean Chamber of Commerce of the Philippines President Lee Hok-in said the Philippines should move beyond its reliance on the business process outsourcing (BPO) sector and remittances from overseas Filipino workers (OFWs). Lee said that there is limit to its future growth and that BPOs are also coming up against artificial intelligence and automation. Lee recommended that instead of just focusing on these two areas for foreign income, the Philippines should also improve its manufacturing industry. He stressed that the impact of tax reform on foreign investments is a minor concern compared with the country’s restrictions on foreign ownership. Many Koreans have expressed interest to invest in the Philippines market, but they find it difficult because of the serious restrictions in this area, according to Lee.
