Outsourcing revenue forecast to grow 10% this year

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Outsourcing revenues in the Philippines are expected to grow 10% this year while remittances from overseas Filipino workers will grow at 4%. This was according to ING Bank Manila senior economist Joey Cuyegkeng in his market report. The full-year forecast made by Cuyegkeng comes after the outsourcing industry posted revenue growth of about 9.5% year-on-year in the first quarter of this year. With the outsourcing revenues and OFW remittances combined, Cuyegkeng said the Philippine economy could post a more balanced current account surplus equivalent to about 0.2% of gross domestic product. In Q1, the country’s current account reverted to a deficit of USD318m, equivalent to 0.4% of GDP.