PH BPO sector’s earnings to surpass 2021 forecast
The country’s Business Process Outsourcing (BPO) sector’s revenue is expected to grow faster than previously projected.
In a report, the Bangko Sentral ng Pilipinas (BSP) stated that BPO receipts are expected to grow nine per cent this year, which is four per cent higher than the September projection. Zeno Abenoja, senior director at the BSP’s economic research department, stated that the sector’s earnings grew 8.3% on-year – which already outpaced BSP’s old BPO forecast for the entire 2021.
If these new projections come true, the Philippine outsourcing sector will reverse the one per cent contraction that it posted last year.
Bank of the Philippine Islands economist Jun Neri said in a Viber message, “The sector barely declined last year despite the pandemic and investments in the sector likely grew meaningfully because they are less susceptible to infections.
[It’s] also because the demand for tech and digital outsourcing have promising prospects moving forward,” added Neri.
