The Philippines’ Business Process Outsourcing (BPO) sector may soon surpass the remittances from Overseas Filipino Workers’ (OFW) in terms of growth, said Department of Information and Communications Technology Secretary Ivan John Uy.
During an economic briefing in Singapore, Uy stated that the BPO sector’s trajectory — projected at 10% minimum — can be stretched to 15% growth by year-end, overtaking the total value of OFW remittances.
Uy also mentioned that the Philippines remains to be a BPO hotspot, generating $29 billion to the Philippine economy last year and dispensing over a million jobs.
The DICT official added that the country is ready to supply BPO companies with a talented digital workforce; it continuously olls out training programs to upgrade the digital skills of Filpino workers.
Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla also expressed his optimism over the country’s BPO sector.
Industry stakeholders are only pushing for more flexibility in terms of tax incentives, which can easily help them grow by 12%, Medalla added.