Strong BPOs buoy current account surplus

The sustained double-digit growth in the business process outsourcing (BPO) sector is forecast to keep the country’s current account in surplus this year, according to government estimates. The BPO industry, whose clients are mainly foreign companies, was estimated to have grown by 16.4% in 2015, helps ensure resiliency of the country’s external payments position against external stresses, according to the macroeconomic situation report for April by the government’s Investor Relations Office. In 2015, the current account remained in surplus at USD8.4bn and the Bangko Sentral ng Pilipinas expects a USD5.7bn surplus in the current account this year, taking into account global developments.