Thriving outsourcing industry lifts income and consumer demand – Thomson Reuters
The robust business process outsourcing (BPO) industry in the Philippines continues to lift Filipinos’ incomes, thereby spurring demand for property, cars, consumer goods, and services, a Thomson Reuters report said. The report cited the nearly USD40bn worth of inflows from BPO contracts, in addition to the millions of Filipinos working abroad, to have spurred the buying power of the Filipino consumer. The Philippine economy, according to the report, posted a growth pickup late last year due to strong domestic demand and government spending. The economy grew 6.3% in Q4 from a year earlier, faster than the forecast of 5.9%. The country’s BPO sector and the overseas Filipinos workers have been considered as the important drivers of the local economy.
