World Bank expects Philippine BPO revenue of USD35bn in 2018

The World Bank expects the Philippine business process outsourcing (BPO) industry to post average revenue growth of 14.8% to reach USD35bn in 2018. In its newly launched April 2016 ‘East Asia and Pacific Economic Update’ report, the World Bank expects the country’s BPO revenue to surpass the projected value of remittances, which are about USD34bn, by 2018. The report further adds that BPO will continue to be a key driver of the country’s services sector. The World Bank maintained its GDP growth forecast for the Philippine economy at 6.4% this year, lower than the government’s target of 6.8% to 7.8% but much higher than the 5.8% growth experienced in 2015. The risks to the economy, however, include the slowdown of remittances from oil-exporting countries and lower net exports due to weak external demand