WTO singles out Philippine BPO industry for its transformational economic impact
The World Trade Organization (WTO) has cited the Philippine business process outsourcing (BPO) sector as a prime example of how the trade in services can drive the development and transformation of economies. In its 2019 World Trade Report, the Geneva-headquartered intergovernmental body paid particular tribute to the country’s decision to nurture the BPO sector and its wisdom in establishing it as a crucial contributor to the Philippine economy.
Outlining the reasons for the sector’s global success, the report highlighted the strong English skills of its young, educated workforce, as well as the country’s relatively low cost of living, an asset that allows staff to be paid at a rate that is almost universally acknowledged as internationally competitive. The honorific is seen as much-needed boost for the country’s BPO sector, given that it was recently obliged to revise its revenue growth forecast downwards by almost US$7bn on account of both changes to the local taxation system and global geopolitical tensions.
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