June 2, 2016
BPO revenue, remittances to reach USD51bn this year
Revenues from the business process outsourcing (BPO) industry and remittances from Filipinos working abroad will almost equal each other this year, generating a total of more than USD51bn this year, according to ING Bank senior economist Joey Cuyegkeng. In a report, Cuyegkeng said outsourcing revenues were expected to increase 15% to 16% this year and will average 15% per annum in the next four years. Remittances from Filipinos working abroad, in contrast, were expected to grow by at least 3% this year and average 3% to 4% in the next four years. The central bank has retained its 4% growth target for remittances this year.