With the increasing flow of revenue from the business process outsourcing industry and remittances from overseas Filipino workers, it is projected that in the second semester, the country's economy will meet or even surpass the 1.5% growth registered in the first half of the year. This indicates that the economy is on its way to reaching the 0.8-1.8% target growth rate for 2009.
According to Deputy Governor Diwa Guinigundo of Bangko Sentral ng Pilipinas (BSP), the BPO industry is projected to grow between 20% and 30% this year, taking advantage of the global economic downturn which pushes companies that are affected by financial crisis to outsource business processes in order to stay afloat.
Another major factor that helps the economy in reaching its growth goal is the OFW remittances. In contrast to the projection of the BSP that the economy will see a flat growth rate in remittances this year, the $8.5 billion registered in the first half is 2.9% higher than last year's figures.