Even with the proposed bill which targets US firms that are outsourcing work offshore, and with two more legislations on the way, the business process outsourcing (BPO) industry of the Philippines is poised to grow 20 percent this year. This is according to Department of Budget and Management Secretary Florencio Abad. He said in a statement that the BPO sector is strongly supported by the government, and this partnership will help in further developing the sector particularly when it comes to finding talent that is suitable for BPO work.
He added that the government is looking for other opportunities in Southeast Asia, among other regions, and is eyeing further development of favorable industries. On behalf of the Aquino gov’t, the Department of Budget and Management reiterated plans regarding the country’s fiscal sustainability, aiming a 2.6-percent deficit cap this year.
Abad is confident that the government will be able to lower the national deficit to two percent in two years’ time, while the revenue target for this year is set at P1.5 trillion, equivalent to 14.2 percent of the GDP.