by: Sarah Joson
Wednesday, October 30, 2013 | Outsourcing News |
According to a Monetary Board executive, in five years’ time, the revenues from the business process outsourcing (BPO) sector will exceed remittances from overseas Filipino workers (OFWs).
During the 39th Philippine Business Conference Expo, former Socioeconomic Planning Secretary Felipe Medalla said with the robust state of the local BPO sector worth $16 billion, it will surpass OFW remittances which are currently worth around $24 billion. The BPO sector grows 10 percent a year and is expected to be worth $20 billion next year.
The rise of BPO has also created a domino effect for employment and demand for properties. However, Medalla said talent shortage is still a challenge that the Philippines has yet to overcome.
Meanwhile, cash remittances from OFWs increased 6.8 percent during the first eight months of this year which amounts to $1.9 billion. Year-on-year, it increased by 5.9 percent.
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