by: Sarah Joson
Wednesday, April 22, 2015 | Outsourcing News |
According to Rajiv Biswas, Chief Economist at research and consultancy firm IHS Asia-Pacific, the bullish information technology business process outsourcing (IT-BPO) sector and strong inflow of remittances from overseas Filipino workers will continue to drive the economy of the Philippines.
He pointed out that between 2008 and 2014, the country’s revenue from service exports has doubled and over a million jobs were created. Last year, the sector posted an 18.7-percent revenue growth to US$18.4 billion.
In an earlier statement, Biswas said the Philippines and Malaysia are the frontrunners for IT-BPO in Southeast Asia as both countries have large pools of English-speaking, university-educated workforce. Meanwhile, the Bangko Sentral ng Pilipinas (BSP) reported that the total remittances in 2014 went up by 5.8 percent to US$24.31 billion.
The IT-BPO and inflow of remittances also propel the growth of the construction sector. Remittances push the capabilities of consumers to spend, particularly for residential properties, and act as leverage for the Philippines’ balance of payments. The IT-BPO sector, on the other hand, reinforces the commercial property sector.
We can help you understand the possibilities. Reach out to us today.