by: Mary Christine Galang
Monday, July 17, 2017 |
Business process outsourcing (BPO), along with agriculture and manufacturing sectors, will continue to drive the country's economic growth, according to global research and consultancy firm Oxford Business Group (OBG).
In its latest publication, "The Report: The Philippines 2017", the three sectors are greatly supported by the government's planned reforms.
According to the report, the growth outlook for the BPO sector "remains positive after years of extremely rapid expansion, with the country moving to replace India as the world’s top BPO destination in just a few short years."
In addition, the Bangko Sentral ng Pilipinas has projected that the "industry revenues will overtake remittances from OFWs by 2017" should the BPO industry’s current growth rates continue.
A 2016 report cited a forecast that the sector is said to generate as much as $39 billion in revenue over the next six years.
This is in line with President Rodrigo R. Duterte's 10-point socioeconomic agenda that seeks to continue and maintain the macroeconomic policies of the previous administration, in addition to putting a new comprehensive tax reform program in place.
The agriculture and manufacturing sectors will also largely benefit from the 10-point plan that includes the prioritization of land reforms that will enable unused farm land to be developed into new industrial developments.
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