{UAH} OFW remittances, BPO key to 7% PH GDP growth target

Robert Atuahirew/Edward Irundrua,

The Philippines recognises the contribuitions OFWs make to the economy of the country. Why is your regime so anaemic in recognising the contributions that OFW  from Uganda make to the country? On average, I give almost $100,000 per year in donations to Uganda, mainly for humanitarian causes and family support, but no body recognises this contribution to Uganda's GDP.

Bobby

OFW remittances, BPO key to 7% PH GDP growth target 

Saturday, February 25, 2017 By JENNIE P. ARADO

 CONTINUAL growth of Overseas Filipino Workers (OFW) remittances and Business Process Outsourcing (BPO) investments in the country are a big help to achieve the six to seven percent target growth of the Philippines' Gross Domestic Product (GDP), according to an economist. During the Annual Economic and Capital Markets Briefing of First Metro Investment Corporation at Marco Polo Hotel last Friday, Economics professor Bernardo Villegas, of the University of Asia and the Pacific, said with more than 10 million Filipino workers based in other countries, a three to five percent increase in their remittance is expected. Villegas added that as of last year, these OFWs had remitted a total of P28 billion. The percentage increase is an annual pattern that they have observed for the past ten years and have yet since to wane. He also said the BPO industry is expected to still increase its performance by 15 to 16 percent which is more than the P22 billion that the industry had earned for 2016. He said it is a great advantage for the Philippines to have the youngest English-speaking population in the Asia Pacific. According to Villegas, around 50 percent of the country's population is composed of 23 years old and younger individuals. The BPO had started to be more flexible and offers more services to their clients that are not only limited to voice services. The industry has also long started accepting animation, accounting, and legal services among others which makes it more diverse. United States of America President Donald Trump had earlier expressed his plan to bring back all the American jobs in other countries to America just so they can benefit first from it. Villegas said people from the BPO industry should not be alarmed by this. "Americans are very competitive in manufacturing but not in customer service. They (company owners) pay 10 times more to their local workers who do these kinds of jobs," said Villegas emphasizing that these BPO companies investing in the Philippines do so because of the amount of money they can save. He added that it's not possible for the pulled out BPO in the Philippines to flourish on its own back in America. He also said that Trump's plan to deport undocumented workers back to their countries can actually be beneficial to other countries' economy. These undocumented workers bring in millions of dollars for America and if Trump's plan is pushed through, this may cause possible recession to the country's economy. Recession may also cause scramble of investments to different countries outside America that are also starting to build up its economy. "The Philippines will always be sought after," said Villegas. The Economic and Capital Markets Briefing is an annual event of First Metro Investment Corporation with the University of Asia and the Pacific.

Read more: http://www.sunstar.com.ph/davao/business/2017/02/26/ofw-remittances-bpo-key-7-ph-gdp-growth-target-527915
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