PH expected to maintain a surplus in balance of payments
Philippine Daily Inquirer
10:53 pm | Friday, January 3rd, 2014
The business process outsourcing (BPO) and tourism sectors are expected to generate even more foreign exchange revenues in 2014.
According to the Bangko Sentral ng Pilipinas, foreign-exchange receipts from the BPO sector alone may grow by another 15 percent in 2014 to $15.34 billion.
The receipts represented payments made by offshore-based clients of BPO firms operating in the country.
Based on the central bank’s preliminary estimates, BPO foreign-exchange receipts in 2013 grew by 15 percent year-on-year.
“The projection was made following consultation with the industry. The BPO sector in the Philippines used to be concentrated on the voice segment. But now, [there are] more segments including transcription and animation, among other back office functions,” said Zeno Abenoja, director of the economic research department of the Bangko Sentral ng Pilipinas (BSP).
Rosabel Guerrero, director of the central bank’s economic statistics department, said during a briefing that tourism receipts could grow by another 20 percent in 2014 to $5.76 billion.
In 2013, based on preliminary estimates by the BSP, tourism receipts also grew by 20 percent year-on-year.
The positive outlook on tourism prevailed despite the latest calamities that hit the country—the earthquake that hit in October and the supertyphoon that struck in November.
Both calamities ravaged the Visayas, ruining several tourist destinations.
Economic officials believe that tourism will continue to be vibrant through 2014, helped up by the government’s reconstruction effort in the affected areas.
Also, the central bank said the surge in foreign exchange flows brought in by the BPO and tourism sectors would help the country maintain a surplus in its balance of payments (BOP) in 2014.
BOP is a record of foreign exchange flows to and from the country.
Based on the central bank’s projections, the Philippines may register a BOP surplus of $3 billion this year from an estimated $5.3 billion in 2013.
The projected decline in the BOP surplus was based on the expected growth in imports, as the Philippine manufacturing sector grows, and companies purchase more raw materials and capital goods abroad.
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