Since I’m both a Call Center employee and an OFW this is actually news to me. Despite the slowdown of China’s economy and recession in Europe, the Philippine Government should thank both BPO industry and OFWs for their big contribution to the Philippine economy.
According to a report by CNN…
The slowdowns in BRIC countries, China in particular, are feared to drag down the global economy. But in the first quarter of 2012, the Philippine economy grew 6.4%, the fastest since 2010 and already far outpacing the International Monetary Fund’s forecast growth of 3.5% for this year.
Philippines with a population of more than 90 million and 11% of those work abroad and send money to help their families who are in the Philippines, just last year OFW sent in more than $225 billion and just imagine what would happen to Ph’s economy without those remittances? Yeah.. that’s my guess either. Another bright spot is the Call center or BPO industry, it’s been reported that it will generate jobs to more than 1 million Filipinos and generate as much as $25 billion in export revenues by 2016.
The only drawback is that as the Philippine economy improves the all mighty dollar will have a weaker value against the pesos that means a smaller exchange rate to the money that are being sent by all those OFW.