‘Strengthen alternative income sources, BPO’

Investment in human capital must be sustained to boost remittance inflows, but given volatility in the global economy, the Department of Finance (DOF) on Wednesday stressed the need for the country to step up the development of alternative sources of income such as the business process outsourcing (BPO) industry.

“If domestic consumption is the driver of the Philippine economy, then its fuel is remittances. The Philippine government should ensure its continued inflow through investing in human capital development. Given the volatility of the world economy, alternative sources of income such as the BPO industry should be strengthened,” the Finance department said in its latest economic bulletin.