The BPO sector is projected to bring in US$16 billion in revenues for 2013, while OFW remittances for October 2013 peaked at US$2.3 billion. These high figures do not even factor in Christmas spending and remittances, traditionally record-breaking during the month of December.
The national economy continued its five-quarter growth streak by increasing by seven percent in 3Q 2013. During the first nine months of 2013, the growth rate averaged 7.4 percent, higher than the government target of between six to seven percent, and also higher than the 6.7 percent for the same period in 2012.
Secretary Cesar Purisima of the Department of Finance attributes the 3Q growth to the “robust performance of real estate, renting and business activities, trade and financial intermediation, and increased investments in fixed capital, reinforced by consumer and government spending, and robust growth in external trade.”
BPO industry jobs and OFW cash increased the middle class’s purchasing power that spurred demand for real properties, including residential units such as townhouses, condominiums and houses and lots.
Secretary Purisima projects that Gross Domestic Product (GDP) will grow by 6.5 to 7.5 percent in 2014.
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