THE increasing protectionism among advanced economies and major trading partners of the Philippines may slow the growth of remittances and affect the expansion of the business process outsourcing sector in the country, Bangko Sentral ng Pilipinas deputy governor Diwa Guinigundo said Wednesday.
Guinigundo, in a speech delivered during the anniversary celebration of the Credit Management Association of the Philippines in Manila on Tuesday, cited the earlier statements of US President Donald Trump of keeping jobs in the US mainland.
“Protectionism may slow remittances… (Also) based on our periodic discussions with the BPO Association of the Philippines, they have second thoughts about expanding their business in the Philippines because of the pronouncements of President Trump to keep jobs at home,” Guinigundo said.
“And this is what is holding back many of the BPOs in the country from expanding,” he said. “So from the projected 25-percent annual growth of BPO, we only see today a nine or 10-percent growth,” Guinigundo said.