BPO Revenues, Remittances to Power Local Banking System In 2017Fitch Ratings gave the Philippine banking system a stable 2017 outlook due to sustained remittance inflows and business process outsourcing (BPO) revenues. In its 2017 outlook for Asia-Pacific banks, Fitch Ratings said only the Philippines and Vietnam, where economic prospects are brighter, have stable sector outlooks.

 

The debt watcher also forecast that the Philippine economy will grow 6.6% next year, making it one of the highest in Asia. In Q3 of this year, the Philippine economy grew by 7.1%. Fitch said plans by the new administration to accelerate infrastructure spending should also boost growth.