Trump presidency poses major but manageable risk to local BPO - HSBCHSBC said the incoming US administration poses a major risk to the Philippines’ business process outsourcing (BPO) sector. However, the global bank pointed out that the risks remain manageable. In a report, HSBC said that the risks are mitigated because there is little direct competition with American workers from Philippines-based BPO work, and that President Rodrigo Duterte now appears to have struck a more conciliatory tone concerning future cooperation with the US. The report added that foreign investments in the Philippines will be led by China in 2017, overtaking the US. The bank also increased its 2016 growth forecast for the Philippines from 6.5% to 6.8%, after the higher-than-expected economic expansion in Q3 of this year.