KNOWLEDGE HUBS will be established by the government and the Asian Development Bank (ADB) in chosen colleges and universities to support the continued growth of the information technology-business process outsourcing (IT-BPO) sector, the bank announced yesterday.
The Asian Development Bank (ADB) has extended a grant of $650,000 (P27.3 million) to the Philippines to help sustain the continued growth of its business process outsourcing sector, one of the country’s top dollar-earning industries.
The Philippines is emerging as a favored investment destination of large multinational corporations seeking to diversify their global manufacturing operations as factory costs rise in China, an official of investment banking giant BofA Merrill Lynch said.
If strong government spending in the past few months will be sustained, coupled with election spending for the 2013 polls toward the end of the year, an economic growth rate exceeding 6 percent is possible for this year, according to the National Economic and Development Authority (Neda).
