The Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI) agreed to share relevant information on business process outsourcing (BPO) to harmonize reports and improve the measurement of the BPO industry’s contribution to the economy. Information that will be shared includes data on revenues, exports, foreign investment, employment and compensation. Services offered by BPO companies include contact center, medical and legal transcription, animation, software development, management consultancy, hardware consultancy, data processing, and financial, accounting and engineering services.
Prior to the agreement, BPOs report their operations to various government agencies such as the DTI through its attached agencies, e.g., Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), and other economic zone authorities, as well as the BSP. The information, in turn, is used by economic agencies and policy makers as basis for their assessment and decisions. With the agreement, reportorial forms, definitions of terms, and content are now consolidated and harmonized. The agreement will promote consistency in data reporting as well as significantly ease the reportorial requirements for BPO companies.