November 9, 2016 8:09 pm | Updated 10 months ago.
According to Economist, Trump’s Presidency will hurt the business process outsourcing industry in the Philippines. This statement came on the day when Trump won the election to become the 45th President of the United States. Economists are scared of Trump’s statements that he made regarding outsourcing during his campaign. It is possible that Trump might impose heavy taxes on companies that will think of outsourcing in the US.
The BPO sector in the Philippines generates about 1.2 million jobs and total revenue of $22 million in 2015. Gareth Leather, a senior economist in Asia earlier mentioned that Trump’s victory would mean a serious loss Philippines as he intends to punish American companies that outsource. However, as Trump has not made a statement yet on Asia, businesses are still hopeful about the outcome.