The Philippines’ business process outsourcing (BPO) sector has been one of the country’s growth engines and a major source of foreign currency earnings and foreign investment. According to Bangko Sentral ng Pilipinas (BSP, the country’s central bank), the BPO sector generated US$13.3 billion in export earnings in 2013, 15 per cent higher than in 2012. In contrast, the tourism industry generated US$4.8 billion in 2013.
The BPO sector also helps maintain the Philippines’ balance of payments surplus; this year BPO is estimated to grow by 15% to over US$15.3 billion.
Over the next three years, the IT and Business Process Association of the Philippines (IBPAP) projects that the industry will create 120,000 new jobs, increasing BPO employment to 1.3 million, with revenues reaching US$27 billion. The huge growth will be partly due to the Association of Southeast Asian Nations (ASEAN) integration in 2015 that will spur international players to ramp up and rationalize operations. However, the Philippines needs to improve its infrastructure, skill levels and promotion as it faces stronger competition from countries such as China and Malaysia.
Read more at: http://www.theborneopost.com