Wall Street and Fortune 500 firms urged to invest in Philippine IT-BPO industry
Wall Street and Fortune 500 firms from New York, New Jersey and Connecticut attended the recent event hosted by the Philippine Consulate General in New York and the Seven Seven Corporate Group.
Present during the networking event was Philippine ambassador to the US, Jose L. Cuisia Jr. He urged the American information technology and IT-BPM (Information Technology-Business Process Management) business executives and decision makers to invest in the Philippines as the country continues to be an ideal venue for customer service and technical support outsourcing.
Cuisia stated that the IT-BPM industry has been the fastest growing industry in the Philippines over the last decade. The country’s gross domestic product growth marked up to 6.4 percent in the second quarter of this year. The Philippines continues to be one of the ideal locations in the region and the second fastest growing economy among major Asian countries in 2014.
Consul General Mario De Leon added that the IT-BPO industry now employs one million Filipinos and the industry is expecting $18 billion revenue this year. By 2016, the Philippine IT-BPM industry is looking to expand even more with a forecasted revenue of $25 billion and direct employment for 1.3 million Filipinos which constitutes 7.8 percent of the Philippines gross domestic product.
Aside from BPO, the Philippines is also keen to increase its market share in the knowledge process outsourcing segment such as financial and accounting services, software development, medical and legal transcription, animation and game development.