Philippines’ BPO industry seen growing to US$25 billion by 2015

MANILA, Philippines (Xinhua) – The Philippines is seen to maintain its position as one of the world’s top outsourcing destination, generating an annual revenue of 25 billion U.S. dollars by 2015.

The global business process outsourcing (BPO) revenues meanwhile is expected to reach 250 billion U.S. dollars in 2015 from just 150 billion U.S. dollars this year, data from the Business Processing Association of the Philippines’ (BPAP) showed.

“More companies are expected to sub-contract service to companies in the Philippines as a way to cut costs,” BPAP said.

The country’s BPO industry is seen to end the year with 9 billion U.S. dollars in total revenue. The BPO industry is currently one of the major sources of growth of the Philippine economy.

BPAP said the Philippines is expected to maintain its market share of around 10 percent, despite emerging competitors like Vietnam and other countries in South America also joining the race for more clients.

“The country’s BPO industry currently employs around 600,000 people. We want that to grow to around 1.3 million workers in the next five years,” Danilo Reyes, BPAP director, said in a statement.

He said much of the growth will still come from call centers, which currently make up bulk of the local BPO sector. The Philippines recently displaced India as the world’s leader in call centers.