BPO sector seen to grow bigger in the Philippines
Yes, the business process outsourcing (BPO) sector is seen to grow bigger, in fact it is predicted to be a $10-billion industry in 10 years time
This is what the National Economic and Development Authority (NEDA) sees, who said that the BPO sector in the country is growing, the $10-billion industry mark will be possible in 10 years if the right investment are made the next administration.
NEDA Director Dennis Arroyo said that based on the way the sector is growing at this time, he projected that the country’s BPO industry would be able to take up a fifth of the global industry of $500 billion by 2020.
The country’s BPO sector, which just started as a $0.02-billion industry in 2000, has grown to $1.5 billion in 2004, $4.9 billion in 2007 and $7.3 billion last year. The sector now represents close to five percent of the country’s gross domestic product.
From just a $0.02-billion industry in 2000, BPO has quickly grown to $1.5 billion in 2004, $4.9 billion in 2007 and $7.3 billion last year.
BPO now represents close to five percent of gross domestic product and according to Arroyo, it has multiplier effects in other sectors that contribute to the overall economy.
The Philippines’ BPO sector is now second only to India who has a $9-billion BPO industry. But Arroyo said that the country can easily surpass this because of our inherent advantages over our Asian neighbor.
Some of the advantages, Arroyo pointed out, is the country’s edge over proficiency in the English language as well as the overall talent in various fields, such as animation.
He then tossed up the challenge on the next administration to put up the necessary investments to sustain the growth of the country’s BPO industry.
February 6, 2010
Tags: BPO, business news, Call Center, forecast, NEDA, outsourcing, Philippines, projection Posted in: BPO, Call Centers, Government, International relations, Labor, Philippine business news, Philippines, economy, investments
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