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PH BPO Industry Attracts Top Financial Firms

by: Ronald Escanlar

Thursday, April 14, 2011 | Outsourcing News |

Global Financial Firms Heading to the Philippines for BPO

The Philippine business process outsourcing (BPO) sector is getting ready to deal with the global demands of multinational financial firms that have flocked to the country, says the Business Processing Association of the Philippines (BPAP), the country’s private association of BPO service providers.

"Based on the 2010 report of Everest Consultancy Institute, the Philippines generated revenues of $5.7 billion in the call center or voice sector compared with India, which had only $5.58 billion revenues last year," says Martin Antonio Crisostomo, BPAP executive director for external affairs.

Crisostomo comments that the country’s BPO companies are already providing services to global financial firms JP Morgan and Deutsche Bank. JP Morgan is currently employing 10,000 BPO workers from a pioneering staff of 200, the BPAP officer explains.

The exponential growth of the BPO industry in the country has even attracted competing Indian BPO firms, opines Crisostomo, citing Indian companies Tata Group and Gen Pact as examples of multinational, Indian-owned companies that have either transferred or started up operations here.

The BPAP officer says the association expects the non-voice sector of the BPO industry to improve revenues this year, especially in the animation and game development areas. "There is a film being made by DreamWorks animation and some portions of PlayStation 3 which are being done by Filipinos here," says Crisostomo.

At present, the Philippine BPO industry employs around 530,000 workers, according to the BPAP.


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