For the second quarter this year, the Philippines’ Information Technology and business process outsourcing (IT-BPO) industry posted revenues reaching US$657 million. The Bangko Sentral ng Pilipinas (BSP) said this is more than 100 percent higher than gains posted in the same quarter last year, amounting to US$324 million.
It is likewise proof that the industry is still a main driver in the services sector of the country. According to Raymond Lacdao, Industry Affairs Executive Director of the Business Processing Association of the Philippines (BPAP), what the IT-BPO industry can bring to the country’s services sector is a good indication that the former is taking the right path towards a stronger sector. With more gains posted in the second quarter, Lacdao said the industry will continue to help for economic growth. This means more business and job opportunities for the country.
The IT-BPO industry aims to reach US$25 billion in revenues by 2016. BPAP said it is crucial to have stronger ties between the government and the industry to meet this goal. The annual International Outsourcing Summit which will be held this month will be a venue for BPO leaders and players to talk about the future of the industry.