by: Sarah Joson
Thursday, April 12, 2012 | Outsourcing News |
The National Economic and Development Authority (NEDA) said the business process outsourcing (BPO) sector of the Philippines can attain an annual growth rate of 15 percent from 2011 to 2016. With this growth forecast, the Business Processing Association of the Philippines (BPAP) said the sector will be able to create more than three million direct and indirect jobs.
According to Ruperto Majuca, Assistant Director General at NEDA, 15 percent is the closest annual growth projection for the BPO sector from 2011 to 2016, although it could also reach 20 percent if public and private partnerships are reinforced, or fall to nine percent if the global market weakens.
During a meeting with President Benigno Aquino III last week, Majuca said the economic crisis in Europe and the US’ delayed recovery from recession will not affect the predicted growth of the global BPO market. He added that those types of economic challenges push foreign companies to outsource work to countries such as the Philippines with relatively lower labor and operational costs.
NEDA said faster establishment of the so-called Next-Wave cities, improving the quality and quantity of talent pool, and further enhancing the business environment to make it more attractive for offshoring are efforts that should be made to maximize the growth potential of the BPO sector.
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