The information technology-business process outsourcing (IT-BPO) sector is set to receive $650,000 worth of technical assistance from Asian Development Bank (ADB) and the Philippine government. The partnership aims to reinforce the expanding IT-BPO sector, as stated in the Memorandum of Understanding (MOU) which was signed during the 45th ADB Annual Meeting of the Board of Governors in Manila.
The funds are set to be used on “knowledge hubs” that will be constructed in select educational institutions all over the country. These hubs are for higher education institutions (HEI) - to prepare and develop a learning environment for those who are interested in the IT-BPO sector. The hubs will provide online training for 900 educators and digitized learning and study guides for 3,000 college students.
Of the $650,000, $150,000 will be provided by the Philippine government and $500,000 will come from the Republic of Korea e-Asia and Knowledge Partnership Fund by the ADB.
The MOU indicated that the IT-BPO sector has grown immensely over the years and is one of the top revenue generators of the country. Moreover, the country is recognized as a global leader in voice-based processes and is now shifting to high-end services.
Revenues from the sector reached $11 billion in 2011 and have grown 24 percent from the previous year. It currently employs 638,000 workers.