In an effort to preserve its 27 percent compound annual growth rate (CAGR), the Philippines’ IT-BPO services sector is hoping to reach $1 billion in revenues this year.
The IT-BPO sector posted approximately $993 million in revenues last year, according to the Philippine Software Industry Association (PSIA).
Moreover, PSIA President Noya Terrado said 49,900 software engineers and IT services professionals are currently employed by the IT-BPO sector which was seen to have grown 37 percent in 2011.
The IT-BPO market is expected to grow as companies in the US and Europe struggle to find ways to improve strategies at relatively lower costs. In fact, nearly 60 percent of the sector’s revenues came from the US, and the rest are from countries including Europe, Japan, and Asia Pacific.
Terrado added that the economic downturn in Greece and Spain may result to business owners subcontracting work to external providers to minimize expenses and maximize operations. This will then be a window of opportunity for the outsourcing industry.