Benedict Hernandez, President and CEO of the Business Processing Association of the Philippines (BPAP) said they are right on track for the 2012 $13-billion revenue target despite the stronger peso.
A revenue growth rate of nearly a fifth from 2011ís $11 billion was predicted for 2012.
However, for this year, the organization anticipates that the industry will mature up to $16 billion and employ 926,000. All of which are in line with the 2016 roadmap that includes reaching $25 billion in revenues and employing 1.3 million workers.
Meanwhile, 46.7 percent of member-executives who participated in the BPAP survey identified the appreciating peso as a major challenge for the industry. In fact, it has fallen to P41:$1 from about P43:$1 during the first few months of 2012.
According to 40 percent of survey participants, they lost potential investors as they chose to transact with other BPO hubs, while others said they will postpone expansion plans. Furthermore, Hernandez said BPAP is lobbying for government assistance regarding the issue.
The Bangko Sentral ng Pilipinas (BSP) was also found to have suffered losses as they were trying to alleviate problems related to the forex by purchasing dollars.