In the recent CEO briefing organized by the Information Technology and Business Process Association of the Philippines (IBPAP) and Outsource2Philippines (O2P), Budget Secretary Florencio Abad said the Aquino administration will do the best it can in helping the booming business process outsourcing (BPO) industry of the Philippines.
He noted that the local BPO industry has contributed immensely to the economy by breaking ground for improvement and growth. Moreover, the industry posted impressive figures, contributing $13 billion in revenues last year. This is an 18-percent increase from the $11 billion posted in 2011. Also, it has become beneficial to sectors such as real estate, telecommunications, and food and beverage services.
On the other hand, challenges such as talent shortage, new competitors in the business process management (BPM) segment, and valuation of the peso threaten the growth of the BPO industry, according to IBPAP Senior Executive Director Gilian Virata.
Nonetheless, the industry will stick to the $16 billion revenue target for 2013.