With the rate that the business process outsourcing (BPO) industry of the Philippines is going, Bangko Sentral ng Pilipinas (BSP) anticipated that it will post $13.34 billion in earnings for 2013, which is almost $2 billion more than $11.6 billion posted in 2012.
BSP said the 15 percent projected growth for the export services industry will carry on up to 2014 in which it is anticipated to post revenues amounting to $15.34 billion.
However, BSP’s projections only cover the revenues from exported services, not the ones rendered for Philippines-based companies. These also didn’t include the foreign investments that were established for 2013 as these were already included in the foreign-direct investment statistics.
According to Zeno Abenoja, Director for the Department of Economic Research at BSP, the growth of the Philippine BPO industry is fuelled by the rising non-voice, high-value segments, and the strong support from the local government.
Abenoja revealed that the projections were made in accordance with the actual information from the BPO industry. He said voice-based processes remain as the highest contributor to the market, but it is now seen shifting to other outsourcing segments like animation, transcription, among others.