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PH BPO Earnings to Surpass OFW Remittances in Two Years

by: Sarah Joson

Tuesday, June 30, 2015 | Outsourcing News |

Jose Mari Mercado, President of the Information Technology-Business Process Association of the Philippines, said the business process outsourcing (BPO) sector’s income last year was $18.9 billion, and more than one million Filipinos are already part of its workforce.

Mercado, together with some of the country’s top IT leaders, joined the Talent Development Expo in Talisay City. He noted that the growth of OFW contributions is more or less six percent every year based on the data from Bangko Sentral ng Pilipinas, whereas the Information Technology industry is growing by 15-18 percent annually. Last year, remittances reached $25 billion, and the BPO sector’s income during the same year was $18.9 billion.

Revenue from BPO sector expected to increase

Revenue from the BPO sector is expected to reach $21.2 billion this year and $28.9 billion by 2017. If it retains its growth streak, Mercado said it will surpass the income from remittances in 2017 as the volume of foreign investors to the country continues to remain strong.

The executive noted that there are 150,000 job vacancies in the BPO sector which they are looking to fill quickly, and in order to sustain the pace, the country needs to produce 150,000 more next year.
 
Mercado stated that one of the major challenges is to source the skilled talent. He is encouraging young people to consider the BPO sector.


Source:
http://www.rappler.com/

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