by: Karen Cayamanda
Thursday, November 12, 2015 |
While both business process outsourcing (BPO) revenues and remittances from Filipinos working abroad are strong economic growth drivers, Joseph Incalcaterra, Asia economist for HSBC, believes that in two years, revenues from the BPO industry could overtake remittances.
He said BPO contributes in improving the country’s competitive landscape, as it can be sourced to other places which results to developments in those areas.
Last year, BPO revenues increased by 18 percent, posting $18.9 billion, while remittances posted slower growth at 5.9 percent, reaching $24.3 billion.
According to Incalcaterra, the English-speaking workforce gives the country an edge, and the BPO industry will remain a key growth driver for the country in the next five years.
The industry aims to post $25 billion in revenues and have a 1.3 million-strong workforce by the end of 2016. Officials of the Information Technology and Business Process Association said the industry is right on track, as different segments such as voice, gaming, software development, and healthcare posted growth.
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