As in recent news, the President of the Philippines, President Arroyo has been on a tour of the cyber Corridor. For those uninitiated, the cyber corridor is the site where most of the IT firms and BPO offices are housed. According to the president, the industry needs to bring in more vigor in order to give more candidates jobs and a consecutive boost to the Philippine economy.
The BPO industry was first launched in the Philippines in the year 2001, with a mere 2000 workers population. Today, however, the BPO sector alone contributes to around 5 to 6% of the total GDP of the Philippines. The year 2009 saw incoming revenue of US$7.3 billion alone from the BPO industry. According to projected estimates, it is further expected that the figure will rise to $13 billion by the year 2011, and by the end of year 2020, the figure is expected to cross the $100 billion mark! This will amount to almost 20% of the total business that is generated universally in this sector.
With TESDA’s developmental plans and the P500 million fund by the Arroyo administration out there to bring out more trained professionals in the field of business outsourcing, the future of the BPO industry in Philippines looks extremely bright. Though it is presently just a notch behind India in rankings, with a number of people joining the outsourcing business, it is soon expected to overtake its competitors and become the first choice for those looking for outsourcing services. Apart from the trained staff and multi-skilled labor, the Philippines is also a strategically located geographically, offering it an edge that no other nation in the business has. Then again, as more high-end outsourcing units opening up catering to legal services, design, web, software, medicine and lots of other fields, the BPO industry only stands to gain further ground amongst the entire business outsourcing market. Overall, the future of the BPO industry in Philippines looks good and is bound to give the nation a strong economic boost.
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