Posted on October 21, 2014
The business process outsourcing (BPO) sector will become the largest foreign exchange earner in the Philippines with revenues predicted to hit USD48bn, international advisory firm Tholons said. The firm added that the country’s BPO sector will account for about 20% of the USD250bn global IT-BPM market in the next six years. The Tholons projection means the sector will almost double in six years from the USD25bn revenue target for 2016 set by the Information Technology and Business Process Association of the Philippines. The report release by Tholons, however, did not provide employment projections but Philippine officials are hopeful that employment in the sector will double by 2020. Some 1.04 million individuals are employed in the sector this year.