Manila, Philippines - The information technology - business process outsourcing (IT-BPO) industry continues to thrive despite the challenges posed by the global economic crisis in 2009, Bangko Sentral ng Pilipinas (BSP) said.
IT-BPO industry generated total revenue of $8.3 billion in 2009 which is 30.6% higher than the 2008 revenue that amounted only to $6.3 billion. Also, the IT-BPO exports amounted to $7.7 billion in 2009 is 45.9% higher than $5.3 billion exports revenue recorded the previous year.
BSP survey coverage for 2009 was extended to 736 IT-BPO from 648 in 2008. The survey result was based on an overall response rate of 60.5 percent. BSP Governor Amando Tetangco Jr. said in statement regarding IT-BPO that "While the [national] economic growth rate recorded in 2009 may be a slowdown from those of previous years; it is still robust compared with that of other industries in the country."
In a separate survey by Business Processing Association of the Philippines (BPAP) and its partner associations ACPI, GDAP, HIMOAP, and PSIA, along with Contact Center Association of the Philippines (CCAP), it shows that the Philippines' IT-BPO industry grew 26% in 2010 recording 24% employment growth from end of 2009.
IT-BPO is seen globally as a sound strategy for additional business efficiency and cost savings, thus it counters the impact of the global economic slowdown. The revenue of IT-BPO industry continues to grow even during the peak of global economic crisis in 2009, that movement somewhat helped the Philippines to stand against the global recession.