The Philippines' business process outsourcing (BPO) industry and the information and communication technology (ICT) sector are on target to reach $50 billion revenue by 2016 according to ICT Office (ICTO) Executive Director Luis Casambre.
Casambre, who was a guest recently at the Cebu ICT and BPO Conference, said that ICT-BPO added $10.9 billion in revenues to the 2011 gross national product (GNP). It's the second highest contribution to the GNP; second only to the remittances from overseas Filipino workers.
The ICTO official said that based on the current growth rate of ICT-BPO, the $50 billion target can be easily achieved and that this kind of revenue can lead to even more job opportunities.
Casambre added that the ICTO, which last year became an attached agency of the Department of Science and Technology, was able to proceed with its planned programs even as the agency faced the challenges of adjusting to the new office. The planned programs include improvements in the ICT policy environment, a Cyber Security Program, development of the ICT and ICT-enabled industries, expansion of the E-government project and Internet for all.
This is a "landmark": decade for the ICT industry according to the ICTO official.
"Last year the country achieved a 15-year high having attracted more than 6 billion dollars in foreign direct investment," Casambre added. "Rating companies have upgraded the country's investment status and our stock market is abuzz with activity, bringing our stock index to all time highs."