The Philippines' business process outsourcing (BPO) industry is aiming for $26B in revenue by 2015 as economic conditions across the globe encourage companies in developed countries to outsource more work.
The target revenue is a billion pesos higher than the previous projection of $25 billion for 2015 and is twice the projected revenue for 2012. If this target is achieved, the BPO industry will continue to become one of the biggest sources of revenue from foreign exchange, next only to remittances from overseas Filipino workers.
Business Processing Association of the Philippines (BPAP) director Rainerio "Bong" Borja, in an interview published in Philippine Daily Inquirer, acknowledged that the industry's increased target revenue is "ambitious." "If we aren't ambitious, then we won't grow." he said.
According to Borja, the BPAP is focusing on talent development to reach the revenue target. He added that the group has more than P1 billion in training funds from the government for developing the skills of potential BPO workers. The Technical Education and Skills Development Authority (TESDA) will help with the training.
One of the most vital factors driving the growth of the BPO sector in the Philippines, Borja said, is the supply of talented workers that are also capable in other technical areas, aside from being good English speakers. He added that the BPO sector is indeed expanding from call centers to more profitable back office work.