The Philippines' business process outsourcing (BPO) industry is on track to hit an estimated $25 billion in revenue by 2016. The sector also expects to amass a labor force of about 1.3 million employees on the same year. As the country continues to add higher value propositions to its traditional contact center offerings, the BPO industry expects increased traffic in the next two years.
IBPAP (Information Technology and Business Process Association of the Philippines) president and CEO Jose Mari Mercado said that there is enormous room to expand into services like healthcare, back office, and finance and accounting services.
The main growth driver in the past was companies that keep on coming back to outsource services. Today, the "captives" market (in-house extensions of an organization providing BPO services to a parent unit located in the Philippines) contributes to the progress, targeting $18 billion revenue this year, a 16% increase from $15.5 billion in 2013. The market also expects to employ about 1 million employees in 2014.