Philippine ambassador to the United States Jose L. Cuisia urged information technology and business process management (IT-BPM) companies in America to consider outsourcing to the Philippines. During a networking event hosted by the Seven Seven Corporate Group and the Philippine Consulate General in New York, Cuisia told Fortune 500 and Wall Street executives in the tri-state area that the Philippines is an ideal location for contact and technical support services.
Cuisia urged decision makers and managers to invest in the Philippines, citing the skyrocketing growth of the country's IT-BPM sector within the last decade. He mentioned the 6.4 percent GDP growth in the second quarter of 2014 and similarly encouraging growth projection for the rest of the year.
The ambassador said that the Philippines is one of the bright spots in the region, the second fastest growing economy among major Asian countries for the period.
Consul General Mario De Leon also spoke at the event, saying that the Philippine IT-BPO sector targets $18 billion in revenues in 2014 and currently employs one million Filipinos, with 2.5 additional jobs created for each direct hire.
2016 projections of the IT and Business Process Association of the Philippines are optimistic, with a $25 billion revenue target and 1.3 million direct employees. This chunk will account for 7.8 percent of the country's GDP.
De Leon added that the country is "determined" to boost its market share by offering high value added services like outsourced finance and accounting, animation, gaming, software development, and medical and legal transcription.
According to De Leon, Seven Seven Corporate Group was one of the first American companies to outsource to the Philippines, contributing greatly to the accelerated growth of the IT-BPO sector.