Philippines Outsourcing is on track to meet its goal of $25 billion in revenues, according to IT & Business Process Association Philippines (IBPAP) president Jose Mari P. Mercado. Mercado based his positive expectations on the number of BPO firms expanding their operations and on new locators.
BPO Philippines revenues hit $7.1 billion in the third quarter of 2014, 11.8 percent higher than revenues posted in Q4 2013. The latest figures from the World Trade Organization and the United Nations Conference on Trade and Development placed the $7.1 billion revenue from Q4 2014 higher than the $4.7 billion posted in the first quarter and the $6.1 billion posted in the second quarter of 2014.
Meanwhile, total service exports that include non-commercial services are not expected to meet the government target of $24.4 to 24.81 billion in revenues. While Department of Trade and Industry Export Marketing Bureau director Senen M. Perlada acknowledged the contribution of the Philippines outsourcing sector to overall growth, he said that total service exports growth rate in 2014 is projected at around 5-6 percent or about $400 million less than the lower limit of the target level.
Perlada is optimistic about service exports in 2015 due to a robust exchange rate, a surge in the number of road shows, and continued interest in services.