Indian Prime Minister Narendra Modi recently praised the Philippine outsourcing sector as a powerhouse in the services industry, saying that the Philippine government wants to see change, inclusive growth and infrastructure development, similar to India.
Speaking at the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit in Parañaque City, Modi said he is not surprised that many Indian information technology (IT) firms are investing in the Philippines, creating ‘thousands of jobs,’ and promoting Philippine services to a global audience.
Modi also mentioned other similarities between India and the Philippines.
"We are both pluralistic societies and vibrant democracies. Our economies are among the fastest growing economies in the world. We have large, young, and aspiring populations that are innovative and enterprising," he said.
Contact Center Association of the Philippines (CCAP) chairman Benedict Hernandez said the BPO sector generated $23 billion in revenues and employed 1.15 million workers last year. These numbers are expected to grow 9 percent every year.
IBPAP president and CEO Rey Untal maintained that the 8 to 9 percent growth is still higher compared to global industry growth of 5.7 percent. The Philippines is seen to increase its share of the global outsourcing market from 12 to 15 percent by 2022.