MANILA, Philippines (Xinhua) - The Philippine business process outsourcing (BPO) will continue its upward momentum, with annual revenues seen hitting $16 billion this year as the country remains one of the world's top BPO destinations.
"The country's economy is growing and so is the need for support services. The BPO industry is well prepared to address this," Transcom Philippines' Country Manager Siva Subramaniam said in Tuesday's briefing.
The Luxembourg-based Transcom is one of Europe's biggest (BPO) firms.
Philippine BPO revenues have risen steadily since 2009. Last year alone, BPO companies raked in $13.5 billion in revenues, which is 22 percent higher than 2011.
"Our outlook is similar to that of the Information Technology and Business Process Association of the Philippines (IBPAP)," Subramaniam said.
The IBPAP forecasts the Philippine information technology and business process management (IT-BPM) and global in-house center ( GIC) will generate $16 billion in revenues at the end of 2013.
The IT-BPM and GIC industry is expected to further grow in the next three years with revenues reaching $25 billion by 2016 while providing direct employment to 1.3 million Filipinos, and supporting 3.2 million indirect jobs.
"Transcom is bullish of the growth of the IT-BPM and GIC industry in the Philippines and we see more international clients as well as local customers," Subramaniam said.