Convergys Philippines chairperson Marife Zamora speaks in one of the sessions at the World Economic Forum on East Asia in Makati. Photo by Jonathan Cellona for ABS-CBNnews.com
MANILA, Philippines – The business process outsourcing (BPO) and information technology (IT) industries continue to see growth due to foreign investments, Convergys Philippines chairperson Marife Zamora said on Thursday.
Zamora described the industry as “burgeoning,” and is “experiencing exponential and sustainable growth.”
“The IT-BPO management industry is being fueled by enhanced and new investments from large and mid-sized foreign providers as well as expansions from established companies,” she said in one of the sessions at the World Economic Forum on East Asia held in Makati City.
Zamora also attributed the growth to the initiatives by government, academe, and the business sector to support the industry.
“This traction is really a result of the focus that stakeholders have given areas like human capital development, increased infrastructure activities, and alleviation of poverty through government programs focused on education,“ she said.
Zamora said the BPO industry made $15.5 billion in revenues last year, with over 900,000 Filipinos employed.
For the end of 2014, Zamora said the industry is targeting revenues of $18 billion and over a million employees.
That number is seen to grow to $25 billion in 2016.
However, Zamora said the government also has to do its part in addressing the country's power deficiency issues, noting that after labor, power “is the highest expense item of a BPO company.”
“Definitely if there is some assistance in that area, we will be able address competitiveness,” she said.
“If the government can [subsidize], why not?” she added.