MANILA, Philippines - The information technology and business process outsourcing (IT-BPO) industry continued to grow in 2010, despite uncertainties in the global economy, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP).
The BPO industry recorded $10.1 billion in revenues in 2010, 21.8% more than the $8.3 billion in revenues in 2009. However, the pace of growth was slower than the 30.6% expansion in 2009.
The survey showed strong growth across sub-sectors: contact center, transcription, animation, software development and other BPOs.
Contact centers, which accounts for more than half of the industry revenues, remains the key driver of growth. In 2010, the Philippines overtook India as the contact center capital of the world.
IT-BPO exports remained strong in 2010, reaching $9.5 billion, 22.7% higher than the previous year. "The continued rise of IT-BPO exports reflected the strengthening of global demand for shared services and business process outsourcing. A marked improvement in the export-to-revenue ratio of contact centers was observed, from 93.6% in 2009 to 97.4% in 2010," the BSP said.
Equity investments in the industry reached $4.4 billion as of end-2010, of which 97.6% represented foreign equity.
Employment in the industry reached 536,128 in 2010. More than 60% were employed by contact centers.
Total compensation paid by the industry amounted to $4.5 billion, 31.7% higher than the previous year.
BPO employees received an average compensation of $8,398 (P378,824) in 2010, a 9.3% jump from $7,686 (P366,122) in 2009.
The survey covered 811 IT-BPO companies in 2010.