MANILA, Philippines - The business process outsourcing industry recorded $11 billion revenues last year, up 24% from 2010, putting it on track to meet its five-year target.
Business Processing Association of the Philippines (BPAP) president and CEO Benedict Hernandez said the growth was better than their goal of 20% yearly, and well above the projected global growth rates of 10% to 15%.
He said the BPO industry also created 638,000 jobs last year, 22% higher than in 2010.
"We hit the targets projected in our Road Map 2016," he said.
Hernandez said the industry aims to hit $25 billion revenues by 2016, contributing 9% of the country's gross domestic product.
In 2011, the industry's largest sector, the contact center, grew 21% and accounted for 65% of total industry revenues. The Philippines overtook India as the contact center capital of the world two years ago.
Hernandez said their strong performance "would not be possible without the strong government support we are now experiencing."
The government has granted P450 million in subsidies for BPO workers' training under the Technical Education and Skills Development Authority or TESDA. Aside from this, the DOST and the Commission on Higher Education also allotted budgets to support BPO programs.