BPO Jobs Seen Reaching 1M, Ahead of A Targeted Sked
Trade and Industry Secretary Gregory L. Domingo expects the BPO (business Process Outsourcing) sector to reach one million workers ahead of schedule, at the earliest of middle 2014, because of the strong growth of 15 to 20 percent per year.
Domingo said the BPO sector is bound to hit 1.0 million jobs in 2014 and 1.5 million by 2016.
"The 1.5 million jobs (number) is a stretch target but it is achievable because by mid 2014 we are already at 1 million," Domingo told reporters. BPO jobs already hit 750,000 in 2012. By end 2013, the industry expects jobs at 920,000 already.
"There is a slight opportunity that we can hit 1 million jobs by mid 2014," said Domingo.
Based on is development roadmap, by 2016 the BPO industry is expected to generate $25 billion in terms of revenue and 1.3 million direct employment and 3.2 million indirect employment.
It is well on track on the targets. For 2013, the industry is expected to hit $16 billion in revenues with direct employment of 926,000 workers.
In the latest annual ranking by Tholons, a services globalization and investment advisory firm, Manila has overtaken Indian cities Bangalore and Mumbai in the top 100 global outsourcing destinations while Cebu has edged out Dublin due to significant investments and expansions in the country's IT-BPO space.
Tholons 2013 Top 100 Outsourcing Destinations report showed that Manila (NCR) claimed the number three slot, following Indian cities Bangalore and Mumbai. …