Friday, 20 April 2012 08:37
Rising revenues and job creation, backed by new investments, are highlighting the surging growth in the Philippines’ business process outsourcing (BPO) sector.
On March 20, the World Bank said in its Philippines quarterly update that the BPO industry is expected to create 100,000 jobs in 2012 alone. The number of employees in the sector had already risen to 610,000 in 2011 from just 100,000 in 2004.
US bank Wells Fargo further boosted confidence in the BPO sector in the same month by revealing that it had chosen the country for a $2-billion BPO operations center. Wells Fargo Philippines Solutions will employ some 126,000 and set up operations in Manila’s 14-hectare McKinley Hill Cyberpark, which already hosts centers for firms that include Accenture, Hewlett-Packard and Thomson Reuters.