IT-BPO industry a major contributor to growth in services sector
BPO-related transactions an important source of growth for services sector
(Manila, Philippines) –The information technology and business process outsourcing (IT-BPO) industry remains a powerhouse for the country’s services sector, with gains contributing to growth rates of computer and information, and miscellaneous business, professional, and technical services, according to a recent report by the Bangko Sentral ng Pilipinas (BSP).
The BSP reports that net receipts from trade-in-services expanded to US$657 million in the second quarter of 2011. This figure is more than double the US$324 million net receipts registered in the same quarter last year. Gains from BPO-related transactions contributed to the impressive performance of services sector. Computer and information services posted a growth rate of 10.3 percent, while miscellaneous business, professional, and technical services grew 25.1 percent.
The second quarter balance of payments (BOP) also sustained a surplus at US$9 billion for the period January–August 2011, exceeding the forecast for the entire year and highlights the country’s improving fiscal position. The BOP surplus of US$2.719 billion in August was the highest in eight months. In 2010, the BOP surplus reached a record US$14.4 billion.
“The impact of IT-BPO industry in the services sector is a positive sign that we’re moving in the right direction. Industry stakeholders are committed to ensuring the strong performance of the sector,” Raymond Lacdao, industry affairs executive director of the Business Processing Association of the Philippines (BPAP), said. “By meeting its growth targets, including revenues of US$25 billion by 2016, the industry will contribute to accelerating economic growth, which translates to more business opportunities, employment and development,” Lacdao added.
Global IT-BPO industry leaders and stakeholders will discuss the future of the industry and its role as a significant economic driver during the Third Annual International Outsourcing Summit (IOS), which will be held October 11 and 12, 2011 at the Sofitel Philippine Plaza, Manila.