United Nations Conference on Trade and Development (UNCTAD) held its Trade and Development Board conference in Geneva, Switzerland last October 1, 2011. In attendance, the Philippine Permanent Mission in Geneva and Trade and Industry Undersecretary for Industry and Investments Cristino L. Panlilio.
Undersecretary Panlilio reported that the Philippines has gained its stance to be one of the top destination for outsourcing services; being second only to India. He further stated that Multinational Corporations are now considering in selecting the Philippines for services outsourcing. These are among the many factors that come into play:
- the cost competitiveness
- excellent telecommunications infrastructure
- large talent pool
- strong public-private sector partnerships
- fairly low risk perception
The BPO’s Projected Growth
Outsourcing Philippines have voice Business Process Outsourcing as well as non-voice Business Process Outsourcing in different fields such as:
- medical transcription
- information technology.
Undersecretary Panlilio additionally, noted that the industry is now holding 60 percent of the country’s service exports. Furthermore, it will generate $ 11 billion dollars revenue this year and will provide 640,000 people employment.
The IT-BPO’s revenue can reach up to $ 25 million dollars and will employ 1.3 million workers in 2016. However, this is if the challenges were addressed properly, Panlilio added.
Established in 1964, UNCTAD promotes the development-friendly integration of developing countries into the world economy. UNCTAD has progressively evolved into an authoritative knowledge-based institution whose work aims to help shape current policy debates and thinking on development. There is also a particular focus on ensuring that domestic policies and international action are mutually supportive in bringing about sustainable development as well.