Industry experts say the business process outsourcing industry in the Philippines will continue to expand by 30% annually over the next 5 years.

The Philippines is expected to earn about $25 billion in annual revenues by 2015, hoping to maintain its position as one of the world’s top outsourcing destinations. According to the latest forecasts by the Business Processing Association of the Philippines (BPAP), this will be more than double the revenue the industry is expected to register this year, placed at about $9 billion.

Thanks to its educated workforce, the Philippines will continue to attract top businesses in the United States, United Kingdom and other countries in their desire to reduce capital costs and save more. To date, the BPO sector employs an estimated 520,000 Filipinos.

The country sealed its reputation in the international community by winning the Offshoring Destination of the Year Award from the UK’s National Outsourcing Association for the third time in the row.

Sources: Financial Times,