Thanks to the recovery from the global economic downturn, the business process outsourcing industry (BPO) in the Philippines is targeting 26 percent growth this year and projecting $9.5 billion in revenues.

According to Ray Anthony Roxas-Chua, chairman of the country’s Commission on Information and Communications Technology (CICT), the demand for outsourced services will continue to grow globally because companies seek for ways to reduce costs without sacrificing quality.  He said the challenge now is to develop more talent for the industry, encourage new investors and remain very competitive.

It has been noted that the Philippine BPO sector increased by 17 percent in 2009, hauling in $7.2 billion in earnings. The industry itself accounted for about 5 percent of the GDP employing more than 400,000 people.

The country has provided call center services, front and back-office support to businesses in the United States, which accounts for 70-80 percent of its market share.

In all, the Philippines accounts for 15 percent of the offshore BPO market.