The business process outsourcing industry in the Philippines has captured the attention of the U.S. State Department.  In a recent profile of the country by the U.S. State Department, published in November, business process outsourcing in the Philippines makes up a significant portion of the content included in the analysis.

The Power of Philippines Outsourcing

It is a noteworthy industry that has kept the Philippines alive in tough economic times.  The steady declines in areas such as tourism, agriculture and exporting industries did not influence the U.S. State Department analysis of the Republic of the Philippines because business process outsourcing is making up the difference in profound ways.

As the most rapidly growing entity in the Filipino economy, business process outsourcing is an anchor that the nation cannot live without.  Philippines outsourcing remains strong and unwavering, despite turbulent changes in economic situations across the globe.  On a global scale, Philippines outsourcing makes up about 10% of the worldwide market.  Competing with much larger countries with richer resources like India, this 10% piece of the business process outsourcing market is no small feat for the Philippines outsourcing industry.

Projected Growth

In the year 2008, offshore outsourcing Philippines generated an impressive $6 billion in revenues.  What is even more impressive about this 10-digit annual profit is that the number is up 26% from revenues in the year 2007.  It is estimated that the business process outsourcing industry will have generated about 100,000 new jobs for citizens in the year 2009.  Give the current state of the economy and jobless rates across the globe, Philippines outsourcing is a unique contender in the business world.

While the business process outsourcing industry in the Philippines posted a 40% growth between 2006 and 2007, it doesn’t look like this market is finished growing just yet.  Another year featuring positive growth is predicted between 2009 and 2010, meaning that Philippines outsourcing continues to attract the attention of partners from around the world.

Offshore outsourcing in the Philippines will continue to grow at an exponential rate over the next 5-7 years.  Additional services and workers are being added on a regular basis, meaning that the Philippines outsourcing industry is well-positioned to take on an influx of work as a result of partnerships with businesses on an international scale.  Offshore outsourcing Philippines is contributing greatly to the country’s gross domestic product and shows a wealth of promise and profitability in the very near future.