Officials of different business process outsourcing (BPO) companies operating in the country believe more multinational companies are likely to set up shop in the Philippines, a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

The “survey on information technology and IT-enabled services for 2007 and 2008 conducted by the BSP showed more companies engaged in IT are expected to take advantage of lower costs in cheaper locations, including the Philippines.

“Top officials of different outsourcing companies and associations remained bullish on the prospects of the industry, citing that multinational firms are likely to outsource to cheaper locations like the Philippines to trim down costs,” the survey stated.

The survey showed that the Philippine IT and IT-enabled service industry remained resilient amid the global financial crisis, as shown by the results of the 2007-2008 BSP survey on the industry.

The total revenue of the industry grew at a rapid double-digit rate of 44.8% to $6.3 billion in 2008 from $4.4 billion in 2007. Read more...

By Lawrence Agcaoili (www.abs-cbnnews.com)