The pace of development of the BPO sector in Philippines has startled analysts and economists. A latest report from Goldman Sachs states that three years back there was uncertainty as to whether outsourcing would gain foothold in the country but today it is a $3 billion industry.
It has been noticed that some of the countries such as Malaysia and Philippines have done pretty well to leverage their skills and create a place for themselves. Last year Philippines raked in $2.1 billion in offshore service and ranked third behind India and China. There was a time when the outsourcing industry of Philippines employed only 2,400 people.
Philippines has gained not in terms of low end outsourcing but high end outsourcing such as animation, medical transcription, web design, shared services and animation. Certainly it seems that Philippines is the climbing the ladders of outsourcing quite quickly and threatening the position of leaders in this area.
