From The Report: The Philippines 2016
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The global BPO industry is forecast to be worth $250bn by 2020 and the Philippines is seeking to cement its position as a preferred global service offshoring hub and expand on and diversify its share in this lucrative, yet highly competitive field. Having grown at a compound annual growth rate of around 10% over the past decade, the BPO sector has become the country’s largest source of private employment and the second-largest contributor of foreign exchange earnings after remittances. It has also fueled the growth of other sectors, as the salaries paid out have augmented household consumption and anchored the expansion of the property and retail sectors. Since 2004, the Philippines has tripled its global market share of BPO business, from 4% to 12.3% in 2014. It is estimated that this could rise to 19% by 2020. This chapter contain an interview with David Rizzo, Asia Pacific President, Teleperformance.