United Nations Conference on Trade and Development (UNCTAD) held its Trade and Development Board conference in Geneva, Switzerland last October 1, 2011. In attendance, the Philippine Permanent Mission in Geneva and Trade and Industry Undersecretary for Industry and Investments Cristino L. Panlilio.
Undersecretary Panlilio reported that the Philippines has gained
its stance to be one of the top destination for outsourcing
services; being second only to India.
He also reported that the cost competitiveness, excellent telecommunications infrastructure, large talent pool, strong public-private sector partnerships, and fairly low risk perception are among the many factors that the Multinational Corporations are considering in selecting the Philippines for services outsourcing.
Outsourcing Philippines has voice Business Process Outsourcing and non-voice Business Process Outsourcing in different fields such as finance, accounting, medical transcription, other areas, and information technology.
Undersecretary Panlilio also noted that the industry is now holding 60 percent of the country's service exports. Furthermore, it is expected to generate $ 11 billion dollars revenue this year and will provide 640,000 people employment.
The IT-BPO's revenue can reach up to $ 25 million dollars and will employ 1.3 million workers in 2016, if the challenges were addressed properly, Panlilio added.
Established in 1964, UNCTAD promotes the development-friendly integration of developing countries into the world economy. UNCTAD has progressively evolved into an authoritative knowledge-based institution whose work aims to help shape current policy debates and thinking on development, with a particular focus on ensuring that domestic policies and international action are mutually supportive in bringing about sustainable development.