The booming BPO industry is expected to pay that much amount in wages this year. Let’s hope the growth trend continues.
HERE’S proof of how flourishing the country’s call-center industry has become. This year, according to the Business Processing Association of the Philippines (BPAP), the business-process outsourcing (BPO) sector is expected to pay out a total of P247 billion in wages this year, which if put into perspective, is equal to 14 percent of the national government’s P1.816-trillion spending program this year and larger than the budgets of the top five departments. The figures were revealed by House Deputy Majority Leader Roman Romulo on Wednesday.
Romulo said the P247 billion is also 53 percent greater than the P161 billion in combined annual benefits paid out by the Social Security System (SSS), Government Service Insurance System (GSIS) and Philippine Health Insurance Corp. (PhilHealth) to their members.
The SSS and GSIS paid P76 billion and P50 billion, respectively, in benefits to their members in 2011; PhilHealth paid P35 billion, according to Romulo.
He said the BPO industry is projected to rake in up to $27 billion in annual revenues and directly engage some 1.3 million Filipino workers by 2016. It posted $11 billion in revenues on a labor force of 638,000 in 2011. Quoting the BPAP, Romulo said this year, the sector hopes to create 126,000 new jobs and generate $2 billion in extra earnings.