The National Economic and Development Authority (NEDA) has urged the Department of Trade and Industry to step up efforts to promote the Philippine business process outsourcing (BPO) sector.
NEDA Director General Ralph Recto said that this is among the strategies for growth identified by the economic planning agency.
“One strategy to boost growth is to intensify marketing of Philippine BPOs,” Recto said.
He said the government could offer Philippine BPOs as the solution for US- based companies and other multinational firms that are cutting costs in the wake of the global financial turmoil.
For the last eight years, local BPO players have been helping the economy.
Recto said the local BPO industry can maximize the global financial crunch by providing services to multinational firms looking for ways to cut costs. He said industry players are highly competitive in the information technology sector.
The Trade Department, for its part, is looking at building a highly competitive business environment to attract and increase profitability while providing a stable policy framework for long-term economic benefits.
The Business Process Association of the Philippines (BPAP) has said that the sector could benefit from banking and finance industries around the globe.