ING Bank on Tuesday said the business process outsourcing (BPO) industry will hit revenue of $26 billion this year.
“The BPO industry this year may hit $26 billion, the 2017 target is part of the whole BPO industry projection for 2020 of about $40 billion and to generate two million jobs,” Consuelo Garcia, managing director at ING Bank N.V., Manila Branch, told reporters during the ING Business Shared Services Inc. (IBSSI) press conference.
The bank is ramping up its shared services business in the Philippines to support the rapid absorption of processing services across its wholesale banking operations in Asia and Europe.
The IBSSI expects to continue growing its staff over the next few years. The company just opened a new office at the Bonifacio Global City.
“The expansion is a significant move to further harmonize services and shared technology throughout the bank, ultimately enhancing ING clients’ experiences globally,” Garcia said.
The Philippines intends to be the biggest shared services business in the world, together with Poland, Slovakia and Romania, she added.
Trade Secretary Ramon Lopez said ING’s expansion is perfectly timed as the Philippines is now the global leader in information technology business process management (IT-BPM), with an annual growth rate of 30 percent over the last 10 years.
Lopez noted the contributions of the IT-BMP sector to the economy surpass the remittances of overseas Filipino workers, making the industry more competitive and growth-driven.
“I am very proud of the experience we’ve built in the past years at our Manila shared services center in delivering the highest quality of service, and look forward to leveraging our success and expertise across the various ING business lines and across all time zones,” ING global Chief Operations Officer and Chief Transformation Officer Roel Louhoff said.