BPO firms urged to tap European market

By: Administrator  |   1/7/2009 2:40:12 AM

An advisory company on outsourcing is urging Filipino firms to tap Europe as a market for business process outsourcing (BPO), especially with the euro gaining strength against the US dollar.

In a statement, the Department of Trade and Industry quoted David Barrett, chief executive of Procuritas Ltd., as saying that Europe is now a larger market than North America and is growing fast. Barrett noted that the United Kingdom alone accounts for 20 percent of the world market.

"Shifting currency exposure to euro at this time minimizes the foreign exchange risks faced by BPO firms", Barrett said.

"Clearly, the Philippine BPO industry is going from strength to strength and local companies are making great stride. There's plenty of opportunity to work with Philippine companies to address penetration in these markets,"said Barrett.

According to Barrett, Europe, particularly the UK, has a high outsourcing penetration. He said 44 percent of European companies outsource their information technology requirements. These companies also outsource 56 percent of their financial services.

"With the growing dynamism in UK's outsourcing market, the Philippines has a lot to gain."

Procuritas is engaged in advisory service specializing in deal engineering for the sourcing of technology and business services.

Source: http://www.abs-cbnnews.com/business/03/03/08/bpo-firms-urged-tap-european-market

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