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BPO growth slowing down â€" IBPAP

The business process outsourcing (BPO) sector is slowing down leading to 2022 as a result of strong expansion in previous years, the IT and Business Process Association of the Philippines (IBPAP) said. IBPAP president and CEO Rey Untal said the industry is forecast to grow 9% until 2022, lower than the annual growth rate of 17% in the past six years. Untal said the 8% to 9% projected growth is still higher compared to global industry growth of 5.7%. He also noted the BPO sector is unfazed by threats of protectionism that could keep companies from outsourcing jobs overseas. In terms of its contribution to the global industry, Untal said the Philippines will accordingly increase its share of the market from 12% at present to about 15% by 2022.