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The call center outsourcing industry in the Philippines is expected to grow at a rapid rate of 20 to 25 percent annually in the next five years, a recent article revealed.

The New York Times revealed that the country has overtaken India as the preferred country for call center outsourcing. Currently, 400,000 Filipinos work in the call center outsourcing industry, compared to 350,000 in India.

A market report stated that due to the economic crisis that the U.S and Europe is still facing, it has continued to put pressure on multiple companies to cut down costs allowing for call center outsourcing and offshoring to become an increasingly attractive option for companies. . “The crisis puts a lot of cost pressures on these companies which may now begin to accelerate their offshoring activities,” Benedict Hernandez, president of the Contact Center Association of the Philippines (CCAP) stated, He added in a press release that the growth in the Philippines call center outsourcing industry would be faster than their earlier projection of 15 to 20 percent growth until 2016.

“We earlier though growth rate would be closer to 15 percent until 2016, but now it’s in the 20 to 25 percent range,” Hernandez said in a statement.

In addition, Hernandez said that despite the volume of activities already, there are still a number of companies – both U.S and non-U.S-based – that have yet to outsource, which means that growth in the next five years would be a combination of expansion and new investments in the offshoring and call center outsourcing business.

For this year, CCAP projects that the revenues will grow by 18 percent to $ 7.1 billion, employing about 406,000 call center outsourcing specialists, compared to last year’s $6.2 billion revenue earned and an employee number of 344,000.