Services exports, including business process outsourcing (BPO) have dramatically increased their contribution to the Philippines’ economy in the past decade, allowing it to become the world’s third largest provider with 15% of the global market, after India (37%) and Canada (27%).

Worth only 9% of the Philippines’ exports in 1999, the services sector grew an average of 3.6% per year and represented 21% in 2009. At a services conference in Makati City this wee, one World Bank representative called the growth “a tremendous achievement” while another said the Philippines’ quality human capital and reliable telecommunications infrastructure aided the progress.

The Philippines has also been a net exporter of services since 2006, a rarity in the developing world. The World Bank said the country has provided and “enabling environment” for the services sector, which could provide more channels for sustained economic growth and reduce poverty.

source & article: PhilStar.com