Friday, August 22, 2008 Editorials: Not just a passing fancy
EVERY year during the past few years, this island, as well as this country’s economy, has been the subject of closer study by keen economic observers and investors, including concerned stakeholders, in a forum organized by Sun.Star.
This year, the focus is on the business process outsourcing (BPO) industry, which is generating in Cebu a new industrial horizon.
On the surface, the prospect of Cebu becoming a fertile investment area and having the “potential to be a Silicon Valley or an ‘innovation island’” may sound as just an aspect of a passing fancy.
Just a few weeks ago, Lapu-Lapu City Mayor Arturo Radaza talked about his city becoming a “silicon valley” but got a fanciful reaction from certain sectors of the business community.
Worth pursuing
However, one of the speakers in the Economic Forum the other day said that developing such an investment base is possible and is worth pursuing.
He said that “Cebu is second only to India in terms of information technology (IT) and IT-enabled services.”
Last year, the IT-BPO industry in Cebu employed roughly 300,000 people and generated $4 billion in revenues.
With that reality as a starter, the interest in the emerging new industry may be said to be taking roots as strongly as no other industry has ever attained so before.
What seems to be most needed to realize that potential is an easy access to human resources.
And this is where the strength and excellence of education is needed.
Education
It is said that more would have been employed in BPO firms had the applicants not been deficient in English proficiency.
Education then should be considered as a most strategic key to the growth of the IT-BPO industry.
Cebu has an enormous growth opportunity in ICT worldwide, which is expected to expand to $110 billion to $130 billion by 2010.
Add to that the potential to achieve $12 billion in revenues that same year, deliver economic gains to numerous stakeholders and employ about 600,000 to 700,000 people.
