Thursday, May 28, 2015Thursday, May 28, 2015

Strong currency hurts Philippine call centres, combats challenge from rival India

Published on Dec 26, 2012 6:08 PM
 A worker counts one thousand pesos bills inside a money changer in Manila. The Philippine peso hovered around its strongest level in more than 4-1/2 years on Wednesday after stronger growth data, while most other emerging Asian currencies slid on worries about the looming U.S. fiscal crisis and doubt on the Greece debt deal --PHOTO: REUTERS

MANILA (AFP) - The peso's rise is hitting call centres in the Philippines, handicapping the global leader in the lucrative business as it combats a challenge from top rival India, industry officials said on Wednesday.

Forty percent of the members of the Business Processing Association of the Philippines had cancelled expansion plans and an equal number reported losing business to other destinations, the industry group said.

Nearly half disclosed in a group survey that they were having trouble meeting revenue targets because of the strong peso, it said in a statement.

The association said the local currency had become uncompetitive compared to the rupee in India, the Philippines' main rival for outsourced business services.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!