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