The country’s business process outsourcing (BPO) sector may become a $40-billion industry in four years if its grows 16 percent annually, the Contact Center Association of the Philippines (CCAP) said on Tuesday.

“The local BPO industry, [to which] contact centers belong, has current total revenues of about $23 billion (P1.15 trillion). If it reaches annual growth of about 16 percent, it is projected that, by 2022, the industry could rise to be a $40-billion (over P2 trillion) one,” CCAP said in a statement.