A brief article at Philstar.com discusses growth projections for Philippine outsourcing.  The president of the Business Processing Association of the Philippines states that they continue to have ongoing discussions with companies about moving processes to their country.   Here's an excerpt:

Business Processing Association of the Philippines (BPAP) CEO and President Oscar Sanez said Monday that for this year the Philippine outsourcing industry targets 26 per cent growth and projects revenues will total $9.5 billion.

"Many companies are under pressure to reduce their cost structure and have considered outsourcing and offshoring to boost their competitiveness," he added

The outsouring sector is one of the country's fastest growing industries, accounting for about five percent of the GDP and employs more than 400,000 people. Last year, despite the global meltdown, the sector posted a 19 percent growth, hauling in $7 billion of revenue.

The Philippines is an attractive country due to strong English language skills and low labor costs.  An interesting point in the article is that outsourcing now accounts for five percent of GDP.  While wage inflation has been a concern, the Philippine government is actively working to contain inflation.  It'll be interesting to see if 2010's actual numbers are in line with this prediction.