"The European market is now significantly larger than that in North America and is growing fast," said David Barrett, chief executive of Procuritas Limited, an advisory company engaged in engineering sourcing transactions with customers and BPO suppliers.

"The United Kingdom alone represents 20 percent of the world market. Philippine companies would have the advantage of language and legal system here," added Barrett.

"Clearly, the Philippine BPO industry is going from strength to strength and local companies are making great strides. There’s plenty of opportunity to work with Philippine companies to address penetration in these markets."

He said it is also worth noting the positive relationship between the Philippine government and its BPO industry, saying that the recent e-Services conference is a "strong endorsement of that partnership."