I see nothing wrong with the BPO industry booming here in the Philippines. It is a good source of money for those who needs it and have the capability to perform tasks that was assigned to him by his company. Yes, some of the call center companies look at your educational standings however a lot also does not. Those who accepts college undergraduates does not base the performance among the educational reach of a person but his ability to provide excellent service, which is a good thing, since getting a degree is not really that cheap, this is one good way for those students who stop due to financial needs to continue their education, as well as for those who took up vocational courses and wanted to go back to schooling. This is also a good source of money for single moms who solely support their kids.
Also the Call center industry is also a good staging place for a different kinds of career, here you'll develop a lot of things, mentally, emotionally and physically. It's like everyday you a learn a new thing and the learning does not stop.
Compared to India, as far as speaking English, yes I could proudly say that we do speak it more clearly, probably because of their accent. They might be good with the I.T. part but if given a chance, I know we Filipinos could match what they provide.