As we bid goodbye to 2019, several global consulting firms crunched numbers to learn how businesses in the world performed. Want to discover how the Philippines’ BPO industry fared? Find out why this industry leader remains a top choice for your outsourcing needs. Read on!
In the A.T. Kearney’s and Tholons’ Index, the Philippines falls in the 10th and 5th spot this year. Despite the decline, the country has more to offer. Just recall the record of its BPO industry. There is no need to worry; it’s just a hitch in its journey.
Need more proof to convince you? Let the country’s recent feats persuade you that our BPO market is worth your venture. Trust that your business is safe. What are you waiting for? Find out the perks of working with the Philippines’ BPO industry!
BPO Industry in the Philippines Statistics
What’s a good sign of a trusted outsourcing partner? It’s when they continue to grow. With this, look at the journey of the Philippines’ BPO industry growth that started two decades ago. Back in 2000, its BPO contribution to GDP Philippines has been 0.75%. Meanwhile, in 2016, it jumped to 7% of the country’s GDP. Likewise, it now commands a 12-15% of the country’s total gross domestic product.
Hence, the BPO industry in the Philippines continues to achieve greater heights in these areas:
The onset of the Duterte government marked changes in the Philippines, including a robust economy. In fact, the International Monetary Fund projects 6.6% economic growth this year; registering a PHP 49.6 billion worth of foreign direct investment (FDI) as of the second quarter of 2019.
What caused this rapid spurt in business? It is through good fiscal handling, tax reforms, and public venture programs such as the ‘Build, Build, Build’ program.
Is business ease a vital part in choosing your BPO site? Then you’ll enjoy this news! In 2019, the country ranked 95th among the 190 countries in terms of ease of doing business. If you’re an investor, do you consider it a good sign that the Philippine economy would flourish? In fact, as per a World Bank report, it is set to grow by 6.4 percent in 2019 and 6.5 percent in 2020 and 2021.
Do you expect quality service when you set up business in the Philippines? Expect nothing less. To respond and secure its steady BPO growth, authorities passed Ease of Doing Business and Efficient Government Service Delivery Act of 2018. The aim is to reduce handling time, cut red tape, and remove corrupt acts in every office. Now, you can expect better when you deal with the government.
To invest in human capital is to ensure growth in the long run. This is the theme of the same World Bank report featuring the Philippines’ economic boost.
The Philippines’ consider their human capital as its prime edge among its offshore neighbors in terms of skills, language, and culture. However, the Philippines lagged its ASEAN peers in terms of artificial intelligence and emerging new job skills.
Hence, the Philippines’ BPO stakeholders have agreed to train selected Filipinos to further their skills and maintain their good standing in the global outsourcing market.
This fueled the training program dubbed SPARTA, or the “Smarter Philippines through Data Analytics R&D, Training, and Adoption” which aims to train 30,000 people from the government, academe, and BPO industry on data science and analytics.
Meanwhile, different schools in the country now offer courses that respond to the rising AI demand. In senior high school, some students choose the robotics track to hone their STEM skills. While college students pick courses related to AI. What are the most popular courses for students? Aside from other IT-related tracks, Gaming and Animation are two of the in-demand courses today.
Another step to boost the human capital of Philippines’ BPO players is to move outside main urban centers not only to unlock the talents outside these areas but also to enjoy the business potential in the countryside.
As a result, ASEAN briefing published last April 2018 shows there are a hundred international firms in talks with Philippine BPOs not only in Manila and in Cebu but also in Davao and Iloilo for their business needs.
A primary reason the Philippines dropped in the ranks is due to its digital strength. Investors ask BPO firms, “Are you digitally ready to serve what we need?” To which the Philippines responds, “We are gearing up so we can provide the best we can.” Digital change has arrived in the Philippines’ BPO industry.
To prove this point, a recent study showed that the Philippines is on the right track in terms of Digital Transformation, with a 93% of firms amid their journey to be at par with their colleagues in the field.
For this digital strength to catapult the Philippines as the top outsourcing site, laws must be present to regulate its use. Hence, only when the country adapts to this digital move to strengthen its services, can they stand a chance to reach the top of the global BPO market.
However, digital strength doesn’t stop with its tools. If you manage a business, do you also consider data privacy vital? Hence, aside from complying with global standards, local law must also be enforced. In response, the Philippines launched its National Cybersecurity Plan 2022. Designed to protect internet users, the plan details how to safeguard the data of internet users, including BPO firms. To boost the country’s digital strength, the Philippines now takes steps to secure its cyberspace.
Ways to Beat Threats to the Philippines’ BPO Market
With new technologies emerging, top BPO firms in the Philippines work to gain an edge in the field. Hence, they turn to Knowledge Process Outsourcing, to respond to threats posed by AI. Instead of just trained English speakers, expert Filipino workers flaunt their creative and analytical skills. No longer limited to their language edge, the Filipinos unleash their skills that will benefit you should you work with them. Ready to discover these services?
To name a few, some KPO services the Philippines’ BPO industry offer include digital marketing, research, web development, creative design, and professional consultancy.
In need of a team to market your business online? Find a BPO firm in the Philippines. Want to reach your target audience and give them the right message? Just ask a Philippine KPO expert! No matter which KPO service you need, BPO experts in the country can do it for you. Benefit not only from the cost, but in the quality, as well!
To get a pdf copy of the infographic, just download it here.
By now, you know how competent the Philippines is in the global BPO market. Want to know more about KPO amidst the Philippines’ BPO industry? Let Outsource-Philippines help you! Contact us for a quote today.
Sources: Prnewswire.com | aseanbriefing.com | psa.gov.ph | pna.gov.ph | kcrecruitment.com | entrepreneur.com | news.abs-cbn.com | tradingeconomics.com | worldbank.org | gov.ph | dict.gov.ph | lexology.com | rappler.com | businessmirror.com.ph | news.microsoft.com | atkearney.com | doingbusinessinthephilippines.com | kittelsoncarpo.com | oxfordbusinessgroup.com | bworldonline.com | businesswire.com | bworldonline.com
Image Sources: Visual Hunt