From its first contact center in 1992, the BPO industry in the Philippines has ballooned to having over 850 registered BPO companies in the country today.
Its steady growth transpired as technologies advanced, key players supported it, among others, leading to industry and national economic progress which benefited the Filipinos nationwide.
And so the question becomes, “What is the status of BPOs in the Philippines today?”
That’s what we’ll look into in this post.
Still the BPO capital of the world
The Philippines remains as the BPO capital of the world, placing seventh in the 2017 AT Kearney Global Services Location Index for several reasons.
For one, the country has worked to improve its industrial environments, policies, and processes, ranking 95th among 190 countries listed by the World Bank for ease of doing business.
The country also has a high education literacy rate of 95 percent, producing more than 450,000 graduates of various specializations yearly, which makes for a diverse workforce in BPOs.
The English-speaking manner among Filipinos even observes accent neutrality, a trait US and UK investors appreciate for easier communication.
Moreover, the Philippines offers cost-effective rates for its BPO services while offering profitable value to foreign businesses.
An abundance of competitive job opportunities
BPO jobs are among the most sought-after nationally not only for its myriad post vacancies but also for its competitive salaries and other benefits.
BPOs in the country, after all, seek skills from different fields, like nursing, communications, and more and provide insurance coverage, career development plans, and incentives, among others.
As such, the industry has hired millions of Filipino talents, skyrocketing the employment rate since 2004 by 1,000 percent.
Experts even predict an addition of close to 700,000 job opportunities for medium- and high-skilled positions by 2022.
Philippine BPO companies are not even centered on the National Capital Region alone but have expanded beyond it into several prominent cities in other islands.
Positive economic contribution
The BPO industry in the country has an expected seven- to nine-percent growth every year, higher than the global outsourcing sector growth.
Financial figures even reflect the Philippine BPOs’ excellent business performance.
From a revenue of 24 billion dollars from 2016, the central bank of the Philippines now anticipates the sector to reach a total revenue of 50 billion dollars by 2020.
Which is why the national government recognizes the BPO sector as one of the country’s economic pillars, with around 10 percent share in the total Growth Domestic Product (GDP).
The BPO industry also stands as the Philippines’ top earner in foreign exchange, besides overseas Filipino workers’ remittances, with almost 19.7 million US dollars.
Government backing up BPOs
Recognizing the vital role of BPOs in the country, the national government enacted various policies and programs to support BPOs.
For instance, its Department of Information and Communications Technology introduced the Digital Transformation Strategy for 2022 and National Cybersecurity Plan.
These blueprints aim to bolster national cyberinfrastructures, users’ data privacy, citizen and industry participation in digital advancement toward economic progress, and more.
The Department of Science and Technology also teaches data science and analytics to 30,000 BPO, academe, and government professionals in the program, Smarter Philippines through Data Analytics R&D, Training, and Adoption (SPARTA).
Plus, the Technical Education and Skills Development Authority offers courses that match the BPOs’ skill specifications, particularly for voice support.
With these, the Philippines remains a competitive, ideal outsourcing destination for enterprises of all kinds and sizes.
If you’re looking to partner with a BPO company for your operations and business goals, why don’t you contact us today?
We’ll be happy to assist you with your questions or provide you with a free service quote.