Why the Philippines Has the Ideal BPO Industry
Published: January 8, 2020
Did you know that the BPO industry is one of the fastest-growing sectors in the Philippines? It even surpassed India as the 2nd ranking BPO destination worldwide. It has also become a multimillion-dollar powerhouse that continues to evolve into the progressive industry that we know today. In fact, this industry currently employs 1.2 million workers nationwide. Now, let’s take a look at how BPO was established in the Philippines and what are the benefits of outsourcing to the Philippines.
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The Emergence of the BPO Industry in the Philippines
Believe it or not, BPO in the Philippines actually started in the early 90s. However, it wasn’t until the 2000s when foreign investors realize the full potential of the Philippines for outsourcing. The new millennium ushered in multinational and US-based companies to start operations in the Philippines. During those times, the Philippine Congress passed an act that would open global opportunities for the Philippines. The Special Economic Zone Act created the Philippine Economic Zone Authority (PEZA), which established the framework for offshoring in the Philippines. As a result, several multinational BPO companies decided to set up shop here which created jobs and developed the economy.
Benefits of Outsourcing to the Philippines
As of now, the Philippines still ranks in the top 10 industry leaders in outsourcing. And currently, the Philippines has been making strides in digital transformation. However, there are other benefits to consider when choosing to outsource to the Philippines as well.
The primary reason why international companies are interested in investing in the Philippines is the reduced cost. Businesses need not worry about office space, staff hiring and retention, and tax and law implications, etc. Their outsourcing partner will arrange all of it for them. In addition to that, the cost of living in the Philippines is relatively cheaper compared to developed nations.
Cultural Adaptability and English Proficiency
English is one of the major languages spoken by Filipinos. The neutral Filipino accent allows for a more symbiotic communication with native English-speaking clients. Hence, this leaves only a small margin for error in terms of language barrier. Moreover, Filipinos by nature, are very open to their western peers. Partly, it has something to do with Philippine history as it has been colonized by the US some time ago. However, with Filipinos being adapted to their culture, it has formed a deeper understanding that allows the company and outsourcing partner to run their operations smoothly.
Flexible and Highly Skilled Talent
Every year, Colleges and Universities in the Philippines turn out fresh graduates that are willing to be trained and introduced to the workforce. With this, you can get a highly-skilled talent pool that can compete with the same skills as their global counterparts. You can also expect the same level of skill from this talent pool only with a fraction of the cost.
Allows You to Focus on the Core Aspects of Your Business
Plenty of successful business owners and entrepreneurs claim that outsourcing is their hidden weapon to success. It allows them to focus more on the core needs of their operations. When you choose to outsource, you can leave your non-core operations to a knowledgeable and trustworthy outsourcing company. And in return, you get to focus your energy and effort on the growth and development of your business.
Now that you’ve decided that the Philippines is the right choice for your outsourcing needs, choose to outsource with a dependable BPO partner. Outsourcing in the Philippines comes with many positive factors that are favorable to businesses overseas. At Telework PH, we can streamline all of those and anything else you might need at a much higher quality which in return, gives a better output.