Henry Lao, Negosentro | One of the mainstays in today’s Business Process Outsourcing (BPO) landscape is the Philippines. Having grown at a compound annual rate of around 10% over the past decade the BPO sector has become the country’s largest source of private employment and the second-largest contributor of foreign exchange earnings after remittances.
Moreover, the outsourcing industry has become the single largest organized employer in the Philippines. According to statistics, it provides employment to over 1.3 million Filipino workers as of 2016. The World Bank and other industry experts projected a long-term growth for the sector, with earnings projections that could reach $55 billion by the year 2020.
This indicates that many companies and organizations around the world have already acknowledged the potential and capability of the Philippines and its people to deliver first-class outsourcing services today. From online stores and traditional brick and mortar shops to healthcare, engineering, and financial organizations, the Philippines can provide a wide range of services to different sectors given the large talent pool existing in the country, the latest IT and communication infrastructure it has, and the steady support from the government.
From multinational companies to start-up ventures, many businesses have already taken advantage of the excellent BPO services by Filipinos. So, if you’re not part of this growing trend yet, then you are missing a lot of big opportunities for your company. To better understand why thousands of businesses worldwide choose to send their tasks and processes to this country, here are the key takeaways from the infographic below from Global Outsourcing which discuss the six advantages of outsourcing in the Philippines.
- Cheap labor and overhead cost.
- Excellent Communication Skills
- Quality Talent Pool
- Culturally Compatible with We
- Exceptional Work Ethic
- Strong Government Support
To learn more about this topic, check out the infographic below.