Over the last couple of years, there has been a massive boom with regards to Business Process Outsourcing (BPO) in the Philippines.
Furthermore, the BPO industry has become a major developing industry that continues to experience a positive and remarkable growth rate.
In fact, BPO companies are top economic players in the Philippines. The overall earnings of the several hundred BPO companies represent an important percentage of the country’s Gross Domestic Product (GDP).
Not only is the Philippines found on the list of the top countries for BPO, but it could pride itself that they occupy the third spot, right behind India and China.
What’s important to the BPO Industry in the Philippines?
One of the key ingredients for the BPO’s success in the Philippines is the fact that the country offers a relatively inexpensive cost of living; a young and educated workforce who is growing by the minute; but above all, the Filipinos have excellent spoken English language skills, which ultimately means they are being outsourced by central and important companies worldwide.
For example, the Philippines’ BPO Industry plans on having Australia, US, and UK accounts, which means that Australian customers occupy the daytime schedule, while the UK will have a mid-shift schedule and the USA will have the night schedule.
As you can see, the Philippines has a rather impressive and strategic business operation that allows them to seek out advantages in diverse geographical locations.
The BPO industry in the Philippines as of 2018
According to the Philippines’ development plan, the BPO industry represents a priority within the development areas highlighted by the government.
In fact, the Filipino government offers programs that include tax holiday reduction, tax exemptions, and a simple and organized way to do export and import transactions, making the Philippines quite an appealing country to invest.
Salaries in the BPO Industry in the Philippines
Overall, it can be said that wages have also been constantly increasing in the Philippines due to the economic growth that the BPO industry has had.
Even though the salaries are low compared to Western countries, in the Philippines, staff members of the different BPO companies are often considered as being one of the highest-paid professionals.
Growing beyond 2018
The Growth of the BPO Industry in the Philippines will be increasing throughout 2019 and beyond, and it could be argued that it remains at the heart of future business trends throughout 2020 as well.
The Philippines continues to adapt themselves; to level up with current and newer technologies; but above all, the Filipinos are on top of the game in terms of BPO’s staff members, so much so that they are upgrading the agent’s skills by even offering university careers and studies specialized in the BPO industries.
The Philippines also focus on contact centers, back-office services, engineering development, game development, remote assistance, virtual assistant, data transcription, animation, and lately they have been offering graphic design and law services.