The Business Process Outsourcing (BPO) sector is one of the fastest-growing industries in the Philippines.
The world’s BPO capital has steadily flourished through the decades, contributing significantly to the country’s growth domestic product and the improvement of other economical aspects.
With over 850 registered BPO companies, the industry even has an expected yearly seven- to nine-percent growth, higher than the one foreseen globally.
That said, if you’re wondering about the reasons behind the sector’s rapid rise in the country, then read on to find out.
From both the demand and supply viewpoint, BPOs are an economical choice for companies based out of the US, UK, Europe, and others.
After all, globalization has boosted the demand for BPO services because of the decreasing trade barriers.
That prompted foreign organizations to seek vendors from other places so they can reduce their operating costs while preserving the excellence of their services.
BPO firms became their best option for it — with the Philippine outsourcing industries among those that offer affordable rates for their high-quality services.
From the supply point of view, prompt service delivery has also become cost-effective because of technological advancements, the Internet, and digital mechanisms.
There is no doubt that the Philippine BPO industry has opened up multiple job opportunities, massively filling in the gap between the number of job seekers and post vacancies.
BPO firms in the country now hire millions of Filipinos and have increased the employment rate by 1,000 percent since 2004. By 2022, a production of more than 650,000 job posts in the industry is also foreseen.
Philippine BPO companies have also expanded beyond the National Capital Region into other major cities in other islands to employ even more professionals.
With the BPO industry offering attractive career paths and competitive salaries and benefits, among others, more and more top talents choose to work in call centers and related companies.
Because BPOs work on myriad services requiring different skills, they can welcome almost any educational or occupational background the applicants have, like accountancy, information technology, and others.
The industry even calls for management masters and higher-skilled professionals for project leadership and development, supervisory training, and more.
Plus, over 100 million Filipinos speak English, percentages of which show proficiency and accent neutrality, a trait that favors the preference of the US and other companies.
To further hone them for the work needed, BPO companies then complement their skills with in-house training programs and other activities.
The national government supports the BPO industry by creating relevant policies and programs.
For example, the Technical Education and Skills Development Authority offers courses that meet the skill requirements of BPO industries, particularly for voice support.
The Department of Information and Communications Technology (DICT) also created the National Cybersecurity Plan and Digital Transformation Strategy for 2022.
These aim to strengthen technological innovation, information privacy, and others, which support industry progress.
The government also enhanced its business environment and ease of doing business through reforms and streamlined procedures for registering enterprises, paying taxes, and others.
With all that said, these and other factors that lead to the rapid growth of the Philippine BPO industry make its firms an ideal provider for your business needs.
If you want to focus on growing your enterprise and outsource your tasks to first-rate service providers, consider our company and feel free to message us for more details. Cheers!