The Philippine outsourcing industry is growing rapidly as the Philippines steadily climbs the list of the largest outsourcing destinations. According to the Business Processing Association of the Philippines (BPAP), the primary outsourcing industry body of the Philippines, the Philippine IT-BPO industry generated $11 billion in revenues in 2011. At present, more than 600,000 are employed in over 600 IT-BPO companies in the country.
The Philippines was named three times as the Offshoring Destination of the Year by UK body National Outsourcing Association. Now considered as the number 1 call center destination, voice-based work accounts for the majority of the country’s offshore services exports at 63%. The industry continues to expand, offering non-voice services including IT and BPO, KPO functions.
Many companies look at India as the obvious choice; but with the rapidly increasing salaries in India and the retention problems as well as many other specific issues BPO companies have in India, many companies are realizing the significant benefits of outsourcing to the Philippines
Some important facts about The Philippines
- Awarded Offshoring Destination of the Year for the third time by the National Outsourcing Association in the United Kingdom
- Approximately 3 million fresh graduates enter the job market each year
- A literacy rate of 93.4% and a functional literacy rate of 84.1%
- Known as the “Social Networking Capital of the World” due to the huge volume of Filipino active users on social networking sites including Facebook and Twitter
The key factors that fuels the global outsourcing industry are the lower cost of doing business and increased operational efficiency . With the low labor costs and high quality of talent, the Philippines is the perfect outsourcing destination this is why many of the world’s biggest companies have made substantial investments in their operations in the Philippines. This influx of Foreign companies and international investment has helped to create a large pool of talented people that have gained extensive experience at multinational corporations with experience producing work that meets the highest international standards.
Contact us today to understand more about how to set up your business in the Philippines.