Much has been said about the about the Business Process Outsourcing (BPO) industry in the Philippines. Since its humble beginnings in the early 90s, the industry has grown rapidly, from a single contact center to multi-billion dollar industry, which today plays an essential role in the country’s growth and development.
Outsourcing in the Philippines, however, is more complex and interesting than it appears. By 2020, the sector is seen to increase its annual revenues to $48 billion—making it a global choice for outsourcing not only in Asia, but throughout the world.
Of this, we would like to share these five compelling reasons the Philippines is a global choice for outsourcing:
- We have a competitive edge in the English language. Our proficiency in both oral and written English is one of our key advantages against other Asian countries. Survey shows that the Philippines is among the top largest English-speaking population in the world, with 70 percent of its population fluent in English.
- We have a very diverse culture. We are regarded as one of the most culturally diverse countries in the world. Having been colonized by Spain and America, Filipinos have developed a “shared culture” with different countries, allowing us to do business with more ease and dynamism.
- Lower cost of labor and taxes. BPO companies, through the assistance of the Philippine Economic Zone Authority, are entitled to incentives and tax income holidays, which consequently provides foreign investors an 8 to 10 percent cost reduction in their operations. Moreover, the cost of labor in the Philippines is low, generally 30 to 60 percent lower than western countries.
- Economic Stability. The Philippines has one of the fastest growing economies in the world. This year, the country’s economy grew by approximately 7 percent, the fastest growing among 11 Asian countries.
- We are Asia’s friendliest country. Yes, the Philippines, based on a survey, is Asia’s friendliest country. Filipinos have also proven over time that they are hardworking. Having close family ties, it is part of the Filipino culture to strive in hopes of giving their family a better life.
Strategically located at Ortigas Central Business District—in the heart of Metro Manila, Philippines—BPSource, Inc., is a process-oriented IT-BPO firm that helps various organizations adopt to world class standards. Learn more about the company here.