by Jenny Cagadas, The Hubport Group
September 28, 2009
Though it has not yet removed itself from the shadow of tenured outsourcing countries like India and China, the Philippines as a BPO service provider, has well braved the competition and stood out as third in the ranks of business process outsourcing countries. Despite being a novice in the field, the Philippines has successfully placed itself on the map as one of the most valuable manpower and service traders and currently continues to collect foreign favor in the field. The country is reported to take up about 6.9 percent of the total outsourcing revenue for 2009, which is projected at US$373 billion. As such, it is estimated to earn revenue of US$7.3 billion from all of its outsourced services. Despite the fact that it may be awhile before it can match up to India’s US$47 billion approximated outsourcing profit, the country shows promise for future improvement. If one would recall, back in 2005, the Philippine outsourcing return was only at US$2.1 billion. The year before that, it was US$1.3 billion. This year’s takings clearly mark augmentation in the amount of investment Philippine outsourcing attracts. And more than anything, it signifies possible growth in demand.
India’s background and expertise in BPO offshore outsourcing cannot be overlooked. After all, it has maintained leadership in the business for the past decade. However, the uniqueness and competency of the Philippine manpower makes the country a viable BPO offshore outsourcing destination. To bluntly point out, there are just some abilities and expertise that only Philippine outsourced personnel can efficiently offer. This makes the country more preferable as a BPO service provider than other competing countries.
Being that it is a predominantly English speaking country; the Philippine work force can capably interact with foreign individuals without putting in demise comprehensibility. As such, they are able to break language barriers, understand and comply with their employer’s demands, and conveniently serve foreign customers. It is because of this aptitude that the country attracts numerous customer service commissions from popular multinational companies like America OnLine, Barnes and Noble, Procter & Gamble, Cisco and so on.
In addition, the country also has a literacy rate of 94% and is well supplied with skilled professionals, knowledgeable in the field of medicine and information technology. If anything, this makes the Philippines a great mine for medical transcriptionists and IT experts. With medical technologist and nurses as part of the outsourced medical transcription team, hospitals and medical institutions can be assured that they have the right personnel working on their medical records. There are currently about seventeen companies that outsource medical transcription in the Philippines and more that provide IT services.
The country obviously holds great potential in outsourcing and may even be well on its way to becoming a dominant offshore outsourcing provider in the years to come. Though it does charge a little bit more than India with particular outsourced services, the quality, efficiency and work ethics of Philippine outsourced professionals more than compensates for the price difference. The country outsource several services including web design, web maintenance, graphic imaging, data encoding, copywriting, search engine optimization, medical transcription and voice and web-based customer assistance. So foreign investors can find all their needs easily addressed with a Philippine BPO service provider.