Posted by Blog Administrator on June 4, 2010
The Philippines is deemed on being the fastest growing business process outsourcing (BPO) providers in Asia. The industry has grown about 46% every year since 2006 because of the sudden increase in demand for offshore call centers. In some ways it has stepped out from the shadows of BPO giant countries like Canada and India, and has managed to earn a gross income of $6.1B by the year 2008. Not only do the Philippines cater to traditional voice and IT services but it also has expanded its realms to different branches of higher value services like animation, finance, medical transcription, architectural services and engineering.
One reason why the country has been highly competitive is because of the fast conformity of citizens to foreign culture and language. The country is by-far giving birth to the largest English literate people in the whole Asian continent; plus, the influences of the western countries have left a mark to the Filipinos resulting to a mix breed of Asian and Western cultures.
Furthermore, the country offers low prices in doing business. Foreign investors find the country having a very cost-effective BPO system because of the lesser miscellaneous expenses as opposed to their western counterpart. Wages, local communication, electricity, housing costs and such others are much lower in western rates; as a result, investors are able to save up to 30% in outsourcing services.
It is amazing to see the growth of the Philippines’ economy from the ever popular BPO services. Last 2009, the United Kingdom’s National Outsourcing Association has awarded the Philippines as the Best Offshoring Destination of the Year as an assimilation of the country’s vigorous economic environment. Due to this, more and more foreign businesses seek the services of the country and hopefully it will continue to grow in the future.