Since the appearance of the first multinational business process outsourcing (BPO) in the Philippines, the sector has become increasingly popular among young and old workers. It has also become a driving force in the country’s economy, and the industry continues to expand. BPO companies provide services to various American industries, such as medical insurance, logistics, accounting, and paralegal.
Why the Industry Thrives
Every year, the sector demands new jobs, providing those capable with opportunities to work for multinational companies. A study conducted by World Bank reports that there’s a possibility that the sector may earn export revenues of $55 billion by 2020.
So why is the BPO industry thriving in the country? First of all, the Philippines has an abundance of skilled, young individuals with an excellent command of the English language and high literacy rates. Apart from that, operational and labor costs are lower here than in other countries. The nation has a highly westernized culture; pair that with the Filipinos’ innately friendly attitude and it helps strengthen the industry’s morale and success. The industry also has the government’s support, providing the sector’s technology and training needs.
Many multinational companies have been relocating from India – which was once the leading country in the industry – to the Philippines over the past few years, and one of the reasons is that Filipinos speak in a neutral English accent that’s much easier to understand on the phone and a “proportionally more qualified workforce.”
Expanding throughout the Nation
So far, more than five cities in the Philippines are part of top 100 outsourcing destinations in the world, including Manila, Cebu, Davao, and Sta. Rosa. Soon, the next wave of BPO companies will invest in places such as Baguio, Dumaguete, Lipa, Malolos, and Naga.
This continuous expansion of the industry opens many opportunities for those looking for jobs because no matter what they finished in college, if they are qualified to serve multinational clients, then they are on their way to earning a living.