by: IGlobal Content Creation Team
In the recent years, the BPO phenomenon has accompanied the increasing globalization of the world economy and has spawned a shift in the way the United States and Europe view the developing countries of the East. For instance, the increasing movement of companies wishing to outsource their back-office work to India and Philippines has meant that the people in the West have a favorable impression of the work ethic and professionalism of the Asian countries.
Of course, with the first wave of outsourcing in the IT-BPO industry to India and China respectively had done their bit to alter the perceptions of the West towards the East. What has added further emphasis to the way in which the Westerners perceive the East, has been through the BPO phenomenon which has demolished several stereotypes associated with Asian countries.
In the year 1992, The IT-BPO industry started from a single contact center, the Accenture Global Resource Center, which was founded by Frank Holz. This marked the beginning of the local BPO industry in the country and from then it has showed a favorable growth in the economy of the Philippines. And with this growth in the industry, it has been further promoted by the Philippine government. BPO is highlighted by the Philippines Development Plan as among the 10th high potential and priority development areas. To further entice investors, government programs include different incentives such as tax holidays, tax exemptions, and simplified export and import procedures. The Philippines being the 39th largest economy in the world, the country continues to be a promising prospect for the BPO Industry.
Therefore, the industry has a rosy outlook for 2017, and experts believe that it can generate up to $48 billion in revenues by 2020 and they also predict an 8 percent annual growth in full-time employees from this year until 2020. The industry will shift toward higher value in the BPO services by outsourcing outside of Metro Manila and the provinces will help drive growth. With the expected attention on provincial markets that is influenced by the current administration’s thrust for regional development, BPO companies are attracted to these markets that provides a healthy demographics and relatively developed infrastructures.
Pampanga is one of the most perceived viable outsourcing destination outside of Metro Manila. BPO companies in Pampanga also do well because of the vast talent pool, sheer business competitiveness, cost saving opportunities and support from their local governments.
iGlobal Business Solutions Inc. have a rising prospects this year. If you want to outsource to the country, talk to us today and explore your options.