The business process outsourcing industry is considered as one of the fastest business sectors in the world. The strong demand for outsourcing services is predicted to reach as high as $180 billion in 2010, with finance and accounting, customer support, human resource management, and back- end support services getting the most shares. A trend in primary business requirements is also foreseen, market analysts believe that there will be shift from practicality and cost reduction mentality to service quality and consistency. This reinforces the Philippines’ position as one of the top BPO destinations.
What started as an answer to the tremendous demand for offshore call center services, the Philippine BPO industry has become one of the leading global BPO service providers in the world. At present, an estimated number of 200,000 Filipinos work in BPO companies, not only in Manila but in regional areas like Clark, Angeles City, Cebu City, Davao City, and Cagayan de Oro City. While call centers still hold the largest share of the country’s offshore outsourcing sector, the current surge in the industry is powered by a more specialized and higher- end outsourcing demand such as software development, web design, content writing, SEO - Search Engine Optimization, flash animation, data and billing entry, legal and accounting services, and medical, as well as, technical transcription.
Among the major companies that already operate in the Philippines include AIG, AOL, Barnes & Noble, Chevron, Citigroup, Dell, HP, HSBC, IBM, Intel, JPMorgan Chase, Motorola, Procter & Gamble, and Siemens AG.
A survey conducted by a reputable international investment consultancy firm revealed that the Philippines ranked 1st in the availability of knowledge-based jobs and skilled workers worldwide, and ranked 4th among Asian nations in terms of labor quality. The Philippines’ ideal location, the availability of considerably cheaper prime real estate locations, and a growing number of reliable ICT infrastructure only fortifies the country’s bid for BPOexcellence.