The Business Process Outsourcing (BPO) industry in the Philippines is projected to reach revenues upwards of $50 billion in 2020. What started as an alternative to India for call centers has quickly transformed into a budding IT hub for some of the top technology companies in the world.
MORE AFFORDABLE LABOR COSTS
Labor costs in the Philippines remained among the most competitive in the ASEAN region, based on the Willis Towers Watson’s Global 50 Remuneration Planning Report. Average white-collar salary is around $8,000 to $12,000 per capita, compared to China’s $21,000.
MORE HIGHLY-SKILLED PROFESSIONALS
A college program in Information Technology and related courses are universally available across all universities in the Philippines. There will never be a shortage of IT professionals in this youthful and tech-savvy country, trained to undertake the global need for IT skills.
MORE ENGLISH-SPEAKING WORKERS
With its historical affinity for the West, the Philippines developed and ratified English as its official second language. English is the primary medium of instruction for the country’s education system. Filipinos from all walks of life are capable of speaking English if needed.
MORE INDUSTRIES GROWING RAPIDLY
Because of the meteoric rise of BPO in the Philippines, industries that may have otherwise remained stagnant posted excellent growths. Financial services, healthcare services, travel and tourism agencies, and even the mighty retail industry benefitted from the rise of BPO.