The outsourcing industry in the Philippines is the economic lifeline for the entire Southeast Asian countries. BPO companies in the Philippines employ more than 2 million people. This serves as the biggest boost to the Philippines economy along with foreign exchange remittances. As a result, this tiny island nation is posing as a strong competitor to established global BPO players such as India .
In the past 10 years, the Philippines has seen 30% growth. This had further led Deloitte to predict that the country may increase its share of the BPO pie to 20% of the entire global market. As a result, they will be able to generate more than $50 billion in revenue. So, what makes it a big deal for SMEs?
Compared to India, the Philippines has a considerable advantage when it comes to language. English is an official language in the country. Therefore, the BPO industry is full of workers who speak great English in accents very similar to the US. The neutral accent and mode of speaking work is great for voice-based services. Broadcasts based in the US and UK also find it easier to work with Filipino service providers.
The country has a very young population. The average age in the country is 23 years old. This demographic has grown up in a world with technology. Therefore, they have an innate understanding of how technology can be leveraged. Many of the youth also have access to top-level education preparing them for the BPO sector. This results in facilitating their entry into the marketplace equipped with the right skill sets to succeed.
One of the unfortunate side-effects of running a business is leaving your processes open to liabilities and lawsuits. However, outsourcing to the Philippines absolves such troubles. This is due to these outsourcing companies being legally strong. They are able to support not only you but the customer and client relations as well. They support you by allowing access to a strong HR and management team.
The Philippines is one of the few Asian countries which has a healthy mix of South-East Asian and Western culture. A lot of it has to do with the fact that the Philippines was a former colony for Spain, Mexico, and the US at various points in its history. Therefore, Filipinos have grown up watching Western media and have a lot of similarities with their culture. US pop culture is also extremely well-received by Filipinos. It may be a small factor in the overall scheme of things. But the truth is that this cultural similarity plays a big role in ensuring outsourcing works right out of the box when you work with a service provider based out of the Philippines.
The Philippine government has done a great job of recognizing the potential of BPO industry and facilitating its growth. They have enabled a solid infrastructure and policy development. This included partnering with universities to create a BPO specific curriculum and setting up TESDA . It has helped in funding call center training centers.
Many independent research publishers stated that the Philippines regularly ranks at the top of service delivery quality surveys. These have been conducted amongst clients from across the world.
Filipinos have better access to amenities and an overall better quality of life in comparison to India.
The pandemic is still at large in the country. This is why the vast majority of organizations have implemented policies. These are to ensure employee welfare and business continuity to minimize the impact of the pandemic. These included work-from-home arrangements. Meanwhile, there are those in operations who adopted a skeletal workforce or split operations arrangement.
Thirty-five percent of these companies are largely from the Shared Services Outsourcing and Financial Services industries.
COVID-19 has hugely impacted our communities and the Philippine economy. But here at Magellan Solutions, we are prepared for any situation at hand. The growth and safety of your business and ours is our utmost priority.
Magellan Solutions understand that one must be on top of innovation.
We seek growth with our agents along with our business partners to remain relevant. We require our agents to meet the expectation of learning new skills to be on the same level as the global market.
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