The Business Process Outsourcing (BPO) sector is one of the fastest-growing industries in the Philippines. The world’s BPO capital has steadily flourished through the decades. It contributes significantly to the country’s growth in domestic products and the improvement of other economic aspects.
With over 850 registered BPO companies, the industry even has an expected yearly seven- to nine-percent growth. It remains higher than the one foreseen globally. With that said, if you’re wondering about the reasons behind the sector’s rapid rise in the country, then read on to find out.
It is economical.
From both the demand and supply viewpoint, BPOs are an economical choice for companies based out in the US, UK, Europe, and others. After all, globalization has boosted the demand for BPO services because of the decreasing trade barriers. That prompted foreign organizations to seek vendors from other places. So, they can reduce their operating costs while preserving the excellence of their services. BPO firms became their best option for it. With the Philippine outsourcing industries among those that offer affordable rates for their high-quality services.
From the supply point of view, prompt service delivery has also become cost-effective. All because of technological advancements, the Internet, and digital mechanisms. It offers multiple employment opportunities. There is no doubt that the Philippine BPO industry has opened up multiple job opportunities. This massively fills in the gap between the number of job seekers and post vacancies. BPO firms in the country now hire millions of Filipinos. It has increased the employment rate by 1,000 percent since 2004.
By 2022, a production of more than 650,000 job posts in the industry is also foreseen.
Philippine BPO companies have also expanded beyond the National Capital Region into other major cities on other islands to employ even more professionals. It attracts top and skilled talents. With the BPO industry offering attractive career paths and competitive salaries and benefits, among others. More and more top talents choose to work in call centers and related companies.
Why is BPO in demand in the Philippines?
Because BPOs work on myriad services requiring different skills. They can welcome almost any educational or occupational background the applicants have, like accountancy, information technology, and others.
Brendon Andre is a journalism student from Cavite State University Indang Campus. He is a techy individual, likes to write something every time. Loves to play online games as well as playing sports with his friends.