Thursday, 30 November 2017

"The Philippines is considered a newly industrialized country which has been transitioning from an economy based primarily on agriculture to one based more on services and manufacturing. In 2014, the GDP by purchasing power parity (GDP/PPP) was estimated to be at US$ 692 billion. The Philippine economy is stable and growing at a rate of 6 to 7% per annum and by the year 2050 it may become the 16th largest economy in the world, according to a forecast by HSBC.


In 2010, the Philippines surpassed India as the top outsourcing country for call center work. The voice sector continues its steady growth and still makes up two thirds of the total IT & Business Process Outsourcing work performed in the Philippines. In 2015 this industry amassed a total gross revenue of US$22 billion and it employed 1.2 mill workers directly. In addition, this booming industry has created some 2.5 million indirect jobs within office building construction, transportation, food and catering, security, etc.

The IT and BPO industry is largely credited for the sharp rise in the white collar workforce and for helping to enlarge substantially the middle class that is behind most of the impressive recent economic performance. The Philippines’ recent financial development and economic growth has resulted in several investment status upgrades from credit ratings agencies such as Fitch Ratings, Moody’s and Standard & Poors. By the end of 2016, the IT and BPO industry is projected to achieve the target set five years ago in the 2016 Roadmap of grossing US$ 25 billion and employing 1.3 million workers directly – accounting for some 8% of the Philippine GDP, and having captured some 15% of the global outsourcing market. Work has commenced on a 2022 Roadmap, and the Philippine government is on the verge of creating a dedicated Department of ICT to oversee and promote this important sector of the economy.

The Philippine government has openly acknowledged the industry as a key driving force for achieving inclusive growth and employment, and it is actively promoting provincial locations outside of Metro Manila for new locators to consider. Other than Metro Manila and Metro Cebu, some IT & BPO hotspots in the country include Bacolod, Davao, Clark, Iloilo, and Cavite.

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Traditionally the mainstay of the motivation for moving administrative and back office functions off-shore would be to save on operational costs while usually achieving also quality and productivity improvements. With its large and still low-cost, English-speaking workforce, the Philippines is ideally placed for increasing its share of the global outsourcing market. In addition, the trend is that companies place increased focus on non-voice processes and functions of higher value to the organisations, i.e. the so-called Knowledge Process Outsourcing (KPO) segment.

The Philippines is also fast becoming a regional and global hub for shared services centers handling finance & accounting, logistics, procurement, publishing, transcription, business analytics etc. for multinational corporations around the globe. This goes as well for the IT segment with rapidly increasing activity within Web design, software development, animation, and game development – apart from the traditional help desk functions.” - Reposted from The Philippine Economy   

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