There was a time when the Philippines was poised to become a force to be reckoned with in Asia, but that was before the era of full-blown corruption and violence which scared away investors and made it very dangerous to visit, let alone do business, in the country. Well, those days are gone, and the Philippines is once again on that long-ago brink of financial and business success.
World Bank country director Motoo Konishi referred to the Philippines as a “rising tiger,” referring to the country’s rapid economic growth, which characterizes a “tiger economy.” This is due in part to the increased confidence of foreign investors in the sincere efforts of the present government to promote good governance as well as the contributions of overseas foreign workers to bring in hard currency, but it is also because US companies prefer business process outsourcing in the Philippines. It is estimated that 10% of the country’s GDP is due to the income brought in by the more than 1 million Filipinos working in BPO companies.
According to the website of Pinoy Partners Outsourcing Center Inc. (PPOC Inc.), Filipinos are naturally service-oriented and hardworking. They always aim to please and that makes them the BPO labor pool of choice, fierce tigers ready to earn their meat.
It isn’t just for US companies, though. Companies in the UK and Australia find the friendly and English-speaking Filipinos a perfect fit for their BPO needs. India continues to dominate the outsourcing market for information technology, but culturally the Filipinos are more in sync with their Western employers. This makes the Philippines an excellent labor pool for low-cost, yet effective customer service, technical assistance, content writing, sales, lead generation, and back office operations. Each year there’s a substantial growth in outsourcing labor in the Philippines.
The future is bright for BPO companies in the Philippines, and it is a significant step towards the country’s rise to tigerhood.Read More