Philippine BPO revenues may soon surpass overseas remittances

Philippine BPO revenues may soon surpass overseas remittances

OABPO Blog Team Published on August 6, 2015

female-call-center-agent-smiling-widely-while-drawing-a-rising-arrow-in-a-business-chart-with-philippine-flag-backdrop
Long considered a global outsourcing superpower, the Philippines sees an even larger expansion in its business process outsourcing (BPO) industry. According to the Information Technology and Business Process Association of the Philippines (IBPAP), this current growth pace may generate revenues predicted to surpass remittances from overseas Filipino workers.

Experts are also confident that BPO services in the Philippines can hit up to $25 billion in annual revenues by 2016, as the industry s progress reaches double-digit rates. The industry is forecast to earn $21.2 billion by the end of 2015, which is 12% higher than its $18.9-billion worth of revenues in 2014.

businessman-holding-out-hand-with-bright-sparks-and-rising-arrows

Furthermore, the IT organization said that revenues from the Philippine BPO sector may reach $28.9 billion by 2017, exceeding the amount of foreign exchange coming from approximately 10 million Filipinos in other countries. In comparison, overseas remittances generated $24.3 billion in 2014 with its decreasing growth rate of 5.9%.

To prepare for this foreseen growth, IBPAP is planning to craft a new six-year industry roadmap as the current one ends in 2016.

“The [BPO] industry continues to be strong and vibrant as we have seen 15% to 18% (compounded annual growth rate in the past 10 years),” IBPAP Chair Dan Reyes remarked in a recent interview . Reyes also emphasized the country s potential growth not only in contact centers but also in gaming, software development, and health information services.

More revenues, more jobs

As BPO services in the Philippines continue to power up the country s economy, more jobs are being created to sustain its exponential growth. In the remaining half of 2015, outsourcing companies in the country are expected to hire 150,000 professionals. By 2016, however, the total number of outsourced jobs in the country may reach up to 1.3 million.

This upsurge in hiring is boosted mainly by the healthcare segment, as the Philippine BPO sector capitalizes on the pressing need of overseas companies for quality health care support services. The healthcare outsourcing industry contributed $3 billion in revenues last year with its 87,000 employees.

Many companies are also beefing up their employment process by opening internships and revamping their training programs.

Main contributor to Philippine economy

BPO services in the Philippines are considered the biggest contributors to the country s growing economy. According to the latest data compiled by CNN Money, the Philippines is the fourth fastest-growing economy in the world this year with its 6.7% growth in gross domestic product. It trails behind China (6.8%), Qatar (7.1%), and India (7.5), and stays ahead of Bangladesh (6.3%), Vietnam (6.0%), and Indonesia (5.2%).

Leave a Reply

JOIN US ON FACEBOOK
Open Access BPO
Open Access BPO10 hours ago
#CallCenters must understand their customers' unique communication styles so they can assist them more effectively. Here are 4 typical communication patterns among customers and some tips on how to handle them: https://buff.ly/39w7ybm

----------
Open Access BPO knows your customers. For proactive #CustomerSupport, contact us: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerService
Open Access BPO
Open Access BPO16 hours ago
#CallCenter leaders play a central role in helping campaigns grow. Team leaders especially are responsible for the progress and the quality of service that #CustomerSupport agents provide the brand's customers.

Here are the 5 biggest enemies of great leadership (and a few tips on how to be a good leader): https://buff.ly/3M5iMC0

Find great call center agents and team leaders to manage your brand's growth when you partner with Open Access BPO: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO1 day ago
Personalized solutions empower brands to provide high-quality support to their customers and their growing needs.
With the help of a capable #CallCenter, you can be sure these areas are being covered: https://buff.ly/3sCjnTS

----------
Build your hyper-customizable #CustomerSupport, #BackOffice, or knowledge-based support program with Open Access BPO: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport
Open Access BPO
Open Access BPO2 days ago
With multilingual support comes multiple business growth opportunities. The best way to get aboard the globalization train is to partner with a multilingual #CallCenter: https://buff.ly/3Mmfkms

----------
Open Access BPO's services support over 30 languages. Contact us today: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#MultilingualCallCenter
Open Access BPO
Open Access BPO4 days ago
It’s Data Privacy Awareness Month at Open Access BPO!
For our first Weekend Link Roundup, we’re featuring posts about #DataSecurity and #InformationSecurity best practices: https://buff.ly/3weIWMU

Is Data Safe From Security-Related Outsourcing Issues?
https://buff.ly/38tH5uD

Best Practices to Boost Data Security in Call Centers
https://buff.ly/3sAEsya

Educating Your Customers About Information Security
https://buff.ly/3sAEsya

The Worst Threat to Business Data Security: Employees
https://buff.ly/38lgjF3

Deflecting Insider Threats to Data Security
https://buff.ly/3yC5mt5

How Open Access BPO Future-Proofs Your Offshore Operations
https://buff.ly/3wmGuEx

----------
Learn more about smart, secure, and scalable #outsourcing over at OpenAccessBPO.com

#WeSpeakYourLanguage
#DataPrivacy
Open Access BPO
Open Access BPO4 days ago
Having a branded #CustomerService strategy sets your business apart from others, helping grow your customers base and enhancing #CustomerExperience.

Here's how you can develop a branded customer service strategy: https://buff.ly/3L7FrMz

----------
Outsource #CustomerDelight without losing your #BrandIdentity: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #branding
Open Access BPO