EASE Technology Solutions.
How outsourcing contributes to the economic growth of the Philippines
In the events unfolding in the IT-BPO industry today, it indicates that the industry makes up a big chunk of our developing sectors. In this industry, the Philippines is in line with the top global economic giants in the world of outsourcing. Hong Kong and Shanghai Banking Corporation (HSBC) predicted that the country is soon to come up as one of the top 16 biggest economic players by 2050. This forecast can become a reality if the country continues to brace the 6 - 7% annual economic growth. IT-BPO industry is one of the biggest contributors to this growth for about 8%.
This big business boom started in 2005 after the passage of PDP (PH development plan) for 2005 – 2010. This paved the way for the IT-BPO industry to rise and its predecessor plan, PDP 2011 – 2016, consolidated the growth. At that point, the country surpassed India as the primary choice for voice accounts. The industry gained about US$ 5.7 billion in January 2011 exceeding India’s US$ 5.5 billion in 2010. The Philippines is currently at the third rank as we hold 15% of the global BPO market along with Canada with 27%, and India with 37%.
The reason for this big industrial triumph is that Filipinos have good English conversational skills, a competitive operational cost in the region, adequate government support for the industry, and a proven record of Filipinos’ potential in the industry. Another thing is that Filipinos are more familiar with the western culture where most of the clients came from. The 77% BPO clientele are US-based and the other 23% are from the Asia pacific and European region.
Since then, the IT-BPO industry continues to display a double-digit positive annual growth. In 2015, the industry has total gross revenue of US$22 billion and employs 1.2 million workers. In addition to that, the IT-BPO industry also employs indirect workers in security, food and catering, office building construction, and transportation.
As part of the expanding IT-BPO industry, EASE Technology Solutions in the Philippines also helps to eliminate the gap between low-class and medium class. Another contribution of the IT- BPO industry is it allows OFWs to go home and stay virtually working overseas through sprouting BPO companies.
IT-BPO is almost equal in revenue to the overseas remittances from OFW workers. PSE (PH Stock Exchange) and BSP (Banko Sentral ng Pilipinas) stated that the IT-BPO industry might soon surpass the value of overseas remittances. Currently, remittances are 10% part of the GDP since many OFWs diverted to IT-BPO jobs.
According to the BSP, the IT-BPO companies will continue to triumph regardless of the global economic condition. The age of digital economy has arrived and “the sunshine industry” will continue to shine no matter what. With this, Philippines’ EASE Technology Solutions add up to the opportunities that job seekers are looking for.