The future remains bright for the “World’s BPO Capital” – the Philippines. Over the years, its outsourcing milestones keep getting sturdier and steadier. Although this industry started in the 90s, studies say that it won’t collapse any time soon. However, amidst its forecasted “plateau” due to technological advances, the BPO industry is still escalating.
Now let’s take a trip down to memory lane and learn more about the innovational breakthroughs of the country’s outsourcing industry with the infographic below.
BPO’s starting ground in the 1900s
Some thought that the outsourcing industry started during the early 2000s, however, it has already been around since the 1900s. BPO was then a low-key unstable industry until 1992, Frank Holz set up the first contact centre in the Philippines. It wasn’t until 1997 that the first multinational account was established and over-the-phone customer services were advancing. It was this year which started the remarkable outsourcing milestones that helped raise its value.
The dominance of the Philippine Outsourcing Industry during the 2000s
The early 2000s of the BPO industry was a struggling era. Foreign investors started to build numerous startup outsourcing companies throughout Metro Manila in hopes of making it big. One of these companies was a US-based outsourcing centre who decided to move their operations in the Philippines, providing 8,400 new jobs. It is also the peak of industry revenues that rose up to billions of dollars which helped the country’s struggling economy.
Continuous growth of the Philippine BPO Industry
With thousands of graduates every year, the country’s unemployment rate increases, however, the BPO industry steadily provides job opportunities. A whopping annual growth of 46% contributed to the rise of the country’s GDP during its staggering years.
As of today, there is no stopping this industry that played a huge part in saving the country’s depleting economy.
Want to know more? Learn the basics and gain tips on how to choose the best outsourcing partner.