Most dynamic business outsourcing companies successfully achieve a favourable outcome from outsourcing in the Philippines. As a result, more foreign companies choose to offshore their non-core projects in the country. The low-cost labour, skilled people, and more lies other factors which affect the accession of companies who prefer the Philippines.
The Philippines is the leading offshore nation along with other remarkable countries on the list. From a young and humble industry since 1992, the irrefutable growth of the BPO business becomes visible. In addition, it has also paved the way for huge opportunities which helped de-escalate the unemployment rate in the country.
CBRE Philippines, consultancy firm underscored the immense growth of the economy during the industry’s peak in 2015. From there, the BPO industry’s development keeps on moving forward.
Dubbed as an ideal destination for business outsourcing companies, here are the few reasons why:
Labour costs are cheaper
Bagging the first spot on the reasons why business outsourcing companies choose the Philippines is the labour costs. It is not big news that the Philippines is a low-cost country wherein the standard of living is visibly cheaper than its neighbouring countries in Asia.
In other countries, the labour cost is relatively lower than in the Philippines. Some also offer a huge pool of, especially qualified professionals. However, why outsource in other countries when you can both enjoy the best of both worlds in the Philippines?
English – a universal language used in about 70 countries and is also considered as the Philippines’ second language. Used by a vast majority of educated Filipinos, it is strictly taught in schools and mostly utilised by the media. And with the sole proficiency in English, most Filipinos can confidently converse using the language.
As mentioned in Ruchir Sharma’s book, Breakout Nations: In Pursuit of the Next Economic Miracles, the Philippines is expected to be a “breakout nation” and considered the country as a well-educated English-speaking population that serves as an advantage to the country.
On a customer’s perspective, clear communication holds the key to good customer experience as well as boosts the brand reputation. If not met, the customer would most likely look for a competitor to assist their needs.
The Board of Investments (BOI), named the Filipinos as highly educated and with a literacy rate of 74% to 94%, making the Philippines as one of the largest English-speaking countries in the world. Moreover, they pointed out that the Filipinos also have a strong customer service orientation and are highly trainable.
Philippine history has rich cultural diversity. Engraved with the influences of the country’s Spanish, Japanese, and American colonisers millennials ago, the Filipino way of adapting to any culture becomes easier. Their manner of communicating with different races become a key skill as they easily get along with the do and don’ts of each culture that they encounter the Filipinos’ cultural adaptability is mostly evident in work-related situations as they manage to get along well with clients from different countries as well as foreign bosses and co-workers.
The Filipinos are naturally friendly, good-hearted, and easy to get along with, that’s why the cultural difference is a manageable matter.
The BPO business is already a massive industry which generates a whopping amount to competitive countries and their economy. One of these countries is the Philippines. Formerly called “the sick man of Asia” for many years to the “new tiger economy of Asia”, the Philippine economy noticeably soared during the peak of outsourcing in 2015. Up until now, a lot of foreign companies and individuals remains attracted to outsource in the country.
With the dynamic business outsourcing solutions that the country offers, all your offshoring needs will surely be accommodated. Partner with us today and get a free consultation with our very own CEO/Founder!