The Rising Tiger in Outsourcing - The Philippine Business Process Success Story
The Philippines, has over the last few years, bloomed as a key player in the global offshore outsourcing market. The Philippines has been undergoing a Business Process Outsourcing boom which is due primarily to the demand for offshore web staffing, customer contact services, finance and accounting, human resources and call centers.
The outsourcing industry is considered one of the world'fastest growing industries and International investment consultancy firm McKinsey & Co. predicts the demand for outsourcing suppliers will reach $170 billion by 2010. Many companies outsourcing are more and more considering the effectiveness of skills and not just cost savings in their decision making which means with The Philippines offerings it is now emerging as a global leader in the BPO industry.
In particular, The Philippines has become a global hub for corporate backroom operations such as financial services including accounting and bookkeeping, accounts receivable collection, account maintenance,inventory control and purchasing, payroll processing, financial analysis, management consulting, expense reporting, financial reporting, tax reporting, credit card administration, factoring, stock brokering, financial leasing, cargo shipment management and logistics management. into these
In order to gain this rapid growth The Philippine government has offered significant incentives in order to attract direct foreign investment into the country specifically in the BPO sector.
The vast majority of the BPO facilities are located in the central part of Metro Manila as well as Cebu City although other regional areas within the country are starting their own thriving centres.
Many international companies already have outsourcing operations in The Philippines including Accenture, Convergys, Siemens, NEC Telecom, Caltex, Fujitsu, Alitalia, Unisys, IBM, Intel, Procter & Gamble, AOL, Barnes & Noble, Chevron, Citigroup, Dell, HP, HSBC, JPMorgan Chase and Motorola,
Usually the key players (vendors) are co-owned and managed by expats combined with local managers.
Over the 2006-2007 financial year the Philippines has earned over $2 billion from offshore outsourcing service provision which makes it the 3rd largest supplier behind India and China. And for good reason, The Philippines has a low cost of wages is one of the main reasons for this trend. The Philippines has the 2nd lowest hourly wage for outsourcing professionals and 95% of the citizens speak fluent English.
It is clear that the Philippines is positioned to become a key player in the South East Asian Business Process Outsourcing industry. This outsourcing sector will keep on track to become a primary part of the Philippine economy as more and more Filipinos youth move into the game. Currently the Philippine BPO industry is forecasted to earn US$10 billion and be employing appriximately 1,000,000 people by the year 2010
About the Author
For more informations visit Outsourcingto.us
The Philippines, has over the last few years, bloomed as a key player in the global offshore outsourcing market. The Philippines has been undergoing a Business Process Outsourcing boom which is due primarily to the demand for offshore web staffing, customer contact services, finance and accounting, human resources and call centers.
The outsourcing industry is considered one of the world'fastest growing industries and International investment consultancy firm McKinsey & Co. predicts the demand for outsourcing suppliers will reach $170 billion by 2010. Many companies outsourcing are more and more considering the effectiveness of skills and not just cost savings in their decision making which means with The Philippines offerings it is now emerging as a global leader in the BPO industry.
In particular, The Philippines has become a global hub for corporate backroom operations such as financial services including accounting and bookkeeping, accounts receivable collection, account maintenance,inventory control and purchasing, payroll processing, financial analysis, management consulting, expense reporting, financial reporting, tax reporting, credit card administration, factoring, stock brokering, financial leasing, cargo shipment management and logistics management. into these
In order to gain this rapid growth The Philippine government has offered significant incentives in order to attract direct foreign investment into the country specifically in the BPO sector.
The vast majority of the BPO facilities are located in the central part of Metro Manila as well as Cebu City although other regional areas within the country are starting their own thriving centres.
Many international companies already have outsourcing operations in The Philippines including Accenture, Convergys, Siemens, NEC Telecom, Caltex, Fujitsu, Alitalia, Unisys, IBM, Intel, Procter & Gamble, AOL, Barnes & Noble, Chevron, Citigroup, Dell, HP, HSBC, JPMorgan Chase and Motorola,
Usually the key players (vendors) are co-owned and managed by expats combined with local managers.
Over the 2006-2007 financial year the Philippines has earned over $2 billion from offshore outsourcing service provision which makes it the 3rd largest supplier behind India and China. And for good reason, The Philippines has a low cost of wages is one of the main reasons for this trend. The Philippines has the 2nd lowest hourly wage for outsourcing professionals and 95% of the citizens speak fluent English.
It is clear that the Philippines is positioned to become a key player in the South East Asian Business Process Outsourcing industry. This outsourcing sector will keep on track to become a primary part of the Philippine economy as more and more Filipinos youth move into the game. Currently the Philippine BPO industry is forecasted to earn US$10 billion and be employing appriximately 1,000,000 people by the year 2010
About the Author
For more informations visit Outsourcingto.us
Labels: back office, chat support, data entry, email support, IT outsourcing, outsource, outsourcing, web support
posted by Sharad Saxena @ 10:30 PM
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