On a high level, the outsourcing industry is the single largest organized employer in the Philippines and is estimated to provide employment to 1.3 million workers as per 2016 figures. The World Bank and other industry experts forecasted a continuing bright future for the industry, with earnings projections that could reach $25 billion by 2016 (touching 1.5 million jobs) and $55 billion by the year 2020.
With the industry is well poised to reach somewhere in the zone of US$ 50 -55 Bn in next five years and we can safely assume doubling of the workforce from 1.3 to 2.6 Million on a conservative side. A huge ground has been covered and an equal opportunity or more lies ahead. Philippines has thus emerged as one of the top destinations for business process outsourcing
Types of BPO’s in Philippines
The industry in the Philippines primarily comprises of the following eight verticals or sub-sectors:
- Call Centers
- Knowledge process outsourcing
- Back offices
- Software development
- Game development
- Engineering design
- Medical transcription.
The biggest contributor and the most commonly provided service in the Philippines is the call center largely due to the good voice skills and English language in the Philippines. The other sub-sectors like Knowledge process outsourcing and back offices are also big in scale.
There are few industries that have picked up pace in the recent years in medical transcription and animation and design. Filipinos are very creative and hence the design and animation sector holds a lot of promise for the future. There are several companies which has now achieved good scale in design and creative process outsourcing.
The future certainly lies in the subsectors such as game development and software development. The overall talent is available here in the country. The industry in synchronization with Government will have to come up with good training and skill development programs to capture the market share in this important subsector.