One of the most dynamic and fastest growing sectors in the Philippines is the Business Processing Outsourcing (BPO) Industry.
Being the 36th largest economy in the world in 2016, the country continues to be a promising prospect for the BPO Industry. Growth in the BPO industry continues to show significant improvements with an average annual expansion rate of 20%, leading offshore destination according to the IT and Business Process Association of the Philippines, the country ranks number one voice BPO and number two Non-Voice, it is one of the lowest cost destinations for English voice work next to India.
The net annual demand for office space in Metro Manila alone from the industry is forecasted to exceed 600,000 sqm, turning it into one the biggest markets in the world, with an estimation of 100,000 job opportunities every year.
Contact Center Association of the Philippines (CCAP) estimates the global BPO industry will grow by 6% every year over the next six years. The Philippines, as one of the world leaders, will likely grow two to three times faster since it gets the lion's share of outsourcing deals.
BPO industry is booming all across the country not only in the main cities like Manila and Cebu and Davao, The Contact Center Association of the Philippines (CCAP) is forecasting a talent increment of 48% for high-skilled BPO jobs in the provinces and estimates that the global BPO industry will grow by 6% every year over the next six years.
The Philippines has been one of the top destinations for companies looking to outsource some of their operations, such as customer service, accounting and payroll services. The BPO industry has singlehandedly driven the economy in recent years. With a huge workforce, excellent English skills and low costs.
Nearsol has recently set foot in the developing region VI-Western Visayas in the City of Iloilo, situated in the southern and north-eastern portion of Panay island, Iloilo province is becoming an increasingly more visible investment destination given its geographic centrality, continuous infrastructure development, skilled human resources and cultural attractions, having led the economic expansion of the whole Region VI region.
Accessibility is a major advantage for Iloilo, with the Iloilo International Airport currently the country’s fourth busiest and providing five weekly direct international flights to and from Hong Kong and Singapore and 58 domestic flights to and from the other key cities in the Philippines. Additionally, Iloilo has modern seaports that serve as main trans-shipment hubs connecting Manila and Mindanao. The Iloilo City port remains the third largest in the country, This is complemented by an extensive network of roads and bridges on the island of Panay, which facilitate efficient commuting and ease traffic.
Iloilo City is a highly urbanized commercial hub; the city has the most number of banks outside of Metro Manila. With approximately 115 banks and burgeoning services sectors, it has been included in the Tholons consultancy 2016 list of the “Top 100 Outsourcing Destinations” worldwide.
Iloilo BPO Facts
TOTAL POPULATION: 2,367,981 (1,211,591 Ages 21-59)
EST. AVAILABLE LABOR FOR BPO: 970,187
EMPLOYED IN BPO: 21,000 in 2016 and 15,000 more will be needed in 2017
NET AVAILABLE LABOR FORCE FOR BPO: 968,187
ENGLISH PROFECIENCY LEVEL: Business Prof. Index: 7.95 Functional Literacy: 82.6%