7 Things to Know about the Philippine Job Market

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Things to Know about the Philippine Job Market

The Philippines has quickly arisen as one of the best places to do business all around the world. The economy has responded to this aspect by opening up a lot of job avenues for everyone to pick up and contribute further to this economy. If you are in for the job, then you need to take note of the following affairs about the job market to ensure you prepare well to make the most of the opportunities available here. We have collected a lot of statistics to help you make informed decisions.

7. Business process outsourcing

In terms of the business process outsourcing, the Philippines is right after India in terms of the size and activities of this business. Given the population size and head start that India had in this business, the Philippines has done an impressive job to reach these heights. Even more impressive is the fact that the Philippines has already beaten India to the first position in terms of the size of the business of voice and call centers. For this reason, the Philippines is the world leader in voice and call center businesses as from the year 2010.

6. Impressive growth

When compared to the year 2013, 2014 saw to an impressive growth of 18.7% in terms of the business process outsourcing business. The Philippine industry saw to growth to $18.4 billion in terms of the revenue alone. If you consider the whole industry, the figures are mind-boggling. This impressive growth has been realized year over year with the peak yet to be attained as more growth prospects continue to rise. If one is in the business of business process outsourcing, they are destined for better things in the future as the industry is set for even more growth.

5. Even more growth

Experts in the business process outsourcing have made the prediction that the revenues for this industry in the Philippines will grow to at least $25 billion when the year 2016 is with us. The same experts point out that industry will realize $55 billion in revenues by the year 2020. Although the predictions by the IT and Business Process Association of the Philippines (IBPAP) scales back that 2016 prediction to $21.3 billion, the prospects of growth are very clear here and they point to better times for this industry.

4. More jobs in the BPO sector

As of this writing, more than a million people are working in the business process outsourcing business. By the end of the next year, more than 1.18 million jobs will be added to the figure existing. This aspect points to the fact that a lot is going on in this sector and in no time, the Philippines will be the first country in terms of the size of its business process outsourcing sector. With more jobs being created than any other sector of the economy, the BPO business is the best place to look for jobs and opportunities.

3. BPO taking over

At the moment, the remittances from overseas workers to the Philippines economy are about 10% of the total gross domestic product. However, as the rise in business process outsourcing has indicated, it will soon surpass these amounts from overseas in terms of its contribution to the economy. Already, the BPO industry is currently the biggest contributor to the gross domestic product of this country. Given that is also employs more people than any other sector and has the biggest potential for growth, there is the need to invest in this sector of the economy for the best returns.

2. IT-BPO firms are streaming into the Philippines

At this point, a lot of businesses dealing in information technology and in need of business process outsourcing are quoting the Philippines as the number one destination for their needs. With most firms from around the globe already invested in this industry, there is more to look out for given the impact the investments will have to the number of jobs available. For the most part, positioning yourself in the business process outsourcing job market is likely to yield more fruits compared to other industries.

1. Share of BPO exports

At least 77% of the BPO exports from the Philippines is to the United States and the companies originating there. The large chunk of the remaining 23% is to the countries from the Asia Pacific region. The nation has positioned itself as the destination to go to for all companies of the world given that more and more firms are seeking to outsource the business processes to cut on costs and improve their efficiency. With the government keen on improving this industry, there is no better place to be than the business process outsourcing industry in the Philippines.

Reasons or BPO growth in the Philippines

With the world literally flocking to the Philippines for business process outsourcing, there have to be reasons why it has become the best destination. Among the reasons cited by experts is the fact that there is cost competitiveness, a proven track record, excellent infrastructure, and a scalable and educated talent pool. The fact that there is adequate government support for this industry assures investors and business partners of good and clean deals which will attract more business partners. If you need a job and you have skills that are needed in business process outsourcing, now is your time to shine.