The Philippines can be considered as synonymous with the business process outsourcing (BPO) industry as the country is widely known as one of the best BPO destinations in the world. Even top companies around the world, such as Google, Facebook, and Apple, get a part of their team from the Philippines.
The BPO industry has helped the Philippines’ economy for years, but a trade war could affect it. Thankfully, Mitsubishi UFJ Financial Group (MUFG) said the BPO industry in the Philippines is mostly unaffected.
According to a report done by Business World, MUFG said the country continues to be a hotspot for BPO investors, which is all thanks to the country’s workforce’s ability in speaking fluent English.
Leong Sook Mei, ASEAN Head of Global Markets Research for MUFG, said via Business World that US companies are happy with the Philippines and will continue to outsource. On the other hand, Marie Diana Lynn C. Singson, head of Global Corporate Banking at MUFG Manila, also from the same report, said that the low cost is the reason behind why investors see the Philippines as attractive.
“I think BPOs are relatively shielded from the trade wars… Companies set up BPOs precisely because they want to minimize costs… even with a trade war, I don’t think we will see it affecting the BPO business,” Ms. Singson said via Business World.
In the Philippines, the BPO industry continues to expand to areas outside of Metro Manila. So far, there are BPO firms that look at areas in the southern part of the Philippines, such as Davao and Iloilo. Meanwhile, there are firms already starting to grow within Clark, Pampanga.
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