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