October 5, 2011: The trade and Development Board of the United Nations Conference in Trade and Development held at Geneva showcased the trends and uplift of BPO industry in the Philippines in the recent years. The country which has been ranked second in the global outsourcing business has achieved many milestones in the recent years and has been considered as a perfect destination for outsourcing works by many global players. This was the 58th secession of UNCTAD meet that was held at Geneva.
Many eminent personalities form Asia addressed the meeting, which was exclusively on the implications if none equity modes of international production. It also addressed trends in services, contract farming and franchising. Discussions were made on outsourcing and contract manufacturing too.
There were immense compliments given to the Philippines Business Process outsourcing and Information Technology business. Discussion on the how the nation grew so fast and what more should be done to maintain the track record were also done. According to discussion the major reason for attraction towards Philippines BPO industry are the cost effectiveness and excellent communications infrastructure facilities available in the nation which ensures international standards in outsourcing business. Moreover the nation is in abundance with immense work force with required talent and educational qualification.
The government in Philippines has played a major role for the uplift of the nation as they maintain strong public and private partnerships. Experts also suggested that it is low risky to rely on the Philippines outsourcing sector as the outsourcing industry in the nation prevail efficient security system and cultural advantages which has always been an issue for service buyers depending on the offshore vendors.
Today the Philippines outsourcing industry is the second largest BPO destination which has reached a revenue of about $ 9 billion in the financial year 2010 and also has managed to provide employment for over 530,000 people. The country has become an expert in service related to finance and accounting, Human Resource and also management services. Moreover some of the vendors in the nation deal with animation and engineering design.
The Asian Group, Ambassador Evan P. Garcia spoke that the total business generated by countries such as India, China and Philippines will come around 65% of global export revenues. Adding to the statement made by Asian Group Ambassador, the Trade Undersecretary for industries and Investments Cristino Panlilio said that offshore destination in Asia, particularly Philippines has immense untapped opportunities in the Business Process Outsourcing business. It was also added that by the year 2016, it is anticipated that the nation will generate $ 25 billion service export revenue and also provide employment to around 1.3 million people.