Philippine BPO industry future

The paradigm shift is that, the technology has enabled global exchange of BPO services. Today, Philippine BPO industry had matured to the extent that the costs are normalizing and becoming attractive. Over the last decades BPO has been catering to number of services like retail, insurance, banking, finance, health care, telecommunications, travel, technology, hospitality and many more.

Today, many offshore firms are consolidating and standardizing their operations by outsourcing their task to third parties. There are many Philippine BPO service providers offer cost effective and focused management expertise. In the present scenario many UK and US based firms are looking at Philippines and other South Asian territories to outsource their services.

According to a research by BPO analyst firm

80 percent of the firm claimed that, outsourcing has increased their competitiveness.
87 percent of the companies said that, outsourcing had improved their internal processes.
While 77percent of the companies said that, they could see a significant drop in their operational cost through outsourcing.

The Philippine BPO services are expected to grow at a significant rate per year. The growth rate will be about billion by the year 2010. The BPO business will be booming despite the current economic recession. The economy will stabilize and there five fold growth of the Philippine BPO industry within the next five years.