It is so nice to see foreign investors keep on coming back into the Philippines. Despite the world previously experiencing a recession at its worst scenario compared to the great depression in the 1930's, Philippine economy is still continuing to grow. This is because of the arising Business Process Outsourcing or BPO industries established by foreign investors in different parts of the country.
In the past few years, the world was mired in a deep recession wherein new jobs were scarce and some people specially in America, were losing their houses to foreclosure. But not in the Philippines. It was expected that the country's economy would somehow diminish, but it was very unlikely that the country would experience a recession. The tempestuous market environment of Philippines call center is a recession-proof industry and is one of the most important contributors to its economy.
The Business Process Outsourcing or BPO industry contributed a huge increase in the nation's economic growth and helped employ thousands of people. In 2008, the BPO industry output increased from US$4.5 billion to US$6.1 billion from the preceding year. The industry actually grew by 25 percent in 2009 and generated a revenue of US$7.2 billion, thus, making the country as the leading BPO destination in the Asia Pacific and one of the largest outsourcing service providers in the world.
Philippines call center is still accounted for the largest portion of the BPO revenues. There are over seven hundred call centers in the Philippines based on 2005 industry estimates. In 2009, employment growth from the BPO industry reached to 18 percent with a total of 400,000 hired people and 280,000 of them are working as call center agents. There is no sign of decelerating when it comes to creating new jobs from the BPO sector and the said industry is believed to have the capacity of employing one million people within the next five years.
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