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Outsourcing News for October 2013 | MicroSourcing

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PH BPO Workers Must Save for a Rainy Day

by: Sarah Joson

Thursday, October 31, 2013 | Outsourcing News | Comments (0)

Financial Advice for the BPO Workforce of the Philippines

According to one of Sun Life-AIM’s financial planners, Joyce Tankeh, the younger group of business process outsourcing (BPO) workers is noticeably spending more because of their larger than usual salaries. A fresh college graduate who is working in the industry can earn at least P20,000.

Tankeh said BPO employees should create their own analysis of the benefits that they receive from their companies so they can at least make estimates for their future. This is really important because not all BPO firms offer retirement packages.

The financial planning expert added that this particular group needs to have goals. For instance, a short-term goal could mean a new gadget or an out-of-the-country trip. Another type of goal is medium-term, which could be buying a house or a car. The last one is the long-term goal which basically focuses on retirement.

Early retirement was also discussed by Tankeh. She said it’s a popular decision among her clients who are in their 20s. She concluded that apart from setting goals, BPO employees should work on a strategy in achieving them, which includes being frugal.



BPO Earnings to Surpass OFW Remittances

by: Sarah Joson

Wednesday, October 30, 2013 | Outsourcing News | Comments (0)

According to a Monetary Board executive, in five years’ time, the revenues from the business process outsourcing (BPO) sector will exceed remittances from overseas Filipino workers (OFWs).

Earnings from the BPO sector to surpass OFW remittances

During the 39th Philippine Business Conference Expo, former Socioeconomic Planning Secretary Felipe Medalla said with the robust state of the local BPO sector worth $16 billion, it will surpass OFW remittances which are currently worth around $24 billion. The BPO sector grows 10 percent a year and is expected to be worth $20 billion next year.

 The rise of BPO has also created a domino effect for employment and demand for properties. However, Medalla said talent shortage is still a challenge that the Philippines has yet to overcome.

Meanwhile, cash remittances from OFWs increased 6.8 percent during the first eight months of this year which amounts to $1.9 billion. Year-on-year, it increased by 5.9 percent.



DOST Sees more ICT Opportunities for Visayas

by: Sarah Joson

Friday, October 25, 2013 | Outsourcing News | Comments (0)

Robert Dizon, Assistant Secretary of Strategic Plans and Programs Engineer at DOST, said the Information and Communication Technology (ICT) is emerging as one of the high-impact sectors in the country with the continuous growth of business process management hubs not only in Manila but in other areas such as Visayas as well.

Development of Information and Communication Technology hubs outside Manila

Asst. Secretary Dizon added that Dumaguete and Iloilo City are the frontrunners of the Visayas region in the Next Wave Cities program which aims to develop ICT hubs outside Manila. The program’s rating factors include size of workforce and telco infrastructure. Meanwhile, Bacolod City and Metro Cebu are identified as centers for excellence for ICT management.

The ICT sector is predicted to employ 1.3 million professionals and earn $25 to $27.5 billion in revenues. It is also expected to be worth $50 billion by 2015.

Meanwhile, the Department of Science and Technology will focus on non-voice, complex processes such as animation, game development, healthcare management, human resources, and other information technology-related services.



US Firms to Produce more Jobs for Filipinos

by: Sarah Joson

Thursday, October 24, 2013 | Outsourcing News | Comments (0)

US companies such as American International Group Inc. (AIG) in New York and Capital One Financial Corp. in Virginia are expected to start back office operations in the Philippines, creating more job opportunities for Filipinos.

US Companies to Start Outsourcing Back Office in PH

According to Pasig City Representative Roman Romulo, the arrival of these companies is a great opportunity for Filipinos who are currently looking for jobs. Moreover, he said it will contribute to the growth of the business process management (BPM) industry of the country as Western businesses prefer the Philippines because of its ability to drive innovation and highly creative workforce.     

Romulo is the main supporter of the BPM industry and is the House higher and technical education committee chairman. He also co-authored the Data Privacy Act which aims to ensure the security and confidentiality of personal details of clients.



PH Stock Market Expected to Grow next Year

by: Sarah Joson

Wednesday, October 23, 2013 | Outsourcing News | Comments (0)

Expected growth in PH stock market

According to Col Financial Group, Inc. Head April Lee-Tan, they are still optimistic that the stock market will continue to pull up and reach 7,000 next year. However, the flattish earnings of local banks might pose a threat.

Meanwhile, Nomura Equity Research, the research division of Japanese investment bank Nomura, stated that on the earnings and profitability side, the Philippines will post slower growth compared to its counterparts in Southeast Asia. The bank added that Singapore and the Philippines might post the lowest growth rates while the region could experience an average growth rate of nine percent next year.

On the other hand, Tan noted that the country will withstand the challenges as it possesses a strong fundamental framework. She added that even with the unstable state of foreign economies, the Philippines will stay resilient.

Three things that are seen reinforcing the strength of the Philippine economy are the current account surplus of the country, remittances from overseas Filipino workers, and the strong business process outsourcing (BPO) sector.



PH Orgs Set to Promote the Country in the US

by: Sarah Joson

Tuesday, October 22, 2013 | Outsourcing News | Comments (0)

Promoting the Philippines for Healthcare IT Outsourcing

The "HIM-BPM USA Roadshow" which will be launched this week is expected to promote the Philippines as a strong player in the health information management (HIM) and business process management (BPM) segments in the outsourcing industry.

Local industry bodies such as the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP), Department of Science and Technology’s Information and Communications Technology Office (DOST-ICTO), Department of Trade and Industry-Board of Investments (DTI-BOI), and the Information Technology and Business Process Association of the Philippines (IBPAP) will participate in the event.

The roadshow will focus on key business regions such as New York, Washington, D.C., and San Francisco, and will end on a high note as the delegates will also attend the 85th American Health Information Management Association (AHIMA) Convention and Exhibition in Atlanta, Georgia on October 28-30.

The AHIMA is an important HIM gathering in the US where over 4,000 healthcare professionals participate in a discussion about the state of the healthcare industry across the globe.

According to Josefina Lauchangco, President of HIMOAP, the roadshow is expected to reinforce the Philippine HIM industry as a key HIM outsourcing destination, therefore creating more opportunities for the healthcare segment.



Cebu BPOs Bear up against Earthquake

by: Sarah Joson

Monday, October 21, 2013 | Outsourcing News | Comments (0)

The 7.2 magnitude earthquake which occurred last Tuesday morning in Cebu and Bohol prompted business process outsourcing (BPO) firms to halt operations. Employees were evacuated from the premises immediately after tremors ended, and were advised to report to work the following day.

BPO firms prioritize safety

According to the Information Technology and Business Process Association of the Philippines (IBPAP), safety is always the top priority of BPO firms. The organization also said only minor damages were sustained by BPO buildings.
Jomari Mercado, President of IBPAP, added that since the BPO structures are relatively new, almost everything is compliant with the newest safety codes for construction.


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