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Welcome to Inside Outsourcing: The Outsourcing Week in Review
THE WEEK IN REVIEW
Are you on the go but still want to stay updated on the latest industry news? That’s what the Inside Outsourcing: Philippine edition is for. Let’s get started before we take too much of your time!
Several key IT & Business Process Association officials of the Philippines (IBPAP) officials affirmed their strong commitment to the Philippine IT-BPM industry. In a press release, IBPAP Vice-Chair and Infosys BPM Country Head Ayhee Campos said she is excited to promote the country’s competitive advantage in talent creation, development, and building a gender-equal culture in the outsourcing industry. IBPAP Chairman and Accenture Senior MD Benedict Hernandez also encouraged stakeholders to join in their goal of generating 2.5 million direct employment and US$59 billion in revenues in the industry by 2028.
Meanwhile, House Speaker Martin Romualdez sought a possible digital partnership between the Philippines, the United States (U.S.), and India. According to Romualdez, this collaboration “is very important” as it puts the three countries at the forefront of digital public infrastructure. It also aligns with Philippine President Ferdinand Marcos Jr.’s goal of accelerating the country’s digital transformation. Last year, India’s IT and business process management industries accounted for over 55% of the global outsourcing market, while the United States Agency for International Development (USAID) allotted US$18 million for the digital transformation of Philippine-based small and medium enterprises (SMEs).
Department of Trade and Industry (DTI) Secretary Alfredo Pascual said local technoparks are “viable and supportive locations” for emerging businesses. During the groundbreaking ceremony of the Batangas Technopark, Pascual explained that technoparks are known to highlight SMEs and environment-friendly offices. The trade chief added that technoparks increase employment and showcase the country’s manufacturing, automotive, electronics, assembly, and logistics sectors.
Speaking of investments, Outsource Accelerator (OA) Source Partner Cloudstaff and TaskUs backer Navegar plan to make significant ventures in fast-growing Filipino businesses over the next two years. The private equity firm’s Co-founder and Managing Partner, Nori Poblador, said they are bullish on the country’s post-pandemic recovery and economy. The government’s fiscal and infrastructure could also draw more interest and raise confidence among investors.
Multilateral lender International Monetary Fund (IMF) expects the Philippines to post the “fastest growth in emerging and development” in Asia this year after raising their GDP outlook to 6%. In its latest World Economic Outlook (WEO), IMF said that the country and its neighbors’ economic prospects “are on average stronger than for advanced economies.” The IMF added that emerging markets such as the Philippines have smoothly managed the aggressive tightening of the monetary policy compared to advanced economies.
In other news, the Philippines maintained its 95.2% employment rate in February 2023. According to Philippine Statistics Authority’s (PSA) latest data, around 48.80 million Filipinos were employed in February, with the services sector consistently dominating the labor market with 59.6%. Socioeconomic Planning Secretary Arsenio Balisacan said the most recent labor rate data “suggests that the Philippine labor market is steadily recovering.” However, House Committee on Ways and Means Chairman Joey Salceda urged the government to figure out the job skills needed for the Philippine economy. Salceda said that most fresh graduates lack hard skills due to the pandemic. While Salceda said there should be no debate about prioritizing soft skills over hard skills and vice-versa, Filipinos have “to figure out what kind of skills, in general, our economy needs to thrive and be resilient.”
The Public Employment Services Office (PESO) is opening nearly 5,000 jobs in an upcoming job fair in Mandaue, Cebu. PESO-Mandaue Head Musoline Suliva said that the fair is part of Mandaue City Mayor Jonas Cortes’ promise not to leave anyone behind as the city progresses. At least 33 local and four overseas firms are expected to participate in the job fair, most looking for production and mall workers, nurses, carpenters, and call center agents.
Web attacks targeting Filipino companies increased by 22% in 2022. Cybersecurity firm Kaspersky revealed that web-based threats in the country increased from 382,940 in 2021 to 492,567 last year. Kaspersky Southeast Asia General Manager Yeo Siang Tiong said that 2022 was a period of reopening for most businesses in Southeast Asia. Kaspersky blocked 13.34 million web attacks from infecting South Asian companies in 2022, up 45.3% from 2021.
And for some uplifting news, managed services provider and OA Source Partner iQor registered its charitable organization, iQor Qares, in the Philippines. iQor SVP of Global Recruitment and Philippines HR Fleurette Navarro said that their charitable arm would expand their ability to help their Philippines community. All donation proceeds would go to local iQor employees, their family members, and their communities needing financial assistance due to life-altering or catastrophic events beyond their control.
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Thursday, April 20, 2023
NEWS THIS WEEK
14 April 2023
- PH technoparks cited as ‘viable locations’ for investors – read article…
- PH maintains 95.2% employment rate in February – read article…
- Cebu job fair to offer 5K jobs – read article…
- IMF raises PH GDP outlook to 6% – read article…
13 April 2023
- Cloudstaff, TaskUs backer eyes major investments in PH – read article…
- IBPAP officials affirm commitment to PH IT-BPM sector – read article…
- iQor registers charitable org in PH – read article…
- PH should assess jobs skills needed for economy — lawmaker – read article…
