The Outsourcing Week in Review: Thursday, April 22, 2021

Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

Investors remain optimistic for the Philippine economy as it shows apparent signs of recovery. This January, the country’s net Foreign Direct Investment (FDI) inflows recorded their highest level since 2019, as it climbed by 45% to $961 million. According to the Bangko Sentral ng Pilipinas (BSP), equity capital placements were received from Singapore, Japan, and the Netherlands.

According to a report by real estate agency Leechiu Property Consultants (LCP), business in Iloilo City is looking good as the burgeoning outsourcing destination took up most of the country’s BPO office space last year, surpassing even the major hubs of Makati, Ortigas, and Bonifacio Global City (BGC) in Metro Manila.

The BPO Industry Employees Network (BIEN) called on the government to include BPO workers in the priority groups for COVID-19 vaccinations, saying that they are to be considered as “economic frontliners.” BIEN President Mylene Cabalona said the non-inclusion of the BPO sector on the vaccination priority list is a “blatant” disregard to the positive impact and services of the industry.

The Philippines continues to focus on cultivating its ties with nations around the world. Last week, the country celebrated the 75th anniversary of PH-United States diplomatic relations – through a virtual event – where government representatives discussed prospects to enhance two-way trade and investments, as well as economic recovery plans. Let’s hope the Biden administration supports the economic benefits of outsourcing and globalised employment. Aside from the US, the Department of Trade and Industry (DTI) also met – virtually – with representatives of the Polish Chamber of Commerce and the Poland Ministry of Economic Development. The European country – and tech hotspot for developer outsourcing – is exploring economic ventures in the Philippine technology and agriculture sectors.

Back in Asia, the DTI urged representatives of the Chinese Enterprises Philippine Association (CEPA) to expand their businesses in infrastructure, equipment manufacturing, and information technology. Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo said the country remains an “ideal investment destination.”

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Despite the “ideal destination” talk, the Philippines has once again extended its COVID foreign travel ban until April 30, with limited exemption to aliens with entry documents given before March 22. So, foreigners are almost invited in – virtually.

To further ensure economic recovery, BSP Governor Benjamin Diokno admits that mass vaccination is the key. In a briefing, Diokno noted that the country “can go back to where we were before… based on how fast we can deploy our vaccination.” In line with this, the Department of Science and Technology (DOST) revealed that it’s in “advanced talks” with six potential local vaccine manufacturers. The country also received an additional supply of 500,000 Sinovac’s COVID-19 vaccines. The Beijing-based vaccine manufacturer previously committed to delivering 1.5 million doses of the vaccine this April, and a further two million in May.

In other outsourcing news, next-generation customer experience specialist, Everise, was named the winner of the Catalyst Company Award by FITS Asia. The award recognizes companies with “cutting-edge initiatives and platforms in evolving customer experience and accelerating digital transformation.” According to Everise CEO Sudhir Agarwal, their “investments in digital transformation services and a strong, agile, and innovative culture continue to be catalysts that enable our partners to remain resilient.”

Additionally, the Probe Group-owned BPOs Microsourcing and Beepo announced the appointment of its new CEO, Haidee Enriquez. Enriquez, who has moved across from Sitel, brings a wealth of experience to the role, as she has spent almost two decades in management positions within the Philippine BPO industry.

In its latest state-of-the-industry report, IT service management company ISG Group noted that the Information Technology (IT) and business services sector in Europe, the Middle East, and Africa (EMEA) regions had seen record demand in the first quarter of the year. The report disclosed that the ‘as a service’ and managed services’ combined market generated $6 billion for the quarter, climbing 20 per cent year on year.

Meanwhile in India, the COVID-induced high demand for tech talent has resulted in “alarming” voluntary attrition rates. Some of the country’s leading IT-BPO providers have experienced increased attrition rates with Infosys’ rates climbing to five per cent in Q1 2021, while Wipro’s attrition rate also rose by 1.1%.

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Thursday, April 22, 2021

NEWS THIS WEEK

 

21 April 2021

  • BPO sector pushes for priority vaccination list inclusion – read article…
  • Chinese investors urged to expand in PH – read article…
  • PH named second best investment destination for renewable energy in SEA – read article…

20 April 2021

  • FIRB targets to pass CREATE IRR on May 17 – read article…
  • PH extends foreign entry ban, allows aliens with travel exemptions – read article…
  • India’s IT sector faces alarming voluntary attrition rates – read article…

19 April 2021

16 April 2021

  • EMEA IT and business services market ‘remains robust,’ hits $6bn in Q1 – read article…
  • PH-US celebrates 75 years of diplomatic ties – read article…
  • Two-week ECQ displaced 1.5 million workers – DTI – read article…
  • PH gov’t in talks with six potential vaccine manufacturers – read article…

15 April 2021

14 April 2021

Read more Inside Outsourcing Newsletters here:

  1. The Outsourcing Week in Review: April 7, 2021
  2. The Outsourcing Week in Review: April 29, 2021

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