The Outsourcing Week in Review: Thursday, February 23, 2023

Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

Hello, dear reader! Pisces season is upon us. They say this time is about finding balance. Let’s see if that’s the case for the Philippine outsourcing industry…  we’ve got you covered!. 

President Bongbong Marcos’ recent international trips generated $23 million in investments to the information technology business process management (IT-BPM) industry, according to the Board of Investments (BOI). The Philippine Statistics Authority (PSA), meanwhile, reported that total approved foreign investments (FI) reached P173.61 billion (US$3.15 billion) in the fourth quarter of 2022, up 30.1% from 2021’s figures. House Speaker Martin Romualdez said that the immediate ratification of the RCEP Agreement will bolster investments and will allow greater participation in the areas of digital services and business process outsourcing (BPO) industry. BPO firm TDCX said fintechs have increased their utilization of outsourcing by 40% in the last fiscal year to fill talent gaps.

There may be a silver lining to the recession in the West. Real estate firm Santos Knight Frank (SKF) said more foreign companies would put up back offices in the country to cut operating costs. SKF also says Manila is poised to join Shanghai, Singapore, and Tokyo as a choice data center destination. The country signed an agreement with Japan’s Ministry of Internal Affairs and Communications (MIC) to encourage cooperation, development, enhancement, and integration in the ICT industry. A business delegation from the Czech Republic is currently in the Philippines to explore possible business opportunities in the technology, transportation, and energy sectors.

Negros Occidental’s provincial government is planning to develop a hub for business process outsourcing (BPO) firms, according to Governor Eugenio Lacson. Real estate management firm Colliers said the booming gig economy offers plenty of untapped potential for the local real estate industry. To take advantage of the thriving real estate sector, developer Johndorf Ventures Corp (JVC) expects to host more BPO firms and economic frontrunners in their new high-rise at the Cebu Business Park. Global travel management outsourcing firm Dyninno Philippines Cebu will hire 250 additional workers to catch up with the rising demand for international travel.

Fintech Solutions firm Payoneer is inviting women leaders of the BPO industry to ‘Payoneer WOMENtrepreneurs Meetup: Connect with women leading the PH outsourcing sector’ happening on March 9. The event aims to provide an arena where women can share their stories, wisdom, and tips on how women can continue to go beyond in the outsourcing industry. Teleperformance Philippines entered into a partnership with Life Project for 4 Youth (LP4Y), a non-profit organization dedicated to the professional and social integration of young adults living in extreme poverty and exclusion. Sitel is looking to upskill 15,000 job seekers who want to enter the IT-BPM industry this year. Telecommunications company Converge Information and Communications Technology Solutions will launch its services in Boracay by the end of the first quarter of 2023.

We think the Pisces season balance may have some truth to it.

Thursday, February 23, 2023

NEWS THIS WEEK

22 February 2023

• Converge to reach Boracay by the end of Q1 – read article…
• Payoneer to host female BPO leaders’ conference  – read article…
• Gig economy offers untapped opportunities for real estate industry – read article…
• Teleperformance partners with nonprofit to support marginalized youth’s education – read article…

21 February 2023

• PH registers 2-year high BOP surplus, reverses 2022 deficit – read article…
• PH falls 21 spots in 2022 Global Knowledge Index  – read article…
• Marcos’ foreign trips gets $23M worth of IT-BPM investments  – read article…
• Asticom certified as ‘Great Place to Work’   – read article…

20 February 2023

• EastWest BPO amps up employee engagement – read article…
• RCEP to attract investors, BPO firms – House Speaker  – read article…
• Manila poised to join Asia’s top data center destinations  – read article…
• Negros Occidental provincial gov’t to build BPO hub  – read article…

17 February 2023

• Sitel Academy aims to train 15K jobseekers this year – read article…
• U.S. inflation will open more IT-BPM investments in PH, says property expert  – read article…
• Fintechs increase outsourcing utilization by over 40% — TDCX report – read article…
• Czech delegation seeks PH partnerships  – read article…

16 February 2023

• Dyninno to hire 250 more employees in Cebu – read article…
• Real estate developer JVC to host more BPO firms in new tower  – read article…
• DICT, Japan gov’t strengthen ICT collaboration  – read article...
• PH records P173Bn investment pledges in Q4  – read article…

Read more Inside Outsourcing Newsletters here:

1. The Outsourcing Week in Review: February 21, 2023
2. The Outsourcing Week in Review: February 28, 2023