The Outsourcing Week in Review: Thursday, July 29, 2021

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Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

Over five trillion pesos (US$103b) in investments have been approved by PH agencies from 2016 to June 2021, according to data released by the Department of Trade and Industry (DTI).

Of that amount, the Board of Investments (BOI) approved PHP 4.33 trillion (US$ 86 billion), while the Philippine Economic Zone Authority (PEZA) approved PHP 841 billion (US$ 16 billion) investment contracts over the past five years. The data also revealed that the United Kingdom is the biggest source country of the BOI-PEZA approved foreign investments, followed by Japan, the United Arab Emirates, and the United States.

In line with this, the DTI has promised to make the Philippines more attractive to investors. DTI Secretary Ramon Lopez said the government is pushing for legislative reforms that are set to attract more foreign investments, including amendments to the Public Service Act, Retail Trade Liberalization Act, and the Foreign Investments Act. Additionally, in his last State of the Nation Address (SONA) held on Monday this week, President Rodrigo Duterte stated that the government is “committed to assist the private sector to regain the commercial vibrance of the country prior to the pandemic.” Here’s to hoping that the private sector will benefit from Duterte’s last year in office!

The Philippines can possibly become an e-commerce leader in the Southeast Asia (SEA) region, as believed by both the government and members of the private sector. In an event, Trade Secretary Lopez stated that the country “is built for commerce,” adding that its e-commerce industry has been growing significantly over the last few years with the DTI projecting that the number of e-commerce enterprises will grow from 500,000 in 2020 to 1 million by 2022.

In a survey released by the Management Association of the Philippines (MAP) and PwC Philippines, 70% of the interviewed CEOs believe that the country’s economy will recover from the negative impact of COVID-19 within three years. In terms of revenue outlook though, respondents are a little more optimistic. Eighty-five per cent are projecting revenue growth in the next three years, while 63% are expecting to see a rise in revenue in the next 12 months.

The country’s fixed broadband internet speed has sped up by 741%, while mobile speed improved by 341% compared to 2016 data, according to Ookla’s Speedtest Global Index for June. This progress could not be more welcomed, especially with the continued lockdown conditions. According to Cebu IT/BPM Organization’s (CIB.O) President Pert Cabataña, he expects the work-from-home arrangement in the Business Process Outsourcing (BPO) sector in Cebu will continue for two to five more years. The CIB.O president called for the accelerated rollout of telecommunications services to the countryside, adding that the government needs to fully digitalize its processes in speeding up the processing of telco firms’ permits to set up internet infrastructure.

In order to boost provincial innovation and progress the national AI roadmap, Cabataña said they are requesting support from the government for the development of a satellite research branch for artificial intelligence (AI). He added, “CIB.O will endeavor to participate in top efforts by negotiating for a branch research center to be located at the Cebu I.T. Park.”

In other BPO news, global outsourcing firm OP360 has announced that the first batch of its employees have been inoculated against COVID-19. According to a statement released by their Chief Administrative Officer David Highbloom, a total of 42 employees received their first dose of the AstraZeneca vaccine at the Visayas Community Medical Center (VCMC). OP360 is reportedly the first BPO firm in Cebu City that has successfully launched a vaccination drive for its employees.

Customized outsourcing solutions provider Premier BPO recently introduced V.I.E.W. (Visual Identification of Employee Workspace), an AI-powered virtual monitoring solution that ensures a third-layer of security by acting as a constant digital supervisor. According to Premier BPO COO David Shapiro, V.I.E.W. is “a revolutionary technology for the BPO Work from Home space,” adding that the firm is “looking forward to bringing more technology in the future.” Awesome job!

Away from business news for a minute, the entire Philippines is fervently celebrating its historic first-ever Olympic Gold Medal! Weightlifter Hidilyn Diaz won in the women’s 55kg division at the Olympics on Monday, lifting a combined weight of 224kg — 97kg in the snatch and 127kg in the clean and jerk. She placed above representatives from China and Kazakhstan, who won the silver and bronze medals respectively.

What an impressive feat, congratulations, Hidilyn Diaz and the Philippines! It further proves that there’s always a silver (or gold?) lining to every cloud.

 

Thursday, July 29, 2021

NEWS THIS WEEK

 

28 July 2021

27 July 2021

  • DTI aims to attract more investors to PH – read article…
  • Duterte urges PH lawmakers to welcome more foreign investors – read article…
  • Companies uncertain on SHS graduates’ work readiness – read article…
  • Hidilyn Diaz wins PH’s first Olympic gold medal, makes history – read article…

26 July 2021

23 July 2021

  • Canva bags top spot in “2021 Best Workplaces in Asia” – read article…
  • India, Philippines collaborate for Science and Technology – read article…
  • CEOs predict economic recovery in three years – read article…
  • PH can be SEA’s e-commerce leader, says DTI and private sector – read article…

22 July 2021

  • Premier BPO introduces software “V.I.E.W.” for home agents adding a third layer of security – read article…
  • PH internet speed improved by 741% – read article…
  • Lower unemployment rate not enough for PH job market – read article…
  • PH’s 12% exporter VAT suspended – read article…
  • Cebu’s IT-BPM group requests satellite AI research center – read article…

 

Read more Inside Outsourcing Newsletters here:

  1. The Outsourcing Week in Review: July 6, 2021
  2. The Outsourcing Week in Review: October 10, 2018

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