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Welcome to Inside Outsourcing: The Outsourcing Week in Review
THE WEEK IN REVIEW
The Board of Investments (BOI) may not meet its goal of P905 billion (US$17.9 billion) in investment pledges this year. BOI Managing Head Ceferino Rodolfo said that COVID-19’s Delta Variant dampened the country’s investor sentiment, and noted that they will need “until at least the first or second quarter next year” to meet the set target. Ecozone targets also fell well short of expectations, as they recorded a steep decline in the first three quarters. Ecozone investments dropped 25% P51.202 billion (US$1.02 billion) in this period, compared to last year’s P68.49 billion (US$1.37billion). Philippine Economic Zone Authority (PEZA) Director-General Charito Plaza said that while the number of approved investments declined, existing ecozone investors are retained.
The country’s Gross Domestic Product (GDP) growth for Q3 declined to 7.1% from the previous quarter’s 11.8%. On the bright side though, Q3’s GDP went “above expectations” compared to the same period last year, when the GDP shrank by 11.6% amid the lockdowns. There are hopes now that the Philippines is starting to emerge from the impact of the Pandemic. As a way to further reopen the economy, Malacañang announced that the mobility restrictions for Metro Manila will be downgraded to Alert Level 2 from November 5 to 21 – unless extended. This lighter restriction means that indoor establishments can operate to 50% capacity, while outdoor establishments can operate up to 70% capacity given all employees are fully vaccinated.
For the first week of this new alert level 2, the Department of Trade and Industry (DTI) expected around 100,000 further workers to return to their jobs. DTI Secretary Ramon Lopez also noted that they project additional ₱3.6 billion weekly revenues as computed by the National Economic and Development Authority (NEDA). Since about 88% (or 8.6 million) of Metro Manila’s population has been vaccinated, the Metro Manila Council (MMC) and the Metropolitan Manila Development Authority (MMDA) have also decided to lift the curfew restrictions in the capital region. Party time!
Since we’re on the topic of going back to work, the IT & Business Process Association of the Philippines (IBPAP) said that they’re willing to accept the Fiscal Incentives Review Board (FIRB)’s 10% on-site work rule based on employee headcount (not revenue). In an interview with One News, IBPAP Board of Trustee Celeste Ilagan said they’re letting outsourcing firms create their strategy in “letting people back to work,” as the agency also encourages the BPO workforce to get vaccinated.
In line with this, 47.8% of Filipino employees say they are open to a hybrid work setup in the next six months, as revealed in a survey conducted by health insurance firm PhilhealthCare (PhilCare). According to the study, respondents agreed that workplaces are “adapting well” to the pandemic. In Cebu, global realtor Colliers International believes office leasing demand in the province’s business districts will significantly recover this year. Colliers Associate Director for Research Joey Bondoc said that the office leasing market will mostly be “driven by companies based in the US and other major economies” that will expand and outsource their services in the Philippines.
In other COVID news, the Philippines last week recorded the lowest number of new COVID infections since March 2021. The Department of Health (DOH) announced that Metro Manila’s number of COVID infections have been significantly declining. However, Health undersecretary Maria Rosario Vergeire announced that they detected the first case of the COVID-19 Kappa variant in the Philippines. Vergeire said that they’re doing “further investigation” as they strictly monitor the new variant.
Are we finally out the other side with the pandemic?
Thursday, November 11, 2021
NEWS THIS WEEK
10 November 2021
- PH GDP grew to 7.1% year-on-year in Q3 – read article…
- PH falls behind APAC economic integration – read article…
- Citi, Sun Life partner for 1st middle office outsourcing in PH – read article…
- Almost 50% of Filipino employees open to hybrid setup – read article…
- PH ready to welcome foreign travelers – read article…
09 November 2021
- Ecozone investments dropped by 25% – read article…
- 100K workers returned to work after NCR’s shift to Alert Level 2 – read article…
- PH GDP revised to 12% in Q2 – read article…
- PH records first Kappa COVID-19 variant case – read article…
08 November 2021
- 97% of PH firms compliant with DOLE’s holiday pay policy – read article…
- Cebu’s office leasing market to recover next year – read article…
- 64% of PH adults willing to get vaxxed, 18% still hesitant – SWS – read article…
- PH GDP growth expected to slow down in Q3 – read article…
05 November 2021
- NCR under Alert Level 2 starting Nov. 5 – read article…
- RCEP to take effect on January, PH rushes ratification – read article…
- ADB, Indonesia, Philippines launch ETM partnership – read article…
- BOI unlikely to meet its P905bn 2021 investment target – read article…
04 November 2021
- 88% of NCR residents fully-vaxxed, MMC to lift curfew starting Nov 4 – read article…
- DTI urge firms to strengthen AI adoption – read article…
- Lowest number of COVID-19 infections recorded in PH since March – read article…
- IBPAP willing to follow FIRB’s on-site work rules – read article…
