The Outsourcing Week in Review: Thursday, September 16, 2021

Outsourcing-week-in-review-1-1
  • Home
  • Articles
  • The Outsourcing Week in Review: Thursday, September 16, 2021

Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

Foreign investments jumped 46% to P22.5 billion in Q2, as global investors begin their return. The investments offer valuable assistance in helping revive the Philippines’s COVID-stricken economy. According to data released by the Philippine Statistics Authority (PSA), total foreign ventures grew 23% in the second quarter, which were mainly driven by UK projects.

Are you hiring? The IT & Business Process Association of the Philippines (IBPAP) is projecting over 452,000 new direct hires by 2022.  This is in addition to the sector’s current 1.3 million employees. In order to retain its talent, Department of Labor and Employment (DOLE) has helpfully suggested prioritizing the mental health of BPO employees. DOLE Institute for Labor Studies senior officer Ronell Delerio cited a 2020 study titled “Between Resilience and Transformation: Mental health interventions and challenges in the IT-BPO sector through the Covid-19 crisis,” which revealed that only two out of five IT-BPO firms in the country have a “distinct” mental health policy. Delerio added that BPO employees can’t be expected to perform their best if they are “really sad, depressed or anxious.”

To fully utilize investors’ trust, investments promotions agency Philippine Economic Zone Authority (PEZA) is urging Saudi Arabian investors to expand their businesses across economic zones in the country. PEZA Director General Charito Plaza is promoting the agro-industrial, agroforestry, mineral processing, halal hubs, aqua-marine, and renewable energy parks industries for Middle Eastern companies who are interested in investing in the country. In addition, the Department of Trade and Industry (DTI) is inviting Japanese firms to take part in US$14.07 billion worth of investments for the country’s supply chain and logistics sectors. DTI Secretary Ramon Lopez also highlighted investment opportunities in the construction, manufacturing, and services industries. Lopez noted that the Philippines is “ready to ‘Make It Happen’ for Japanese manufacturers that rely on innovative product design, high-quality standards, and world-class manufacturing workforce.”

Starting today, September 16, Metro Manila, and the National Capital Region (NCR) will be placed under Alert Level 4. This is the launch and pilot test of the new COVID-19 alert system, which will be implemented until September 30 – unless extended. Alert Level 4 areas are those classified “with an increasing COVID-19 transmission rate and high total bed utilization in Intensive Care Units (ICU).”

Despite the economic challenges of the continued lockdown restrictions, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno proudly highlighted the results of the July 2021 Labor Force Survey, which revealed a record-low unemployment rate of 6.9% since the pandemic hit. However, one study suggests that current ‘political infighting’ is detrimental to the country’s economy, according to Fitch Solutions Country Risk & Industry Research. In a commentary, Fitch downgraded the country’s short-term political risk index score from 64.8 to 64 out of 100, noting that political the fracas “will likely distract the government at a crucial time when the economy is still trying to recover from the pandemic-induced recession.”

Business leaders are desperately hoping for a solution to the lockdowns as 70% of Philippines-based CEOs reported a daily sales and profit downturn of at least 10% due to the restrictions. According to the newly released PwC MAP 2021 Philippine CEO survey, which surveyed 178 CEOs from July to August, 60% of the respondents were not satisfied with the country’s vaccination efforts. Despite this, 74% remain confident that they’ll experience revenue growth in the next 12 months, while a whopping 91% of respondents are optimistic that their business will grow in the next three years. That’s the spirit! Keep calm and carry on…

To help bolster the government’s vaccination campaign, the Metro Manila Council (MMC) requested the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to consider relaxing quarantine restrictions for fully-vaccinated individuals in the National Capital Region (NCR). MMC Chairman Benjamin Abalos said that this move will help encourage people to get their vaccine jabs as well as allowing the industries and services that are severely hit by the pandemic-induced lockdowns to open up. [Excitedly holding breath]

However, the Philippine Chamber of Commerce and Industry (PCCI) expressed its opposition to these proposed protocols. In a statement, PCCI acting president Edgardo Lacson said this “discriminatory” policy wouldn’t help in the country’s economic revival, as most vaccinated people are senior citizens with comorbidities. [Long sigh…]

Last week, Inside Outsourcing reported that the Philippine government has lifted the travel ban in 10 countries, including India, United Arab Emirates, Thailand, Malaysia, and Indonesia. This week though, the national government issued a temporary travel ban on travelers coming from nine red-listed countries from September 12 to 18. These banned countries include Switzerland, Guam, Israel, and Kosova.

Tough times.  But maybe there is a glimmer of light at the end of the tunnel.  How are you doing?

https://media.giphy.com/media/n0AYAELt5C8P6rUVDk/giphy.gif

 

Thursday, September 16, 2021

NEWS THIS WEEK

 

15 September 2021

  • 70% of CEOs report profit decline, 60% ‘unsatisfied’ with PH’s vaxx efforts – read article…
  • Russia-based Tinkoff Bank to invest in PH – read article…
  • Political infighting may delay PH recovery – read article…

14 September 2021

13 September 2021

10 September 2021

  • USAID gives additional US$11.3M COVID-19 fund to PH – read article…
  • Foreign investments jumped by 46% in Q2 – read article…
  • MMC urged IATF to consider easing restrictions for fully-vaxxed people – read article…
  • CSC, JobStreet offer 24k jobs thru virtual career fair – read article…

9 September 2021

Start your
journey today

  • Independent
  • Free
  • Transparent

Get the most out of your money with Outsource Accelerator

Scale your business fast while reducing costs —
the average all-in employment costs in the
Philippines are typically 70% less than its
Western counterparts

Philippines United Kingdom Australia United States
Software Developer
$7,221
$39,913
$62,653
$81,994
HR Manager
$9,506
$46,669
$66,518
$78,007
Team Leader
$7,152
$31,174
$45,428
$75,823
Accountant
$5,959
$58,479
$67,190
$72,923
Copy Writer
$4,767
$52,088
$56,600
$62,653
Customer Service
$3,337
$22,137
$29,717
$35,275
Virtual Assistance
$2,285
$39,066
$42,240
$31,797
Select a role to view salaries
Philippines $7,221
United Kingdom $39,913
Australia $62,653
United States $81,994

Avoid guesswork. Talk to the experts, free.

Get 3 free quotes

You can save 70% on staff costs, whilst driving quality & growth. Connect with an outsourcing expert to see how outsourcing can transform your business.

Why choose us?
  • Independent and unrivalled expertise
  • We carefully match you from 900+ leading suppliers
  • Access to Outsourcing Savings Calculator & Report

Get Started

How many staff to outsource?

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.