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This is Google's cache of http://www.ft.com/cms/s/0/1658baac­f30a­11e4­a979­00144feab7de.html. It is a snapshot of
the page as it appeared on 20 May 2015 01:39:39 GMT. The current page could have changed in the meantime. Learn
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EM SQUARED May 5, 2015 1:41 pm
T
undefined
David Robinson
Rapid emergence as a global hub adds to consumer dynamism
he Philippines has gone from regional laggard to
become one of the fastest­growing economies in
Southeast Asia over the past few years. The International
Monetary Fund predicts GDP will increase by 6.7 per cent
in 2015, up from 6.1 per cent last year and as little as 3.6
per cent in 2011. The turnround has been underpinned by
the rising household spending of a vigorous consumer class.
Behind this change is the Philippines’ rapid emergence as a global hub for business process
outsourcing (BPO) as more and more multinationals shift overseas their back office operations —
such as call centres, accounting or information technology support — to cut costs.
The Philippines has overtaken India in the ranking of outsourcing
destinations, measured by revenues and headcount, and Manila has nudged ahead of Mumbai as the
call­centre capital of the world, according to consultancy Tholons.
Today, the Philippine BPO sector employs more than 1m people and the industry’s revenues, which
currently stand at $18bn, could reach $25.5bn in 2016, according to estimates by Asean Confidential,
a research service at the Financial Times.
A raft of multinationals, including JPMorgan Chase, HSBC and Royal Dutch Shell, have set up BPO
operations in the country, employing tens of thousands of people.
Manila eclipses Mumbai as services outsourcing
magnet
©AFP
Printed from: http://www.ft.com/cms/s/0/1658baac­f30a­11e4­a979­00144feab7de.html
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© THE FINANCIAL TIMES LTD 2015 FT and ‘Financial Times’ are trademarks of The Financial Times Ltd.
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One advantage that the Philippines enjoys over other BPO outsourcing centres is cheaper office
rents. Prime office space in Manila can be rented for just over two­thirds of the cost of space in
Mumbai, while it is also cheaper than Delhi, Bangkok, Guangzhou, Taipei and Seoul, according to
global property agency Colliers.
 Remittances vs BPO revenues ($bn)
  Remittances BPO revenues
2009 17.3 7.1
2010 18.8 8.9
2011 20.1 11.0
2012 21.4 13.2
2013 23.0 16.1
2014 24.3 18.4
2015e 25.8 21.3
2016e 27.4 25.5
     
 Source: Bangko Sentral ng Pilipinas (remittances), Information Technology and Business Process Association of the
Philippines
 Note: 2015 and 2016 remittances are AC estimates, at 6% growth
But the country’s chief selling point is a large young and educated population that speaks English
with a neutral accent and has a cultural affinity with the west. It is just what North American
customers on the other end of the phone want.
The drawback of global time zones — which require many Filipino phone operators to work antisocial
hours — is compensated for by comparatively high wages. Average salaries in the BPO industry are
about 60 per cent higher than the national average.
These higher incomes have created a new socio­economic class — the “BPO consumer” — who earn,
spend and borrow more than their Filipino peers. More than a quarter of BPO employees’ post­tax
income is spent on shopping, dining out and other leisure activities, according to Asean Confidential
surveys.
The BPO industry’s rapid growth — it now makes up 6 per cent of GDP — has had a knock­on effect
on the overall economy, buoying other sectors and creating millions of indirect jobs. BPO now rivals
remittances from overseas workers as the Philippines’ largest revenue generator, and its rapid
emergence has encouraged large numbers of workers that might have sought opportunities abroad
to stay at home.

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FT: Manila eclipses Mumbai as services outsourcing magnet

  • 1. Text­only version This is Google's cache of http://www.ft.com/cms/s/0/1658baac­f30a­11e4­a979­00144feab7de.html. It is a snapshot of the page as it appeared on 20 May 2015 01:39:39 GMT. The current page could have changed in the meantime. Learn more Tip: To quickly find your search term on this page, press Ctrl+F or ⌘­F (Mac) and use the find bar.    Share    Author alerts   Print  Clip  Comments EM SQUARED May 5, 2015 1:41 pm T undefined David Robinson Rapid emergence as a global hub adds to consumer dynamism he Philippines has gone from regional laggard to become one of the fastest­growing economies in Southeast Asia over the past few years. The International Monetary Fund predicts GDP will increase by 6.7 per cent in 2015, up from 6.1 per cent last year and as little as 3.6 per cent in 2011. The turnround has been underpinned by the rising household spending of a vigorous consumer class. Behind this change is the Philippines’ rapid emergence as a global hub for business process outsourcing (BPO) as more and more multinationals shift overseas their back office operations — such as call centres, accounting or information technology support — to cut costs. The Philippines has overtaken India in the ranking of outsourcing destinations, measured by revenues and headcount, and Manila has nudged ahead of Mumbai as the call­centre capital of the world, according to consultancy Tholons. Today, the Philippine BPO sector employs more than 1m people and the industry’s revenues, which currently stand at $18bn, could reach $25.5bn in 2016, according to estimates by Asean Confidential, a research service at the Financial Times. A raft of multinationals, including JPMorgan Chase, HSBC and Royal Dutch Shell, have set up BPO operations in the country, employing tens of thousands of people. Manila eclipses Mumbai as services outsourcing magnet ©AFP
  • 2. Printed from: http://www.ft.com/cms/s/0/1658baac­f30a­11e4­a979­00144feab7de.html Print a single copy of this article for personal use. Contact us if you wish to print more to distribute to others. © THE FINANCIAL TIMES LTD 2015 FT and ‘Financial Times’ are trademarks of The Financial Times Ltd.  Share    Author alerts   Print  Clip  Comments One advantage that the Philippines enjoys over other BPO outsourcing centres is cheaper office rents. Prime office space in Manila can be rented for just over two­thirds of the cost of space in Mumbai, while it is also cheaper than Delhi, Bangkok, Guangzhou, Taipei and Seoul, according to global property agency Colliers.  Remittances vs BPO revenues ($bn)   Remittances BPO revenues 2009 17.3 7.1 2010 18.8 8.9 2011 20.1 11.0 2012 21.4 13.2 2013 23.0 16.1 2014 24.3 18.4 2015e 25.8 21.3 2016e 27.4 25.5        Source: Bangko Sentral ng Pilipinas (remittances), Information Technology and Business Process Association of the Philippines  Note: 2015 and 2016 remittances are AC estimates, at 6% growth But the country’s chief selling point is a large young and educated population that speaks English with a neutral accent and has a cultural affinity with the west. It is just what North American customers on the other end of the phone want. The drawback of global time zones — which require many Filipino phone operators to work antisocial hours — is compensated for by comparatively high wages. Average salaries in the BPO industry are about 60 per cent higher than the national average. These higher incomes have created a new socio­economic class — the “BPO consumer” — who earn, spend and borrow more than their Filipino peers. More than a quarter of BPO employees’ post­tax income is spent on shopping, dining out and other leisure activities, according to Asean Confidential surveys. The BPO industry’s rapid growth — it now makes up 6 per cent of GDP — has had a knock­on effect on the overall economy, buoying other sectors and creating millions of indirect jobs. BPO now rivals remittances from overseas workers as the Philippines’ largest revenue generator, and its rapid emergence has encouraged large numbers of workers that might have sought opportunities abroad to stay at home.