Cebu’s business process management (BPM) industry may benefit from the global economic recession as Western companies will be compelled to offshore more jobs to cut costs, according to May 2020 research on the Cebu office market conducted by property consultancy firm Santos Knight Frank.
Like what happened after the 2008 global financial crisis, the Philippines is seen to be a top viable investment option for BPM companies.
“The pandemic has caused huge economic damage to other countries as well,” Santos Knight said. “Similarly, some major cities have also implemented their own versions of the enhanced community quarantine (ECQ) to curb the spread of Covid-19. With such damage, these companies may look to cut costs by outsourcing some of their businesses here.”