The Outsourcing Week in Review: Wednesday, August 29, 2018
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A Moody’s report last week warning that inbound investment to the Philippines is under threat was a timely reminder that, in the new global interest rate environment which is funneling investment back into the US from emerging markets, keeping up FDI into the Philippines is a much greater challenge than before.
Competition is now fiercer for investors’ money, and it’s not just tax breaks that may be needed. Investors are also concerned about the ease of doing business, corruption and infrastructure according to former socioeconomic planning secretary Cielito Habito. DICT Undersecretary Monchito Ibrahim, who was speaking in Siquijor recently, also said that the province can tap into BPO sector growth, but needs to put in place the right connectivity tools and infrastructure. Data security is also an issue. The CCAP said the country’s business process management (BPM) sector is one of those at high risk from data breaches. Even Nigeria is eyeing the sector and looking to compete with the Philippines.
The Department of Finance, in its turn, has assured the industry that TRAIN 2 will not result in substantial job losses, but is rather a “job-creating reform”. IBM also sounded a positive note claiming that AI-based jobs will be ‘hot’ in the future. Certainly, BPOs appear to still be aggressively recruiting throughout the country, with a strong BPO turnout expected at the upcoming World Café of Opportunities organized TESDA. ICT Davao in its quest for jobs is targeting the Japanese market with plans to open a Japanese language center in Davao, following on the results of an upcoming fact finding trip to China to find out how they have managed to corner a good piece of the Japanese space.
Meanwhile industry consolidation continues. Japanese firm Yumeshin acquires Philippines’ Centurion Capital Pacific, and MiraMed announced that is looking at further acquisitions with a new senior credit facility in place to fund them. In contrast, VoxPro, part of Telus, is closing its Athens call center: its Philippines activities remain unaffected. Convergys Philippines celebrated its 15th yearin the country with a staff concert, and Cisco has named Karrie Ilagan as its new Philippines manager.
News Roundup
27 August 2018
Voxpro shutting down call center in Athens – read more…
Nigeria seeks to follow Philippines’ BPO success – read more…
Short-term investment vulnerable in the Philippines – Moody’s – read more…
24 August 2018
Japanese-language training center for BPO workers eyed in Davao – read more…
IBM says AI-based jobs will be ‘hot’ in the future – read more…
BPO is expected to provide vacancies at TESDA-back job fair – read more…
Tax perks only one of foreign investors’ concerns – Habito – read more…
23 August 2018
DICT intends to sustain BPO growth in Siquijor – read more…
CCAP says BPM sector at high risk of data breach – read more…
Japanese firm Yumeshin acquires Philippines’ Centurion Capital Pacific –read more…
TRAIN 2 won’t result in job losses – DOF – read more…
22 August 2018
MiraMed mulls further acquisitions with new senior credit facility – read more…
Davao ICT players to visit BPO firms in China – read more…
Cisco names Karrie Ilagan as new Philippines manager – read more…
Convergys Philippines celebrates its 15th year with staff concert – read more…
