Philippine BPO thrives amid global protectionism: Cushman & Wakefield
TAGUIG, PHILIPPINES — Despite rising global protectionism, the Philippines’ outsourcing industry remains a key driver of economic resilience, according to Cushman & Wakefield.
Major firms like JPMorgan Chase are doubling down on investments, signaling strong confidence in the country’s skilled workforce and business-friendly environment.
Outsourcing industry defies global protectionism
It is important to mention that Claro Cordero Jr., Cushman & Wakefield Director and Head, Consulting and Research, states that many businesses are relying on outsourcing to cut costs and try new ways of working.
Because of the rising popularity of e-commerce and digital brands, retail-focused BPOs are expanding. “This resilience has spurred growth in retail-focused BPO firms, particularly as established brands and e-commerce platforms expand their online presence,” Cordero Jr. said in a press briefing, as reported by Business Mirror.
Traditional call centers are no longer the only major pillar in the country; now it excels in providing legal business process outsourcing (BPO), medical transcription, and animation.
For more than 10 years, the Philippines has stood out as one of the top places for outsourcing, Cordero stated. Because of this ability to adjust, global companies keep hiring specialists.
JPMorgan Chase’s expansion signals long-term confidence
JPMorgan Chase has grown its business in the Philippines by adding the JPMorgan Chase Center in Bonifacio Global City. It is clear that the 43,000 sq ft area per floor supports the nation’s growing fame among firms looking for IT and support roles.
The center is focused on being sustainable and comfortable for employees, which is why there are many collaboration areas, wellness spaces, and advanced technology.
Bettina Salmo noted that the new facility mirrors the company’s dedication to the people in the Philippines and the way work is changing. The 20,000 employees in the Philippines by JPMorgan show how vital the country is for the company’s global presence.
Philippines as a key outsourcing hub
When businesses in the West deal with a lack of workers and increasing running costs, outsourcing to the Philippines proves to be a good choice, since it brings both skilled workers and competitive prices.
Besides, the move to offer more sophisticated services allows the country to be recognized for more than being a low-cost option—the Philippines becoming a crucial part of world supply chains because medical, legal, and tech services are popular in outsourcing.
Resilience against global pressures
Despite worldwide trade issues and focus on hiring locals, the outsourcing field in the Philippines is still flourishing.
Having well-spoken English, flexibility in different cultures, and help from the government allow the country to overcome the obstacles of protectionism.
Increases in company sizes, for example at JPMorgan, build the country’s profile as a steady and energetic player in the outsourcing sector, which indicates that interest in Filipino workers is not affected by geopolitical events.
“But I think we’ve been highlighted as one of the centers of excellence in that field,” said Cordero Jr., highlighting that the Philippines is still thriving as one of the top performing countries in the BPO industry.
