BPO is defined by the Philippines Department of Trade and Industry (DTI) as outsourcing service-type business to a third-party service provider. Contact centers, back-office services, data transcription, animation, software development, engineering development, and game creation are the main segments of the industry.
BPO is rapidly growing in the country, owing to the nation's low cost of living and a workforce made up of the majority of young, educated Filipinos with excellent spoken English language skills. The Philippines is the most popular outsourcing location, according to most international research and statistics firms.
The Philippines has grown in popularity as a global outsourcing location. It's easy to see why, as this closely ties to the workforce's competency levels. The country is a hotspot of talent ready to be tapped, with a high level of English language competence, a warm and courteous society, and a globally known education system.
Outsourcing is possible for a variety of corporate functions. Back-office operations such as HR, finance, and IT. As well as front-office operations like customer service and call centers are typically the focus of BPO industries.
How has COVID 19 affected the BPO industry?
During the COVID-19 outbreak, the BPO industry performed better than most. Companies have been pushed to embrace remote work despite their objections as governments impose work-from-home policies worldwide.
It's no wonder that, in the aftermath of the Pandemic, outsourcing experienced tremendous growth. According to a recent Forbes article, the BPO industry's role will only grow as remote work is expected to soar to 300 percent of pre-pandemic levels.
According to a study performed by Sprout Solutions, the BPO business (31%), information and communication (9.79%), and healthcare (8.51%) sectors were the most popular industries that allowed workers to work from home during the Enhanced Community Quarantine, which was implemented last March 2022.
BPO Back to the Office Set-Up
The Philippine Economic Zone Authority (Peza) had asked the Fiscal Incentives Review Board (FIRB) to extend the 90-percent work-from-home (WFH) arrangement for IT-BPM enterprises through September 12, 2022, if they wanted to preserve their tax breaks. The IT-BPM WFH scheme is slated to expire on March 31. This judgment will compel the BPO back to the office and return to work with nearly their whole workforce.
Working from home helps many BPO employees in the Philippines stay safe from the COVID-19 Pandemic. It assisted them in avoiding burnout and achieving the work-life balance they desired. Similarly, working from home allows people to keep their financial security by saving money on commuting, gasoline, and food.
However, the work environment is returning to its standard state thanks to the leniency of the government's COVID-19 protocols. Many businesses can now order their employees to return to work in the office.
Furthermore, the Philippine government recently issued guidelines mandating BPO companies to require their employees to return to work beginning April 1, 2022. Employers must also take the initiative and publish their firm policy to prevent and control the COVID-19 virus now that the government has released workplace preventive guidelines.
BPO Office Towers see take-up surge in Ortigas
Even with the after-effects of the Pandemic, the BPO industry has proven its worth through the most challenging times. Business process offices or BPO office towers in the country expect a take-up in the next six months. According to a study, the Philippine office sector is poised to expand faster, as evidenced by 358k sqm—active obligations or current transactions expected to be completed in the next six months.
PEZA-accredited buildings with substantial floor plates in essential locations, offices in Ortigas such as Ortigas Technopoint Two, along Julia Vargas, are already seeing much interest for the limited places available. The building's unusual floor plates are generally 4,000 sqm, according to Barranda. Imply higher floor efficiency. This enables a 1:5 density ratio, or one person per five square meters of space, which has been critical in luring established IT-BPMs to the area.
Another advantage of Ortigas Technopoint Two is its proximity to retail and recreation, which is desired by IT-BPM personnel who gather before and after work, keeping the area bustling and lively. The authorities also said that with the industry employing 1.8 million people countrywide, IT-BPMs are looking for workplaces that are part of mixed-use communities.
Rather than being a setback for the BPO business, this shift might be viewed as a step forward. As BPO organizations' roles in specific roles become outdated, an opportunity for expansion on a different path arises. Workers with high-skill services that need creativity, originality, and a unique human understanding will be in high demand. This means that if you want to gain ahead and stay ahead of the competition, you must constantly acquire the skills.
With this, most of the BPO workers will have to start looking for a place near their work. Maybe an apartment or condo that they can comfortably stay to achieve the convenience that they need when working from night or day shift.
The Spectrum and The Currency | Condo in Ortigas
If you are looking for a residence near these offices, The Currency and Spectrum by Vista Residences is the perfect choice for your condo in Ortigas. The Currency is the best condo in Ortigas to reside in the Ortigas Business Center, one of the country's busiest business districts. Julia Vargas, F. Ortigas Jr., and Garnet Avenues run alongside the 32-story building. A ground-floor commercial plaza will hold retail shops and eateries, and it is a center of residential units and businesses that balances the industry with sanctuary. Meanwhile, the Spectrum remains true to its name as it displays various colors, from the brightest white to the darkest black. Spectrum will provide a wide range of opportunities to its future residents, regardless of what job or vocation they are interested in.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.