The Outsourcing Week in Review: Wednesday, February 17, 2021

Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

Almost 150,000 workers found themselves displaced in January as record numbers of employers adopted flexible work arrangements and temporary closures.  According to the latest DOLE (Department of Labor and Employment) Job Displacement Monitoring Report, the total number rose by 19,741 people for the month, which was a 76% increase on the same month last year.

There will be a decline in the Philippines’ foreign direct investments (FDIs) over the next 12 months, according to a report conducted by the professional services firm, KPMG. The report highlights KCA Investment Banking partner Mono Bhattacharya’s analysis, who expects the country’s FDI only “to stabilize by 2022 based upon the current assumption around the availability of vaccines and therapeutics.”

The Department of Health (DoH) has shared its targets to help end the country’s battle with COVID. Health undersecretary Maria Rosario Vergeire said they’re aiming to vaccinate around 70 million people this year, with a target to achieve herd immunity by 2023. However, senior officials have cautioned the public that quarantine restrictions will not be immediately relaxed after the vaccine rollout, according to Cabinet Secretary Karlo Nograles, and supported by Metro Manila mayors. So it appears that the work-from-home setup isn’t going away anytime soon… slow clap…

Despite the relatively slower vaccine rollout, some organizations are optimistic about the Philippines’ post-pandemic economic performance. The Asian Development Bank (ADB) projects that the country can really benefit from the globalization that is expected after the pandemic. The bank noted that the country’s trade landscape will “give more weight on the digital and services trade.” In addition, a study by Michael Page Philippines reveals that 35 per cent of local companies are thinking of expanding their workforce this year – with the e-commerce, financial services, healthcare and life sciences, technology and telecommunications, and fast-moving consumer goods (FMCG) segments reporting the highest hiring activity.

Speaking of companies looking to expand their workforce, Telus International Philippines Inc. is set to open its Iloilo City office – marking its first location outside Metro Manila. Over one-thousand jobs will be created in Telus’ Iloilo office, which will “help jumpstart the local economy that has also been affected by lockdowns and other restrictions due to the pandemic,” said City Mayor Jerry Treñas. Additionally, the Toys Manufacturers’ Association of Hong Kong (TMHK) expressed its “serious” interest in the Philippines for possible expansion and relocation plans. The group is considering outsourcing to the country due to rising production costs.

The Philippine government is interested in intensifying its trade and investment ties with Brazil, specifically in the Business Process Outsourcing (BPO) sector. In response, Brazilian Ambassador to Manila, Antonio José Maria de Souza e Silva said he’s optimistic that both countries could partner to bring  Southeast Asia and South America closer.

More outsourcing providers are winning awards left and right. Leading BPO services provider TCDX was recognized by HR Asia, bagging its second consecutive Best Companies to Work For Award this year. In addition, major BPO firm VXI Global Solutions won a total of nine Stevie Awards at the 15th annual Stevie Awards for Sales & Customer Service. The Stevie winners will be celebrated during a virtual awards ceremony on April 14.

>>> Got any burning news? Share your industry hot scoops and company press releases with Inside Outsourcing – the world’s leading outsourcing news hub.

Wednesday, February 17, 2021

NEWS THIS WEEK

16 February 2021

• 35% of PH companies plan workforce expansion this 2021 – read article…
• HK toy makers considering investing in the Philippines – read article…
• Over 100K workers displaced in January – read article…

15 February 2021

• PH to possibly benefit from post-pandemic globalization – read article…
• VXI wins 9 Stevie® Awards – read article…
• PH seeks to intensify Brazil ties – read article…

11 February 2021

• PH may remain in lockdown even after COVID-19 vaccination program – read article…
• Office space vacancy to further widen due to continued POGO exodus – read article…
• PH targets to finish vaccine rollout, reach herd immunity by 2023 – read article…
• CREATE seen to attract 200bn worth of investments and 2 million jobs – read article…

10 February 2021

• TOA Global welcomes new PH region VP – read article…
• FDI pullback seen in PH – read article…
• Over 1000 jobs available in Telus’ first office outside NCR – read article…
• TDCX wins second Best Companies to Work For Award – read article…

Read more Inside Outsourcing Newsletters here:

1. The Outsourcing Week in Review: February 10, 2021
2. The Outsourcing Week in Review: February 19, 2021