Multinational companies continue to establish operations in the Philippines, while existing business process outsourcing (BPO) firms expand their workforce and local real estate companies construct new BPO buildings to support the sector’s growth. Financial services giant American Express (AmEx) is one of the latest multinational firms to set up shop in the country.
AmEx recently inaugurated its first contact center in Metro Manila to provide credit and fraud services to U.S.-based clients. Although the new facility has been fully operational with 400 employees who are already taking calls, the company plans to continue investments to attract and develop great talent.
AmEx expects to triple its workforce within 12 to 18 months. Raymond Joabar, executive vice president of the American Express World Service and Global Credit Administration (GCA), told the press that AmEx was attracted to the booming BPO industry in the Philippines as well as the language proficiency of Filipino workers and the local culture.
A shared services center of international law firm Baker & McKenzie (B&M), has also invested in a new 1,000-seat hub to support business expansion and celebrate its 15th year anniversary in the country. Global professional services firms also continue to expand.
The BPO industry is a major pillar of the Philippine economy. This year, the sector aims to generate $25 billion in revenues and employ 1.3 million workers. According to property consultancy firm CBRE, China’s slowdown gives BPO boom 10 more years to run.