Office Space Demand in Cebu Still Strong – KMC Savills
MAR 07 – Cebu’s office market will continue to remain robust this year as absorption of office space in the metro remains healthy, according to property consultancy firm KMC Savills. In 2018, Cebu IT Park, which is home to most of the business process outsourcing (BPO) companies operating in Cebu, is anticipated to receive more than half of the 131,400 square meters of new supply.
Cebu surpassed expectations as net absorption of office space surged to 67,500 square meters in the fourth quarter of last year. From 2018 to 2021, Cebu will have 274,745 square meters of new office supply coming on stream, according to the KMC Savills report.
Philippines Named Best Country to Invest In – US News
MAR 06 – The Philippines has been ranked as the top destination for investments, according to the US News and World Report website. In its study, US News ranked the best countries to invest in by using the World Bank Group data measuring the country’s performance on entrepreneurship, economic stability, favorable tax environment, innovation, skilled labor, technological expertise, dynamism and corruption.
The report cited qualities of the Philippines making it attractive to investors, which include its 100-million population, English-speaking capabilities, an economy supported by overseas Filipinos’ remittances and flourishing tourism industry. In the top 10 were, in order, the Philippines, Indonesia, Poland, Malaysia, Singapore, Australia, Spain, Thailand, India and Oman.
Philippine Legal Process Outsourcing Market Still Growing
MAR 06 – The legal process outsourcing (LPO) market in the Philippines is forecast to witness substantial growth by 2024 on the back of the decreasing cost of legal services and updated infrastructure. According to a new research report released by Global Market Insights, the global LPO market will hit USD40bn by 2024 as more companies outsource legal services to cope with the rapid increase in the cost of legal proceedings.
Technological advancements in the legal process outsourcing market have contributed towards its significant revenue growth, the report added. However, the report noted that security concerns associated with the LPO model are anticipated to challenge the industry’s growth over the forecast timeframe.
IT-BPM Remains a Top PH’s Economic Game Changer – KPMG
MAR 06 – The Information Technology – Business Process Management (IT-BPM) industry has been among the country’s top economic game changers for the past two decades, according to the IT Report: Philippines released by KPMG International.
The report says that the IT-BPM industry will continue to provide support for strong growth in the years to come as the Philippine government has realized the importance of IT and is now catching up. KPMG RGM&Co, the Philippine member firm of KPMG International, recently held a series of events to start off the year at the Asian Institute of Management in Makati City, with discussions on AI, robotics, data analytics, among others.
Firms want BPO partners with robotics, AI – Infosys
MAR 05 – A report released by Infosys Ltd has found that the majority of companies prefer to outsource their projects to partners that have strong capabilities in technology, including AI and robotics. The survey conducted by Infosys showed that 58% of respondents want their outsourcing partners to have capabilities in robotics process automation (RPA) and AI while about 46% their outsourcing priorities have changed to accommodate new digital skills.
RPA is a technology that enables automation of routine processes. The report said many companies are set to automate several operations, which should result in the need for workers to re-skill their skill set to remain relevant.