Get All Access for $5/mo

WhereverWork Accelerates Economic Growth in the Philippines Through Remote Outsourcing

You're reading Entrepreneur Georgia, an international franchise of Entrepreneur Media.

"When doing businesses globally, outsourcing is not a mere strategy; it's a transformative force," said Samuel Perez, spokesman for WhereverWork, highlighting the anticipated outsourcing spending expected to reach $731 billion this year (2023). The evolution of outsourcing has transitioned remote work from the fringes to the heart of many organizational operations.

Leveraging the benefits of IT outsourcing, as 92% of G2000 companies do, or incorporating the practice of outsourcing at least one business process, as 37% of small businesses do, is no longer optional but a necessity in this modern era where everything is evolving at a relentless pace.

The Outsourcing Boom in the Philippines

One nation stands out as a leading player in the surge of outsourcing: the Philippines. The island nation's business process outsourcing (BPO) industry contributes a staggering 9% to the national GDP. This substantial figure is poised for further growth as the country becomes an increasingly attractive destination for global businesses seeking skilled workforces.

"The power of outsourcing lies in its mutual benefits," Perez asserts. "While it grants businesses the ability to be more efficient and economically flexible, it also propels substantial economic growth in regions like the Philippines that have a robust BPO sector."

The Rise of Remote Work

According to the Wall Street Journal, 7.3% of U.S. senior managers are moving more jobs overseas as a direct result of the growing adoption of remote work, as reported by a Federal Reserve Bank of Atlanta survey. The projection from Nicholas Bloom, an economist at Stanford University, is even more dramatic: he predicts a transfer of 10% to 20% of U.S. service support jobs overseas in the next decade.

Yet, amidst these shifts, WhereverWork remains a strong advocate for remote work. "Our model is not merely about facilitating businesses with efficient remote teams. We see ourselves as economic enablers, contributing to the creation of global job opportunities,"

Perez elaborates.

However, not all parties view global outsourcing in a purely positive light. "While outsourcing undeniably fuels economic growth, it also poses significant challenges to economies that become heavily dependent on it," warns Claire Morris, an economist. "What happens when another country offers more competitive rates or if technological advancements make these outsourced jobs obsolete? The implications could be devastating."

Impact of Outsourcing on the Philippines' Economy

Despite the possible risks, outsourcing has undeniably been a boon for the Philippines. It has spurred job creation, attracted foreign investment, and solidified the nation's position as a key player in the global BPO industry.

"Outsourcing's impact on the Philippines is multilayered," acknowledges Perez. "It's not just about enhancing the economic indicators of the country. It's about facilitating opportunities for Filipinos, from elevating incomes to advancing professional growth."

As 2023 unfolds, the outsourcing industry is poised for another leap forward. Companies like WhereverWork are gearing up to embrace the ensuing challenges and seize the opportunities this shift will present.

"Outsourcing goes beyond being a mere business strategy," Perez emphasizes, reflecting on the company's vision. "It serves as a stimulant for economic growth and a vehicle towards global economic inclusivity. We're committed to playing a part in this global paradigm shift, and we look forward to continuing our contribution to the economic development in regions such as the Philippines."

Perez's vision paints a future not just for WhereverWork but for the global workforce at large, where geographical boundaries are less significant and a truly global talent pool becomes a reality.

Entrepreneur-ის გუნდი

Entrepreneur Staff

Entrepreneur საქართველოს გუნდი


გამორჩეული ადამიანების თვისებები

რა განასხვავებთ ცხოვრების თამაშში "გამარჯვებულებს" დანარჩენებისგან?


4 გაკვეთილი სტივ ჯობსისგან, რომელიც მისი გარდაცვალების შემდეგაც აქტუალურია

ჯობსის ქმედებები და სიტყვები უწინდებურად უწყობს ხელს თანამედროვე ბიზნეს პრაქტიკისა და ფილოსოფიის ჩამოყალიბებას