What You Need to Know About Outsourcing in the Philippines

Outsourcing is probably one of the most popular business decisions of brands these days. And when outsourcing is mentioned, why are the Philippines often brought up as well? When did the Philippines become known for outsourcing?

For those who are not yet familiar, outsourcing is a business practice where certain operations of a company are delegated to a group outside the organization. This would come off as a surprise for those who are used to doing everything within their company.

You can have part of your operations outsourced for various reason without the quality of your output suffering. Cost and work efficiency are just some benefits of outsourcing. Going back to the previous question once again, why the Philippines then?

Business Process Outsourcing (BPO) Boom – In the early years of 2000, business process outsourcing centers were established in the Philippines. This started the BPO boom in the country. This decision came about because of the decisions of multi-national companies to increase efficiency and at the same minimize costs.

Eventually, other companies followed suit – effectively establishing BPO centers year after year in several locations in the country. This is how the Philippine BPO industry is still expanding up to now.

Skills – Most Filipinos are equipped with exceptional English-speaking and writing skills which is very helpful in outsourcing. Knowledge in English has enabled the Filipinos to reach out more to international clients. These skills in communication have been widely used and are very popular in remote tasks such customer services, data entry, text support and online transcription.

Language skill plus some technical training has given the Philippines an edge in the outsourcing industry. It also helped that Filipinos are adaptable in most situations and they can provide service to multi-national companies with more ease.

Experience – It was discussed earlier how outsourcing started in the Philippines that when you think about it – there’s now an almost 20 years of history behind it now. Through the years, Filipinos have been trained in various areas such as outsource customer service, data management, transcription services online, operations as well as technical support and have provided exceptional services to different countries. Not to mention, different time zones as well.

They have weathered the 20 years, encountering different technologies, clients, and working environment. The Filipinos have adapted well. The industry won’t have this longevity if not for the resilience and experience of the citizens.

They are now “experts” of the outsourcing industry and it can still grow. There is still so much potential.

And these are just a few trivia you should know about outsourcing and the Philippines. It’s actual very fascinating to see how this industry grew through the years and how it’s still getting better in time. It’s would also be interesting to know what’s in store in the future for this industry too.

Bad Money Habits That You Need to Break to Build Wealth

Every day, you make choices that affect your personal finances and long-term goals. There are bad habits that may look small and insignificant like eating out or impulsive buying.

However, they can sabotage your goal towards financial independence. The only way to build wealth is to gain control of your spending habits and develop positive habits that will push you in the direction you want in life.

Below are some money habits that you should break to build your own wealth and tips to help you get out of them:

#1- You do not make savings as your priority.

Pay yourself first as soon as you receive your paycheck. Saving what is left is wrong. Assign a specific amount for your savings fund and consider it as one of your essential expenditures. You will be more motivated when your egg nest grows each month.

#2- You do not track your expenses

Tracking your expenses diligently helps you achieve your financial goals. It shows you where the money goes and how much you are spending on non-essential purchases. It helps you cut back spending on things that are not your priority.

#3- You keep making excuses.

You always try to justify your spending habits with perfect excuses. Stop it now. Do not let those excuses keep you rooted in your current financial state.

#4- You are living beyond your limits

To afford things that are expensive and luxurious, you use your credit cards to pay for them. Eventually, the interests that pile up can put you in debt trap. To get out, learn to manage your personal finances and live within your means.

#5- You are afraid to invest

Investments are vital aspects to build wealth. Do not be afraid to invest your money to secured investment plans such as property, bonds, insurance, and a lot more. Rich people become richer by investing.

By breaking these bad habits and replacing them with positive habits, you will be amazed how your personal finances improve. You will be a step closer to achieving your financial and long-term life goals.

On Personal Finance: When Should You Best Get a Loan?

A personal loan is an unsecured loan that yields high-interest rates. As much as possible, a personal loan or any kind of loan is discouraged unless you have enough resources to pay for it full in the future.

Personal loan is very convenient in nature as you can easily apply for it and approved without any collateral being required.

But same as any other loan or debt, this can become a burden in the future if not properly managed. Below are a few recommended reasons when we should decide on getting a personal loan.

Debt Consolidation – having debts that have been taken with different institutions, especially credit card issuers, can cause your interest rates to become so high that all you can pay off every month (or other terms of payment) is the minimum amount due.

In these cases, taking on a loan to pay all your debts can help lessen the interest rates that are being paid.

A good tip when taking this action is to look for a personal loan offered by institutions which have smaller interest rate compared to average interest rates of all your debt if you continue to pay for them status quo.

Purchase – a flexible loan can be used to make a large amount of purchase like a car or a house where the borrower does not want to put the goods being purchased under a collateral. This is most advantageous to the borrower.

Unlike other secured loans such as a mortgage loan, it allows the borrower to get the loan unsecured without being required to place the property under the lender’s control.

It also gives the borrower to use the money other than restricting the use of money on a specific purchase of goods.

Events and Leisure – there are times that the cost of events and leisure like weddings and travel vacations can prove to cost a lot of money even for someone who has enough financial resources to pay for these.

Some would find it more beneficial to acquire a personal loan to cover the costs rather than disposing a large amount from their savings.

An online cash loan comes conveniently for the purpose of having extra cash to address any purpose or need a borrower may want to use it with.