Ten Reasons Why the Philippines remains the World's Top Offshoring Destination
The Philippines is recognized for its world-class call center industry. Here are reasons:
#1: The country has a highly educated talent pool
#2: The population, made up of 90 million people, has a 39-million-strong workforce.
#3: There are around 500,000 college graduates per year—which is equivalent to a 93 percent literacy rate.
#4: It is 3rd largest English-speaking country in the world. The country’s graduates were trained under a Western-based legal and accounting curriculum and certification program.
#5: Labor costs are among the lowest in the world—with a very well-versed English-speaking workforce.
#6: There is an abundance of low-cost yet high-quality real estate for offices, especially in the urban areas of Metro Manila, Metro Cebu, Davao, and the like.
#7: Reliable and low-cost infrastructure (such as power, telecommunications, and transportation)
#8: Government fully supports the BPO sector by providing tax breaks, such as a 4-8 year tax holiday, 5% on GI post-holiday, and VAT exemptions, among others
#9: The National Government has helped draw up the BPAP (Business Processing Association of the Philippines) Roadmap to 2016 to help achieve the projected 20% year-on-year growth target.
#10: The country is number 1 in Voice Services handling tech support, finance, sales, and collection. There is a growing cross-industry capability for such services as healthcare, Engineering, and Corporate BPO services.
Now is the time to invest in the Philippines
The Philippines is one of the best places to set up a Business Process Outsourcing (BPO) company. No surprises there, as this Southeast Asian country has for some years now, been part of the list of investment options of many BPO bosses.
Did you know, however, that now is THE time to invest those resources? And the Philippines is THE place to do it?
Manila Trumps Them All
That’s right: Metro Manila, the Philippines’ very own capital city, tops the list of best cities to set up a BPO. According to consulting and research firm, Knowledgefaber, Manila edged out former first place holder New Delhi (National Capital Region of India) from the top spot of the said list. The $13.3 billion Philippine BPO industry actually grew some 15.6 percent in 2013—proof that such figures aren’t merely mathematical jargon gone hyperactive.
In the Mood for an Excellent Investment Rating
It seems that Knowledgefaber isn’t alone in citing the investment potentials of the “Pearl of the Orient” as Moody’s Investors Services likewise shared the same excitement.
This can be seen in the recent investment grade rating upgrade— from a Baa1 to a Baa3, along with a positive outlook rating. In plain English, this simply means that apart from the robust growth already being experienced by the country, there can be even greater and more promising things ahead—particularly within the next 12 to 18 months. Moody’s cited factors such as the country’s robust economy, fiscal and debt management (consolidation, to be exact), and improved poitical stability due to an equally excellent leadership and governance.
Still Attractive After All The Crises
Sure, the Philippines is not perfect. It, too, has its own fair share of intrigues, civil disturbances in various “pockets’ of the country, and confidence-shaking scandals that threaten to rock the boat. Yet investor confidence has remained high, knowing that the economic fundamentals are sound and that the government is on top of things and won’t let anything or anyone lay to waste all the hard work done to get the country this far.
As if these reasons are not convincing enough, many from the foreign and local BPO sector have cited the talent, language proficiency (particularly, English), and the hospitable Filipino kind of service as the main reasons why they like it here.
And why future investors would, too.
A Wealth of Services Waiting for You
You may find that investing your BPO services with Filipino partners will not only bag you the best talent in the world—it likewise brings along a wealth of voice and non-voice services to suit your various business needs.
The Philippines – via the capital metropolis of Manila – is definitely the place to be. And don’t think that this is just a fad—this growth seems poised to continue way until 2016 and beyond.