The Philippines, Growth Prospects and Global Resilience
2 Minute read
The Philippines has seen its economy grow at the fastest pace in three years last quarter, affirming the archipelagos resilience to global risks, as investment soared along with growth in consumerism.
Filipino economy is set to expand, ranking it one of the fastest growing economies in the world. Low inflation and low interest rates are both contributors in driving this expansion. Business process outsourcing (BPO) is a salient contributor among all domestic industries today, estimating around US$50 billion in revenue from remittances and outsourcing.
BPO has become a common business strategy for many multinational firms. Companies continue to allure to the huge cost savings and comparable skills, making the Philippines the most attractive outsourcing destination globally.
There are many reasons why the Philippines is on its way to displace India as the number one outsourcing destination in the world.
Western Culture, Influence and Language
The Philippines has a large young population with 90% of its 100 million people under 55.
Being a former colony of the US and Spain, the Philippines has a strong attraction to Western culture.
Language is not only taught in the classroom but many signs, news outlets, advertisements and businesses are in English providing constant reinforcement.
Top Universities teach classes in English, attracting students from Brazil, China and Japan to earn their degrees
Exceptional Infrastructure and Ongoing Development
Despite the continual growth of Manilla and Cebu, there is still an abundance of affordable real estate in major urban areas. They can keep up with the growing demand of office and call center space.
The extensive availability of international telecom services and ample connectivity is conductive and competent to the operations of global companies.
There are expected boosts of US$160 billion from governmental infrastructure plans aimed at creating jobs, including contracts to build an airport and railway to transform a former U.S military base into a commercial hub.
Skill Vs. Costs
The combination of a highly skilled talent pool and low costs has made the Filipino workforce invaluable to a growing list of multinational companies.
Universities have developed courses and qualifications specifically aimed at outsourcing.
There are close to half a million talented and enthusiastic graduates entering the workforce each year.
Outsourcing with Deployed is not only a viable option but a seamless one. Contact a Deployed adviser today to discuss the benefits that building a remote team in the Philippines can bring to your business.