The Philippines is growing aggressively vs. India in BPO (Business Process Outsourcing) sectors. As more and more multinational companies outsource their businesses to the Philippines, it only takes a matter of time before it stands alongside India as the leader in the global BPO market.
But what draws companies to outsource to the Philippines? Low operating costs is one of the main reasons. A large, skilled, and English-proficient workforce is another. Several other factors more add up to the list, and here are some of them:
High Literacy Rate - The Philippines is the third largest English-speaking country, with almost 100 million inhabitants. The average literacy rate reaches 94%, one of the highest in the world. The country also produces 400,000 college graduates per year, adding up to the professional talent pool.
Cultural Affinity with the West - Having been colonized by Spain and the US in the past, the Philippines has a unique fusion of both Western and Eastern influences. The Filipinos' affinity with western culture plus their excellent English skills and neutral accent give them advantage where verbal communication is concerned.
Adaptability - No matter how devastating a natural calamity or a political turmoil is, Filipinos will always find reasons to stand back on their feet and get back to building their future. And yes, still with smiles on their faces. Having a large population of overseas workers has exposed them to different cultures, work processes, and lifestyles. Because of this, Filipinos are among the most resilient and adaptable workforce.
Strategic Business Location - The Philippines is one of the Asian Tigers, strategically located in the central part of Asia, and within only a few hours flying time from the major cities of the region. Hence, it is a good entry point to the Asia-Pacific.
Cost-Competitiveness - Labor costs are among the lowest in the world. Telecommunication, electricity and other utilities are 50% lower compared to US or EUR rates. Real estate in urban areas is widely available as well.
Business-Friendly Economy - The Philippines allows an open economy that welcomes foreign business and trade. Foreign companies in search for regional headquarters are given incentives such as a reduced corporate income tax and duty-free importation of certain equipment and materials.
First-Class Lifestyle and Amazing Tourism Opportunity - Foreign nationals from all over the world find the tropical islands of the Philippines a refreshing change from a grey Eastern European suburb, a dusty Midwest town, or a wintry city in some Northern parts of the globe. With over 7,000 islands, the Philippines offers a myriad of choices in travel, shopping, and entertainment. All you have to do is take your pick.
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