The Philippines recently posted a GDP growth of six percent, making it one of the rapidly-advancing countries in the world.
Amidst the Philippines’ ongoing territorial tiff with its fellow Association of Southeast Asian Nations (ASEAN) member, China, the country quickly rose to recognition and became the 31st largest economy in the world. At present, it is ahead of reputable nations like Sweden, Singapore, and Austria. In fact, even with IMF’s projection that the Philippines will experience a 5.5 percent growth slowdown in the coming years, it is still considered as a key player in Asia.
However, even with the recent advancements in the country, the Philippines still has a lot to improve on such as poor infrastructure which subsequently affects business operations and its economy’s overall growth.
One of the key propellers of the country’s economy is the business process outsourcing (BPO) industry. There’s a large volume of prominent BPO and IT firms that have chosen the Philippines as the offshore outsourcing destination, and one of those is Accenture. The company has stated that BPO is one of its key growth markets where the overall outsourcing revenue increased 7 percent year-over-year.