The Philippines has become one of the world's largest business processes outsourcing destinations with over 1.2 million Filipinos working in the outsourcing sector. This number is expected to increase rapidly with an expected 7.8% annual growth rate until 2022.
The Philippine economy is one of the fastest-growing economies in Southeast Asia with a GDP growth of 5.1% in 2021 and an anticipated to grow 6% in 2022.
The Philippines is one of the top English speaking countries in the world. Filipinos are fluent in English due to the fact that it’s a primary language taught in schools and spoken in government.
The Filipinos are known for their warmth, hospitality, and generosity of spirit. The Philippines is culturally diverse, thanks to centuries of Asian, Spanish and American influence. This has made the Filipino people very open and easy to work with - they are social, friendly, motivated, hard working and are highly customer-focused.
A large part of the Philippine labor force works overseas and these workers typically come back to the Philippines after a few years. This means that a large part of the workforce has overseas experience and may have acquired foreign language skills beyond English.
Salary levels are roughly 30% of what they are in most Western countries. This means that your company could easily accomplish cost savings of up to 70% on employee costs alone. The cost of living and the cost of doing business is roughly 50% lower.