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.
The Philippines is located in the heart of Southeast Asia. This makes it the perfect base of operations for foreign companies targeting the large Southeast Asian markets with their products or services.
The Philippines is a terrific tourist destination with pristine beaches and exotic wildlife. Combined with the warmth and hospitality of its people, this makes the Philippines a top destination for expats, businesses and tourists.
The Philippines has made tremendous progress in terms of the quality and reliability of its infrastructure. Businesses can operate effectively and expats can enjoy a very high quality of life in Manila, Clark, Cebu and other cities.
The Philippines has excellent universities and a very young population. This means that hundreds of thousands of highly motivated students graduate yearly with college degrees on par with international education standards.
The Philippines is economically stable with government policies which support socio-economic progress, counter corruption and bureaucracy.
The legal, financial and government systems in the Philippines are based on those of the United States. This means that most professionals are accustomed to Western ways of doing business. It also makes it easy for Western companies to work with Filipino accountants, lawyers and other professionals.
The Philippines received its first investment grade credit rating from both S&P and Fitch in 2013. The Philippines is expecting a tremendous increase in direct foreign investment as a result of these improved credit ratings.