Another aspect that has made the Philippines as a favorable location for outsourcing services is its brightening economic prospects. Recently, the country was referred to as the “comeback economy” in Asia, indicating that it was once ranked among the league of countries that are considered good economic performers, and that it is now returning to the same league.

Another aspect that has made the Philippines as a favorable location for outsourcing services is its brightening economic prospects. Recently, the country was referred to as the “comeback economy” in Asia, indicating that it was once ranked among the league of countries that are considered good economic performers, and that it is now returning to the same league.

The Philippines is number one— this time, as the most attractive global provider of Information Technology-Business Process Outsourcing (IT-BPO) services, according to a recent survey covering 10 Asian countries conducted by the Economist Corporate Network (Economist). Results of the survey showed 45% of respondents recognizing the Philippines as an attractive outsourcing services provider, 35% saying the same for China, and only 25% of the respondents choosing India.

According to Business Processing Association of the Philippines (BPAP), the Information Technology Outsourcing (ITO) sector of the Philippines has grown to $11 billion in revenues and 640,000 direct employees in little more than a decade. BPAP also pointed out that in 2011, the industry grew 37% to about $1 billion. According to the Philippine Software Industry Association (PSIA), the ITO sector now employs approximately 50,000 professionals, attributing that growth to the increased demand for IT services by international clients.

Another aspect that has made the Philippines as a favorable location for outsourcing services is its brightening economic prospects. Recently, the country was referred to as the “comeback economy” in Asia, indicating that it was once ranked among the league of countries that are considered good economic performers, and that it is now returning to the same league.

Related article: Philippine Outsourcing: What is a BPO Virtual Captive?

Much of this “comeback” status is owed to the earnings from the growing BPO industry that has remained strong performers as earners of foreign exchange. In addition, inflows of foreign investments and the growth of industries directly and indirectly affected by the growing BPO industry contributed to the rise of the country’s economy.

Related Article: Economist: Philippines Is Number One

As investment banking houses and other reputable institutions monitoring the developments in the Philippines give out more and more positive reports about its economy, the country’s rating on global competitiveness also improves. According to the report by World Economic Forum, the Philippines has moved up 10 country ranking positions in the International Competitiveness Index— definitely an improvement.

Related Article: The Philippine Economy on the Comeback

 

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1 Response » to “The Philippines: The Most Attractive Global Provider of IT-BPO Services”

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