About the Philippines
In a short, three-year period the Philippines has been transformed from a non-player to a key participant in the IT-enabled services sector (ITES). In the period of time, almost 50 contact centers employing approximately 50,000 agents have established a presence in the Philippines. They include the most prominent brands in the sector, including Convergys, Sykes, Sitel, Teletech, and APAC. Start-up firms have also made a mark, such as PeopleSupport, eTelecare, and Epixtar.But contact centers are just one sector in which the Philippines excels. Other prominent ITES service providers operate in the software development, Automation, design & engineering, animation and graphic design, medical and legal, and financial and HR-related BPO. Like the contact center sector, these sectors are populated by both established brands and dynamic startups. Together, the ITES sector in the Philippines generates at least US$1 billion in revenues annually according to independent research, and employs more than 60,000 individuals. Indirect revenue and employment - from restaurants that cater to contact center agents to global technology infrastructure firms adds to that number .
And these numbers are growing dramatically. The Department of Trade & Industry (DTI), for instance, estimates that contact center employment will double every year in the next five years. Similar growth rates are projected for other ITES sectors as well.
What accounts for this rapid growth? In part, it is the natural result of the global trend to outsource non-core business processes. In large measure it is due to attractive attributes the Philippines offers investors. These include:
A workforce consistently ranked as among the very best in Asia by such international authorities as the Economist Intelligence Unit. The Philippines graduates approximately 350,000 young professionals a year, with English as the primary mode of instruction. . They speak an English dialect that closely resembles American English. And they share an affinity for western culture as a result of their history and continuing close political and culture ties between the two countries.
World-class telecom infrastructure is one of the chief benefits of the Philippines' leadership in fostering a liberalized business environment in Asia. The Philippines was the first Asian country to liberalize its telecom sector, and demonstrates several important benefits as a result. For instance, it is a leader in all types of wireless communication, both data and voice. And communications costs are among the lowest in the region.
A pro-business, pro-investor government welcomes the opportunity to create jobs and boost economic growth through investment in ITES and other progressive sectors. One hundred percent foreign ownership is permitted, and substantial financial incentives are available to investors through the Board of Investment and the Philippine Economic Zone Authority, including tax holidays and duty-free importation of capital equipment.
Internationally awarded real estate developers offer dedicated ITES locations that feature redundant communications infrastructure and world-class facilities in Metro Manila as well as in provincial urban centers.
A western-influenced educational system assures a steady supply of knowledge workers. Government and the private sector are working closely together to refine curricula to reflect the requirements of ITES sectors for graduates with strong hard science and language skills throughout the academic system.
The banking sector is among Asia's most modern, and is closely aligned with U.S. banking and investment practice.
Aside from these practical benefits, the Philippines offers other attractive benefits to investors, and the their representatives who live here. Consider, for example:
Seven thousand islands that offer some of the very best resorts in the world, including internationally acclaimed Amanpulo and Boracay.
Modern residential and commercial real estate developments that offer world-class housing, recreation, and retail facilities.
American, British, and Japan international schools assure that children of expatriate executives are well prepared for college in any country.
A central Asian location, making travel among Asia's most exotic and fascinating destinations affordable to most in terms of investment as well as time.
The Philippines rich culinary and entertainment tradition provides a cornucopia of restaurants, bars, and clubs to occupy leisure hours.
Collectively, these benefits provide a value proposition that is hard to match. Outsource2VizMin, Inc. helps clients leverage that value proposition to increase the efficiency and productivity of their own operations, and deliver world-class service to their clients.
