Why It's A Good Idea To Invest In The Philippines

by Jay Manangan on Tuesday 3 September 2013, 1:47 PM | Category: Business Communication| View: 1102 views

Globalization has truly advanced the ways through which we conduct business. The interactions between countries have been facilitated by the rapid development of new technologies, reducing the distance between nations. It's no wonder that businesses have started to invest more heavily into other countries- telecommuting allows international businesses to monitor their satellite offices in a highly efficient manner. This often manifests in business process outsourcing, or BPO.

When it comes to business process outsourcing, the Philippines is one of the countries to look out for. Even though India remains the leader in the world perception, the little Southeast Asian archipelago overtook the subcontinent in 2010 as the global leader in BPO, which is a status that has continued for the past three years.
It should come as no surprise why the Philippines has risen to the top BPO spot. Let's take a look at some of the reasons why investing in the country is a good idea.

The Philippine economy is internationally recognized

After years of inertia, the Philippine economy is rising once again, and this has been acknowledged by analysts and investors alike. Standard and Poor's recently released a report that the Philippines is now the ASEAN economic leader, with a GDP that will increase by 6.9 percent this year alone.
Standard and Poor's also upgraded the status of the island nation to “investment grade”, reflecting its excellent profile internationally. Fitch Ratings has also graded the country at BBB-, and Moody's-rounding out the Big Three-will soon raise its rating of the Philippines as well.

The Philippines is practically a Western nation

Centuries of colonialism by both Spain and the United States have rendered the Philippines  a unique blend of Western and Asian cultures. Apart from being native speakers of English, the culture of the West is integrated into Philippine life.
American and other foreign brands compete with each other in the local malls, and many Filipinos possess more than a passing familiarity with international cultures. This allows Filipinos to work well with people from other nations, which is integral to the operations of BPO.

Business districts in Manila are highly modern

Because the Philippines is the oldest democracy in Asia, the tenets of a free market have been present for decades. Going to the business districts in Taguig and Makati is practically indistinguishable from the rest of the world's great business centers-skyscrapers abound, representing the world's greatest multinational companies.

The American colonial period was responsible for giving the country robust communications infrastructure. Furthermore, the presence of former United States naval bases has provided the Philippines with much bandwidth for transactions crossing the Pacific Ocean. Wireless connectivity will hardly be an issue, with service providers rolling in LTE throughout the major metropolitan areas.

Filipinos are adept at language

The majority of Filipinos become trilingual starting in grade school- this begins with their own regional dialect, and is followed by Tagalog and English, which are the official national languages. Such an affinity with tongues enables great flexibility, and those in the know understand the capability of Filipinos to disguise their accents, using Australian, British, and American accents flawlessly.
This flexibility expands to their skillset as well. Filipinos are always open to chances to change it up and become better at their work. Don't be afraid to host those informative seminars and workshops to improve their already-considerable communications skills. Most BPO workers in the Philippines are also possessors of tertiary-level qualifications in areas of expertise removed from communication, leading to a varied team.

Filipinos have an ironclad work ethic

Delayed gratification is a central tenet to the Filipino work ethic. The importance of hard work has been traditionally ingrained in the minds of Filipinos since childhood, and this is a belief that continues on to their professional lives.
Furthermore, most Filipinos in BPO careers are highly educated, possessing university degrees. The nation's 97.95% literacy rate is a major factor in their ability to communicate with anyone in the world. The Philippines, after all, is the world's third largest English-speaking country.

As a potential international investor, you really can't go wrong with the Philippines. The BPO sector alone is expected to generate revenues of upwards of USD 16 billion by the end of the year, and 2014 is projected to be even more fruitful. Its myriad strengths will ensure that the Philippines remains on the global BPO map for years to come.

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