The Philippines is becoming the fast favorite of global companies in terms of outsourcing. With over $2.1 billion in outsourcing revenues last year, the Philippines has soared into third place behind India and China. A latest study by neoIT ranks the Philippines as the number two best haven for BPO services and was positioned better than India in terms of ‘Financial Benefit’.
Fueling the recent growth explosion in the outsourcing industry in the Philippines are higher end outsourcing services such as Finance and Accounting, Financial Intelligence Research, Web Design, Software Development and Animation. This is again supported by being ranked #1 in the availability of knowledge-based jobs and workers worldwide in a survey conducted by the US based Meta Group. This is singularly factual in Finance and Accounting outsourcing. The Philippines has the biggest number of accountants in Asia. The country has graduates over 105,000 finance and accounting majors, and produces over 3,000 CPAs every year. Filipino accountants are also distinguished for their flexibility in working with multiple accounting standards. Another distinctive edge of the Philippines comes from a high level of proficiency in English.
These up to date developments and market outlook provide a realistic ground to single out the Philippines as the target destination for FAO investments.
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