| The Philippines, has over the last few years, bloomed | | | | to attract direct foreign investment into the country |
| as a key player in the global offshore outsourcing | | | | specifically in the BPO sector. |
| market. The Philippines has been undergoing a | | | | The vast majority of the BPO facilities are located in |
| Business Process Outsourcing boom which is due | | | | the central part of Metro Manila as well as Cebu City |
| primarily to the demand for offshore web staffing, | | | | although other regional areas within the country are |
| customer contact services, finance and accounting, | | | | starting their own thriving centres. |
| human resources and call centers. | | | | Many international companies already have outsourcing |
| The outsourcing industry is considered one of the | | | | operations in The Philippines including Accenture, |
| world'fastest growing industries and International | | | | Convergys, Siemens, NEC Telecom, Caltex, Fujitsu, |
| investment consultancy firm McKinsey & Co. predicts | | | | Alitalia, Unisys, IBM, Intel, Procter & Gamble, AOL, |
| the demand for outsourcing suppliers will reach $170 | | | | Barnes & Noble, Chevron, Citigroup, Dell, HP, HSBC, |
| billion by 2010. Many companies outsourcing are more | | | | JPMorgan Chase and Motorola, |
| and more considering the effectiveness of skills and | | | | Usually the key players (vendors) are co-owned and |
| not just cost savings in their decision making which | | | | managed by expats combined with local managers. |
| means with The Philippines offerings it is now emerging | | | | Over the 2006-2007 financial year the Philippines has |
| as a global leader in the BPO industry. | | | | earned over $2 billion from offshore outsourcing |
| In particular, The Philippines has become a global hub | | | | service provision which makes it the 3rd largest |
| for corporate backroom operations such as financial | | | | supplier behind India and China. And for good reason, |
| services including accounting and bookkeeping, | | | | The Philippines has a low cost of wages is one of the |
| accounts receivable collection, account | | | | main reasons for this trend. The Philippines has the 2nd |
| maintenance,inventory control and purchasing, payroll | | | | lowest hourly wage for outsourcing professionals and |
| processing, financial analysis, management consulting, | | | | 95% of the citizens speak fluent English. |
| expense reporting, financial reporting, tax reporting, | | | | It is clear that the Philippines is positioned to become a |
| credit card administration, factoring, stock brokering, | | | | key player in the South East Asian Business Process |
| financial leasing, cargo shipment management and | | | | Outsourcing industry. This outsourcing sector will keep |
| logistics management. into these | | | | on track to become a primary part of the Philippine |
| In order to gain this rapid growth The Philippine | | | | economy as more and more Filipinos youth move into |
| government has offered significant incentives in order | | | | the game. |