The Philippines is one of the fastest growing economies in the world, according to economists surveyed by Bloomberg. It has a huge Information Technology and Business Process Outsourcing (IT-BPO) industry that’s now its second largest source of income. With a young, educated, and technologically-savvy workforce that speaks English fluently, the Philippines has become a hub of talent for tech companies.
Here are the key reasons why the Philippines is a go-to destination for offshore software development.
One of the world’s top outsourcing destination
The Philippines has been voted the world’s number one outsourcing destination 3 times by UK’s National Outsourcing Association. Tholons, an international advisory firm for global outsourcing, has consistently cited Manila, Philippines as among the top outsourcing destinations in league of outsourcing leaders like India China, Brazil, and Mexico.
Rising star in IT outsourcing
Global management consulting firm AT Kearney named the Philippines along with Malaysia and Poland as a developing player in its 2014 report on rising stars of IT outsourcing.
130,000+ Tech Graduates Annually
The Philippines graduates over 130,000 tech and engineering students every year from internationally recognised universities.
5th largest English speaking population
The Philippines is the fifth largest English-speaking nation in the world where over 90% of the population speaks and understands English. The country also scored high on the EF English Proficiency Index (6th Edition) ranking 13th out of 72 countries, just behind Malaysia and even ahead of Switzerland.
Strong western culture
The Philippines has a strong familiarity and affinity to western culture due largely to its historical past with Spain and the United States. Over 80% of the population is Catholic.