The Philippines is classified as a developing economy and has shown continued growth in recent years even when others began to falter. Before the coronavirus pandemic struck, the country’s economy was expected to double within the next decade.
While it may take a little longer due to COVID-19, economists continue to regard the Philippines as an investment hub with increased optimism. One of the primary factors that led to the country’s unprecedented economic growth is the tech boom. Here are some ways it has bolstered the Philippines’ economy:
PITON-Global is a leading BPO in the Philippines. Its CEO, Ralf Ellspermann, cites technological advances as leading to the country’s economic growth. The service industry plays a vital role in the economy, and many international companies are looking to start a call center in the Philippines due to service excellence and lower costs. The country’s workforce is competitive, well-trained, and known for its unrelenting efficiency.
None of this would be possible were it not for recent advances in technology. Communication has never been easier, and setting up a call center in the Philippines does not limit companies to calls in one geographic area. All international queries or calls can be routed to a single venue to be addressed or moved up the chain of command.
While the Philippines has internet connectivity, progress on ensuring stability and speed has been less than ideal. It is also costly when compared with other countries in that region.
Nevertheless, the Filipino government is pushing ahead with plans to ensure that internet connectivity remains a priority as part of its infrastructure investments. Several multinational service providers are itching to get into a largely uncompetitive market dominated by two service providers.
Despite this, companies have turned to the country and set up their call center in the Philippines. Once these issues are resolved, the Philippines expects to see a further influx of service sector outsourcing coming its way.
Filipinos have embraced online learning on a wide scale. The country has some of the largest numbers of people registering for online courses worldwide. Using available content included in these courses to improve their skills and expertise, Filipinos ensure that they have accessed the best possible education opportunities to guarantee them job success.
Many students have opted to use online courses to improve their English-speaking skills. While English is an official language in the Philippines, few Filipinos speak it as their home language. With the arrival of business from overseas companies, English has never been more important to would-be employees than it currently is.
Website and app development costs
Now that an app can be developed anywhere in the world, innovative Filipinos are taking advantage of this opportunity to get in on the action. Skilled app developers offer their services as freelancers at highly competitive rates.
These web and app developers have an excellent reputation for delivering on their promises and working to standards that rival developers from any country worldwide. This has allowed young Filipinos to put their well-honed skills into action on an international scale.
Tech manufacturing and production
Owing to favorable costs and access to an educated workforce, several companies have elected to start manufacturing operations in the country, contributing significantly to its GDP (gross domestic product). This includes production of computer equipment, semiconductors, and electronic components.
Increased demand for such products has resulted in a surge of manufacturing jobs in the country, with employees more than willing to take on this type of work. The Philippines’ central location also makes it an ideal platform from which manufacturers can export and route their products.