The internet has indeed changed the world where we live in today. It has opened up a massive pool of knowledge that was inaccessible a few years back. But more than that, the internet has broken down certain barriers that have hindered economies and individuals to progress. Now that the times have changed, even more people are reaping the benefits of interconnectivity.
The Philippines for instance has managed to make itself more globally competitive especially in the offshoring industry. According to a recent survey by international research firm A.T. Kearney, the Philippines ranks 7th among 51 countries in the 2014 Global Services Location index (up from 9th place last year).
The survey used different metrics to evaluate location attractiveness namely financial attractiveness (includes compensation, infrastructure and tax & regulatory costs), people skills and availability as well as business environment (country environment, cultural exposure and security of intellectual property rights).
The Philippines is an industry powerhouse with an export sector second only to India. Philippine industry is one of the most sophisticated in the world and its qualified labor force is one of the deepest. With traditional strengths in call centers, the industry is expanding into higher value-added voice services as well as into IT and BPO offerings.
Having said this, the country is expected to be an economic hotspot with foreign investors begin seeing the Philippines as a place to do viable business specifically higher returns on investments due to its more affordable yet equally competent talent pool.
On the other hand, Filipinos will of course benefit from the surge of businesses coming into the country by taking advantage of the increased job opportunities that offer competitive if not higher compensation. Moreover, the offshoring and outsourcing process becomes an avenue for cultural diversification when Filipino and foreign personnel interact.