The Philippines’ thriving business process outsourcing industry, catapulted the country to the second-best globalization destination in the world this year.
The Philippines rose a notch from 3rd last year.
The global strategic advisory firm Tholons said the 2018 Services Globalization Index was led by India, the Philippines and Brazil at third place in the “Top 50 Digital Nations.”
The United States, Mexico, Canada, Russia, Vietnam, Colombia, and South Africa make up the rest of the top 10.
The index evaluates and ranks countries and cities based on availability and quality of talent in the area, business catalyst or the level of industry-related activity and organizational support, cost of doing business, infrastructure, innovation, and risk and quality of life, among others.
“Most of the services will get commoditized for the biggest leaders in services globalization like US, UK, Canada, Europe, India, Philippines, East Europe, and Latin America,” the index report stated.
Business process outsourcing is an economic lifeline in the Philippines with over 1.15 million Filipinos working in the industry.
The outsourcing sector together with remittances from Filipino overseas workers, remains one of the top 2 earners of foreign exchange for the country.