The Philippines emerges among the best performers in services exports, particularly in business process outsourcing, due to its rich human capital and good telecommunications infrastructure.

The Philippines is currently the third largest player in business process outsourcing (BPO) in the world, accounting for 15 percent of the global BPO market, after India (37 percent) and Canada (27 percent).

“That’s a tremendous achievement in just over a decade. The liberalization of the Philippine telecommunications sector in the early 90s improved the quality and efficiency of telecommunications infrastructure through greater competition.

That’s a very important factor for the success of the industry. But the bigger story is really the rich human capital that the country possesses and which it has to continue to nurture.”

Bert Hofman, World Bank (WB) Country manager.

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In a previous Outsourcing Opinions article last February 2011, the World Bank invests in Cebu City, Philippines as a major urban center not only in the country but also in the region of East Asia. After months of preparation, one of World Bank’s promised projects is about to start this June 2011.

Cebu City is one of three cities in East Asia that were chosen to serve as pilot areas for the Sustainable Urban Energy Development (SUED) program of the World Bank.

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The World Bank changes its forecast of a 0.5 percent contraction for the Philippines’ economy this 2009 and set its new projection to a 1.4 percent growth, acknowledging that the Philippines proves as more resilient in the  global financial crisis than earlier estimated.

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The Philippines recently won 1st Place as the United Kingdom’s National Outsourcing Association Outsourcing Destination of the year 2009.

More news elucidate why the Philippines has been selected for being a first-rate destination for outsourcing and off-shoring not only by the United Kingdom business and trade industries but also by other regions.

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