Philippines poised for prolific expansion in IT-BPO arena

MANILA, PHILIPPINES — Asia CEO Awards Chairman Richard Mills cast an optimistic light on the Philippines’ growth trajectory during his recent appearance on SMNI’s Business and Politics. 

Mills spoke about the nation’s impending ‘golden age of growth,’ attributing it to the young, English-proficient workforce distinguishing the Philippines in the Southeast Asian region.

As the world redefines its work norms favoring remote and hybrid models, the Philippines is tapping into the opportunity with a unique blend of youthful energy and language skills. 

“For business process outsourcing (BPO), Filipinos are just loved throughout this world by employers. And this a big opportunity, as Filipinos are skilled and working on global jobs and getting paid in global income,” Mills stated. 

He added that the Philippine real estate market — especially its residential and tourism segments — is also experiencing a surge in activity.

However, Mills did not overlook the challenges faced by the manufacturing sector. He acknowledged the competitive onslaught from China and Vietnam, which has caused a talent shortage. 

To overcome this hurdle and fully unlock the country’s economic potential, Mills urged an attack on bureaucratic inefficiencies and red tape. With this obstacle removed, the Philippines could leverage its position as a hotspot for regional growth.