From 2004 to 2008, the number of full-time employees in the Philippine outsourcing sector tripled - clocking an average annual growth of 40%. As a result, the number of full-time employees (FTEs) grew from 100,000 to over 372,000 - translating in revenues totaling more than US$6 billion.

Here are the reasons why we believe the Philippines is the premiere outsourcing destination for Finance and Accounting:

High-End Service Capabilities

The Philippines is internationally ranked as #1 for the availability of high-end KPO (Knowledge Process Outsourcing) jobs that include Finance and Accounting. As of 2008, KPO services represent 19% of the Philippine outsourcing industry - second only to its contact center services (61%). Having multiplied its revenues by almost seven times within the last five years, the Philippine KPO sub-sector is the fastest growing in the industry.

Finance and Accounting is among the most promising KPO offerings in the Philippines. The country has more CPAs than any other country in Asia - producing 7,000 accounting graduates every year. Its accounting system is strongly influenced by US and international practices (US GAAP and IFRS).

Infrastructure

Philippine telecommunications experienced deregulation in the early 1990's - much sooner than its rival outsourcing destinations. Having received strong government support for IT development, it has since seen dramatic improvements. The Philippine BPO sector has transformed cities nation-wide with premium-grade outsourcing facilities in locations like Manila and Cebu (ranked as the world's number one emerging outsourcing city).

English proficiency

The Philippines is preferred by many buyers primarily for English proficiency and affinity to Western culture. The country is the third largest English-speaking country in the world. All business in the Philippines is conducted in English and is the primary language of its major universities.

Cost Effectiveness

The Philippines has a very competitive labor arbitrage with high productivity and expertise available for your business at significantly lower costs. The low costs extend to other business expenses as well such as offices and workstations. Furthermore, the government has shown its full support to the Philippine outsourcing industry by giving its players numerous tax breaks and subsidies.