While the economy of the Philippines is having trouble reaching 6% growth this year, there is still some economic hope in the long run as the global talent solutions partner Robert Walters revealed through its research that the nation’s offshoring industry is expected to reach $61 billion by the year 2030, according to a GMA Network news report.
To put things in perspective, posted below is an excerpt from the news report of GMA. Some parts in boldface…
The Philippine offshoring industry is expected to contribute as much as $61 billion or P3.45 trillion for the economy by 2030 amid a significant shift in the global landscape, research released by global talent solutions partner Robert Walters showed.
According to Robert Walters, the offshoring sector is projected to increase its contribution by 69% from its current contribution of $36 billion, equivalent to 10.14% of the country’s gross domestic product by the end of the decade.
“To put the $61 billion figure into perspective, that’s more than three times the Philippines’ annual education budget,” Robert Walters head of market intelligence Phill Brown said in an emailed statement.
“Offshoring is becoming a long-term economic driver for the Philippines and underscores the growing confidence in the country’s skilled workforce and its ability to support critical, global-facing business operations,” he added.
The research took into consideration estimates from a combination of secondary sources and industry databases, and projections calculated using workforce size and average revenue per employee.
Robert Walters cited the country’s high English proficiency, the specialization in tech and transformation services, and pool of digital infrastructure and engineering talent, which it said has enabled the country to take on complex functions in technical and knowledge-based domains.
Among the most in-demand skills are backend programming, cloud engineering, and information technology (IT) security, highlighting rising global demand for technical capability in cybersecurity and cloud transformation.
Let me end this post by asking you readers: What is your reaction to the recent developments? Do you think the offshoring industry of the Philippines will pave the way for more investments to come in and more new jobs to be created in the years to come? Do you know anyone who works in the local offshoring sector? Do you know the difference between offshoring and outsourcing?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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