Growing demand for technical and professional services candidates is driving core workforce development from low-skilled talent to more highly skilled talent to meet the needs of the current labor market. The number of support and customer service roles is growing as more organizations seek to place more technology sector roles into low-cost markets.
The additional competition in this market over the past several years has increased the cost of doing business in the Philippines, however, it remains among the most cost-effective in the region to leverage local resources. As regulations have shifted and employer investments increased, more skilled workers have remained in the Philippines rather than migrating, further strengthening local hiring potential.
Business processing management is a sector that continues to grow at a high rate. The anticipated growth in the sector is driving the need for higher levels of STEM-educated candidates and forcing the Philippines to design education of the emerging workforce to accommodate the need for these skills. Overall this market is rising in global competitiveness despite small minimum wage increases and a lower ranking in the ease of doing business. This is due to the quality of the skills availability improving while costs still remain very low compared to other markets offering similar skills.