06 Oct The people are the biggest asset
With a population of 109 M in 2020, the depth and quality of its human resources make the Philippines an attractive place for setting up businesses. Not just in the Philippines, migrant Filipino workers are known and trusted for hard work, professionalism, diligence, creativity, technical skills and above all English language proficiency in America and many other countries. In a survey by Global English Corporation, an English literacy software provider, the Philippines ranked one of the best in the world in terms of business English proficiency. The survey gave Filipinos a “high proficiency” rating with a score of 562 out of 700. The EPI was based on the results of English tests administered by Education First to 2.2 million adults from 100 countries and territories in 2020.
The status of English in the Philippines is unique in the south-east Asian region with Singapore and the Philippines the only countries in the region that mandate a fully bilingual public education for all children beginning in grade school. Under the official policy, both Filipino and English are taught as language subjects in public schools, with English being the sole language used in science, mathematics and technology courses.
An attractive destination for investors and the business community and with tourism from English speaking countries booming, another interesting fact about Philippines is that it has become a big draw for foreign retirement.
The supply of quality workforce – both in labour-intensive industries as well as sectors requiring highly-skilled professionals – is a clear advantage for foreign investors. Filipino families value education very highly and every year the country produces over half a million graduates in different streams.
For companies with ASEAN plans, the talent pipeline in Philippines is a big draw.