Property consultant Colliers International said the Philippines is set to gain from the ongoing US-China trade war using its expertise in the outsourced service industry.
Dom Fredrick Andaya, Colliers Philippines director for office services, said outsourcing remains to be one of the most effective ways of managing companies during difficult times, such as the global financial crisis where the Philippines experienced a wave of expansion in the outsourcing industry.
“The Philippines is still top-tier in terms of the services industry and BPO/IT (business process outsourcing/information technology services. With the US-China trade war, both countries will experience economic slowdown due to the rising prices in the US and decreasing output (and exports) in China. In the US, this puts pressure on the bottom line of companies across industries,” said Andaya.
Andaya said the Philippines has seen “new companies setting up in the past six months, with several more looking to establish their presence in the country.”
Colliers has observed that some of these companies want to test the waters first by starting small in a flexible workspace, then expand after a few months; and sign up in a flexible workspace to set-up and conduct hiring while doing the site selection for a permanent space.
“The main attraction is still the Filipino talent which showed adaptability and resiliency in light of the upskilling requirement of the outsourcing industry,” he said.
Andaya, however, said government has to address the uncertainties caused by proposed Corporate Income Tax and Incentives Rationalization Act which will affect BPO/IT companies.