The Philippines is fast becoming one of the top destinations for major corporations to outsource business needs in order to keep overhead low. Lower overhead cost aside, compensation is still significantly lower when it comes to outsourcing business, but higher than the average minimum wage of 400 – 500 PHP a day ($7 – $10 USD) for remote staff.
While countries such as Malaysia, South Africa and India are well-known for offering virtual services, the Philippines is making headway in the outsourcing world.
Why should you consider outsourcing to the Philippines?
1. The People and the Talent
Filipino people are known to be loyal and hard-working. The deeply rooted spirit of being family-oriented is a benefit to you as an employer because you know they will work hard without letting you down in the process. Since the Philippines was occupied by Spain for several hundred years and liberated by America in the early 1900s, the Filipino people are open to different cultures. Influenced by Western media and culture, it’s easy for them to understand the lingo and cultural references, allowing them to adapt quickly to your real estate business setup.
2. The Accent (or Lack Thereof)
The Philippines boasts a 95% literacy rate wherein the medium of instruction is mainly in English. Many companies outsource their business processes to the Philippines because the accents of Filipinos are primarily neutral and can easily be understood. The Philippines is currently ranked No. 14 out of 88 countries globally on the English proficiency index and No. 2 in Asia as of 2018.
3. The Education and Job Market
According to the Philippine National Statistics Office, there are 42.5 million Filipinos in the labor force, with a median age of 23—and a 60.6% labor force participation rate. The Philippines has also been recorded to have a high English proficiency rating (60.59) and is No. 3 in Asia and No. 15 out of the top 80 countries. English is the medium of instruction in school and the official language of businesses.
4. Lowered Cost and Liability
When you hire a real estate virtual assistant, you get a deduction from the taxable income of 50% of labor expenses and consigned equipment as well as a tax deduction of 50% equivalent to training fees. In addition, all legal risks are transferred to the outsourcing provider. You also save on overhead costs, as virtual assistants will be working from their home, so you don’t need to provide office space.
Hiring a virtual assistant empowers you to delegate your non-revenue productive tasks and allows you to focus on what you need to do to work on your business instead of in it. Remember, if you don’t have an assistant, you are the assistant.
Daniel Ramsey is the founder and CEO of MyOutDesk, rated No. 1 virtual assistant service by TechRadar. With over 6,000 clients and 700-plus verified five-star reviews, he helps businesses gain indispensable leverage with real estate virtual professionals. To learn more, visit www.myoutdesk.com/services.