Working Abroad: Are You Crazy?

By Rebecca Bustamante, President

Chalre Associates

It seems to be a long held belief by Filipinos that working anywhere outside Philippines is better career option than working within. In the past, there were good reason for this. in other countries, there are more jobs and the pay was better. As well, career advancement was said to be more independent on performance rather than favoritism.

The results has been one of the greatest net movements of workers of any nation in the history of world. Even today, a steady stream of Filipino professionals leave Philippines for work elsewhere.

Steady that is, until recently.

Today, a reversal of this long-term trend is in the air. Career-minded professionals are weighing the options of working abroad and more often they are choosing to stay in the Philippines. An important turning point in the country's history seems to be within sight.

The main reason for this changes has to do with an expanding number and range of employment opportunities. Income levels are also rising and opportunities for advancement are becoming more numerous.

To understand more reason for this, let's look at some key industries to describe the most active contributors to the Philippine economy. The fastest growing sector from an employment perspective is clearly Business Process Outsourcing (BPO). From almost zero jobs a few years ago, there are now close to 300,000 people working in this industry. Philippines is said to be the fastest growing BPO destination in the world today. This monumental growth opportunity has resulted in unrivaled opportunities for professionals. It is common to see 26 year olds managing 100s of white-collar professionals in this sector that is growing by 10,000 jobs per month.

Semiconductors and Electronics doesn't promote itself as well as the BPO industry, but it growing at double-digit rates. Given that a short time everyone thought the industry would move to China, this is significant. Today, Philippines is confident of continuing growth for this huge industry that provides 60% of export earnings. Texas instrument is a particularly interesting examples of this confidence. The company one example of a company that choose Philippines for new billion dollar project that will be the largest single foreign investment in the history of the country.

Other sectors like mining are attracting interest from the world's premier organizations. Typical projects of this people are 1$B in size and include tremendous benefits to remote communities since they build roads, hospitals and schools, in addition to providing jobs for thousands of people. One Canadian company has plans to build a $3B refinery that will possibly be the largest in the region.

Given that the entire foreign direct investment for all of the Philippines was just was $1.1B as of a year or so ago, these are huge opportunities and speak well of the country's near-term future.

Filipino's don't like President Arroyo but it seems clear that steady progress is being made at improving the country. Gone are the regular mass protests and coup attempts. Instead, we are getting used to a strengthening peso and trade surplus. Even the country's fiscal deficit seems on track to disappear over the new next few years.

Leaders of multinational companies in Asia have come to notice these positive changes at a time when other countries aren't looking quite as interesting as they did a short time ago. Thailand's military coup has been disastrous for foreign investment. Other countries such as Vietnam and Indonesia are said to be over-invested and China has lost some of its shine. India, the main alternative for BPO services, is rapidly pricing itself out of the market.

Given the alternatives, the situation Philippines looks downright appealing. But, as everyone knows, Philippines has the less than stellar track record in political stability. Nevertheless, the phrase, "sustainable growth" is being heard about Philippines for the first time in a long time.

Everyone's situation is different but for professionals who are interested in the career advancement in a dynamic environment, Philippines seems to be the place to be.

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Executive Search & Management Consulting:

Chalre Associates provides its Executive Search & Management Consulting services throughout the Asia Pacific region.  We are proactive and well known in our sectors of focus.  Regional Managers use us to help bridge the gap between local environments and the world-class requirements of multinational corporations.