“Turning vision into reality” is this year’s focus of the recently concluded ASEAN summit in Laos last September 6 to 8. For the past three days, the summit was able to comprehensively cover and discuss matters on strengthening and advancing the ASEAN community, as well as promoting the relevance of the community.
But how is it going to impact the outsourcing industry in the country?
What is ASEAN?
The Association of Southeast Asian Nations (ASEAN) is a regional organization composed of ten Southeast Asian states with a collective aim to accelerate economic growth, social progress, and cultural development. They also aim regional peace and stability and active collaboration and mutual assistance.
During the ASEAN summit, member states come together to discuss matters economic and cultural development of Southeast Asian countries. This year, the summit was able to come up with agreements and declarations that cover the issues on education, employment, terrorism, HIV-AIDS, disaster response, and crisis faced by migration and human trafficking.
Apart from those issues, they were also able to adopt the Master Plan on ASEAN Connectivity 2025 that focuses on five areas including infrastructure, technology, logistic competitiveness, regulations, and mobility. This initiative is an integral part of the ASEAN Community Vision 2025 which started its implementation this 2016.
How will ASEAN summit affect the outsourcing industry?
The recent ASEAN summit can impact our BPO industry in various ways, especially on cost competitiveness, human capital, and quality of internet connection.
The reduced economic regulations set by the ASEAN member states continues to benefit the country. This gives the Philippines a competitive advantage considering that the barriers to trade are low, allowing companies to easily enter the country and do business with us. Not to mention that the country is also performing well economically which further attracts investors to come in and do business in the country.
Meanwhile, other factors such as the educated pool of talents and strong support of the government continue to stand as the top reasons why the country is the leading BPO destination.
Moreover, when we look at the supply aspect of the BPO industry, the continuous efforts of the government in improving the quality of internet connection is a great leap since the majority of its operations depends on it.
Aside from economic growth, peace and order were also tackled during the summit, and this is a contributing factor that can boost the industry. Companies would be discouraged to avail services if it’s not safe to do business in the country.
As our relation with ASEAN member states continues to strengthen, we can expect more opportunities to open for the different industries in the country especially in the BPO industry.