The global economic depression raised the number of conservative foreign capitalists in putting their money in investments located offshore, particularly the business process outsourcing industry. The wrong presumption that offshore outsourcing destinations can take over the jobs of the investor’s local job market is likely the cause of this development of cautious investing. This bias can be debunked by the economic improvement and survival of the businesses in Western countries and the still dynamic offshore relations between the Philippines and its often favored offshore partner, Australia.
Australian companies have proven that getting the services of an IT outsourcing company in the Philippines can create more efficiency with lesser labor costs which mean better savings for growing their respective industries. For the Australian economy, it is predicted in 2010 to be spending $7,000,000,000 for IT outsourcing alone. This can prove to be positive for the Australian economy to be better integrated with the globalization of their economic activities to the world market and means further market reach for Australian products and services.
Although negative impacts have been claimed by Australian local IT professionals about offshore outsourcing as depriving them lesser job opportunities, their partnership with Philippine IT professionals has enabled them to reap the rewards of job growth rate in their region as many other Western countries have seen Philippine-Australian partnerships to be adequately skilled and competitive to handle their IT requirements. This has soothed the overall rough patches of the two countries and has been building fruitful years of collaborations in the years to come.