These days, as far as the business process outsourcing world is concerned, there are only three places that comes to mind – and one of them is the Philippines.

With the global financial crisis affecting hundreds of businesses around the world, creative solutions are needed for the sake of surviving this difficult period. And to survive, one needs to cut costs. One of the most effective ways of cutting costs is through outsourcing to the Philippines.

But why there? Of all the countries in the Asia-Pacific region, the Philippines has never failed to impress investors and client companies. This trend began with the contact centers, where owners have discovered a rich talent pool of English-proficient professionals who can speak in a neutral accent. Add to that the dedication, hard-work, loyalty and flexibility of Filipinos and contact centers have flourished well.

It’s not only in contact centers that the Philippines have also made its mark. For companies in need of financing and accounting services, outsourcing to the Philippines is a sensible choice. All of its certified public accountants are trained in GAAP, and the financial systems followed by foreign companies are similar to the Philippines. Filipinos also excel in legal and medical transcription.

Aside from that, software development and animation services are the other areas outsourcing to the Philippines have formed a niche in. Big names in the software industry like Intel, Apple, and IBM knows this, so they hire Filipino programmers for their branches. Animation companies have set-up their branches in that country so that they can take advantage of the the skills of Filipino animators.

The government has also realized the advantages of enhancing outsourcing services in the country. They see it as one of main factors why the country has stayed afloat despite the crisis. For this reason, they have offered holiday incentives and tax privileges to encourage foreign investors to come and do business here. They’ve also set down rules and regulations so that only qualified BPO firms receive licenses.

If things go the way it is, outsourcing to the Philippines may very well be the next big thing.