Manila is becoming the new India but better for professional services
they build hubs for corporates to either outsource or partial outsource and still have control over the service.
eg an accounting firm might have 50 employees but might need 10-20 staff to do the grunt work and paper collection and processing. It then gets sent to management back in Aus or US and is double / triple checked and published. If they can save 50% on wages then this can be put back to growth or recognised as savings.
Ann: Date of Annual General Meeting, page-5
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