World Bank recognized that with its human capital and good telecommunication infrastructures, the country is fast becoming one of the best performers in services exporters particularly in the business process outsourcing.

During a conference on the global trade in services held in Makati City on 6 June 2011, the World Bank cited the Philippine's superb performance in services exports that could provide more channels to sustain economic growth and reduce poverty incidence.

"Service sector performance critically depends on human capital, the quality of the telecommunications network, and the quality of institutions," said Sebastian Saez, World Bank senior trade economist.

"The experience of exporting outsourced business services in the Philippines shows that by creating an enabling environment where the private sector can deploy its creativity, developing countries can reap the benefits that services exports opportunities are opening," he added.

Services exports increased from nine percent in 1999 to 21 percent in 2009 in the Philippines.

Its services exports rose by 3.6 percent on average per year during the period, higher than that of Asia as a group which averaged 1.5 percent per year.

Unlike many developing countries, the Philippines has been a net exporter of services since 2006.

The Philippines is currently the third largest player in business process outsourcing (BPO) in the world, accounting for 15 percent of the global BPO market, after India (37 percent) and Canada (27 percent).

"That's a tremendous achievement in just over a decade," said World Bank Country Bert Hofman.