After setting up its BPO delivery center in the country less than two years ago, the bank's Philippine delivery center now employs 2,500 people and is ranked number one among eight HSBC Global Delivery Centers in terms of quality of service.

IBM, meanwhile, is also reportedly growing its outsourcing operations in the Philippines a lot faster than India. Located in Eastwood, Quezon City, IBM last year officially announced IBM Business Services, promising to expand its 'business transformation outsourcing' operations in the Asia-Pacific market.