According to Mills, IBM had a large site in Bangalore last year that was closed down because it was allegedly not performing well in terms of quality. Majority of these jobs were then moved to the Philippines and IBM is reportedly targeting to employ 10,000 employees in the Philippines for next couple of years.

In the case of Sykes Enterprises Inc., the company reportedly spent millions of dollars to set up capacity in India, which was later shut down due to similar performance issues, after which all 1,500 jobs were transferred to the Philippines.

'Companies are going to move a lot more jobs here. The next phase will be that companies from a broad range of industries, even the small ones, will be moving jobs here,' Mills said.