BEIJING, April 18, 2018 /PRNewswire/ -- From April 8th to 11th, the 17th annual Boao Forum for Asia was held in China' s southeastern resort island of Hainan Province. This forum presented the Chinese Government's economic plans for both Asia and the world at large.
President of the Philippines, Rodrigo Duterte, attended the Boao Forum to speak before a business forum. Before the event, ABS-CBN News reported that "during the Boao Forum, Filipino and Chinese officials will likely discuss a bilateral agreement on the deployment of 100,000 Filipino teachers to China".
As a result of the forum, the Philippine and Chinese governments have signed 5 documents, which are a mix of memoranda of understanding and letters.
Among the documents signed by government officials this past Tuesday, April 10, one is titled "Memorandum of Understanding on the Employment of Filipino Teachers of English Language in China" (signed between The Philippines' Department of Labor and Employment and Chinese Embassy in the Philippines).
During the past several years, China's Online English Education industry has grown tremendously. Specifically in the K-12 stage, the soaring demand for foreign English teachers in China via online platforms is evident. A number of Online English Education companies in China hire Filipino teachers to combine high educational quality with affordable pricing. Among these companies, 51Talk, a NYSE-listed company, has risen above its competitors via direct investment in the Philippines: setting up operations in the Philippines to ensure the highest quality of their Filipino teachers.
"We started from scratch seven years ago, and we now have local operating centers in five different cities, with over 1,000 employees covering every aspect of the business, including teacher sourcing, recruiting, training, and retention", said Jia-jia Huang, the founder and CEO of 51Talk.
Currently, 51Talk has offices throughout the Philippines in Manila, Bacolod, Davao, Cebu, and Baguio. In the future, 51Talk plans to open even more offices in other areas of the country. According to the statistics shared by 51Talk, more than 80% of their Filipino teachers earn more than 3,000 RMB per month, which is a significant addition to a modern Filipino family's household income.
As Morgan Stanley Research (2017) points out, China's smaller urban centers could become the larger driver of growth and consumer spending in the coming decade. As such, online education companies based in China which leverage Filipino teachers, such as 51Talk, could quite possibly have an upper hand in capturing a large share of this growing market outside of Beijing, Shanghai, Guangzhou, and Shenzhen.