The significance of schooling system has been well realized globally. Schools are those institutions which not only lay the foundation of education in any country but also promote holistic development of a nation via amelioration in the literacy level rates. Basically, education is reckoned as a public good, entrusted to government and nonprofit institutions around the world, and generally involves a huge spending.
In line with the Education Market Research Reports, as far as the proof fit companies are concerned, they have managed to attain a certain position by stepping in to offer education either by acting as school operators in K–12 and higher education or by providing ancillary services like tutoring, day care, and test preparation. While over the years, even some private companies have well discovered niches in sectors that involve post secondary and corporate training. The education industry in Philippines is noticed to be greatly fragmented via presence of large number of public and private players competing on the basis of tuition fees, infrastructure and other services.
Philippines education industry has witnessed a healthy growth in the past decade due to the adoption of enhanced basic education models in the country from time to time. Also, financial support from foreign countries like Australia, Canada, and US has supported the Philippines government in effectively restructuring the education system that prevails in the country. Mainly, the Philippine educational system operates on a tri-focal management system that constitutes The Department of Education (DepEd), Commission on Higher Education (CHED) and the Technical Education and Skill Development Authority (TESDA).
With respect to sources from Philippines Education Industry Research Report, it has been discovered that a variety of new programs and initiatives have been executed by the government with the sole motive to ameliorate the overall quality of education in the country. Trends of amplifying investments by the government as well as other local and foreign agencies for the ultimate provision of universal access to quality education at all levels are highly likely to further showcase improvements and thereby result in augmentation of the total number of enrollments and establishments in the Philippines education industry in the coming years.
It has also been observed that K-12 education market has maintained its position of being the largest contributor to the cumulative revenues of this industry. The revenues of these K-12 schools have evolved tremendously over the years owing to the upcoming innovation in the education programs of Philippines. Further, through a proper scrutiny of the Philippines Education Industry Analysis, it has been identified that higher education market has been the second largest contributor to the revenues of this industry wherein some of the prominent players namely include: University of the Philippines, and De La Salle University. This market is envisioned to grow at a decent CAGR in the years to proceed.
With extensions in the line of compulsory education; the worldwide systems are bettering day by day and thus, Philippines is looking to take part in various international assessments of education which will aid in analyzing the latest demands for education such that associated structural changes can be made with the passage of time; ultimately emboldening the quality of education offered. Consequently, changes are expected to be implemented in the technical-vocational training as well as private tutoring segments in the coming future.
According to the Philippines Market Research Reports for Education, the country has commenced with various education reforms in the recent past that it considers significantly pivotal for the holistic economic development, thereby bringing school system in accordance with the international standards and opening up more avenues for higher education sector to a relatively more number of people, while supplementing the research and development activities that will uplift the overall academic profile and bring lasting benefits to the country. As a matter of fact, Philippines experienced a rise in the number of enrollments to somewhere near 1,947,877 for private and 1,641,607 for public institutions in 2016 according the Philippine Commission on Higher Education. Also, a surge in the number of classrooms has been encountered over the years and about 47,492 new classrooms have been constructed by the end of 2017. This is further supported by the presence of a number of competitive international schools located in major cities such as Manila, Cebu, and Davao.
Even, the Philippines e-learning segment has been expanding at a robust pace and specifically revolves around online-learning and training, software development, e-content development and associated technological innovations. This market is furthermore anticipated to grow at an astonishing rate in the future years.
Moreover, as per the Education Market Research Reports Consulting, the country has as wide as 12 million people of the total population who are employed overseas and the students have turned much more aware and knowledgeable about ‘education abroad’ wherein the official language of both business and education is English, and thus Filipinos have boasted a resilient 91.8% literacy rate lately. As a result, students have started attending universities that have a good reputation coupled with brand recognition in Philippines and these numbers are projected to multiply in the long run; finally engendering an optimistic growth in this industry.
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Ankur Gupta, Head Marketing & Communications