WHY SHOULD YOU START A BUSINESS IN THE PHILIPPINES?
Updated: Mar 8
With the advent of industrial development and the advancement of information technology, businesses have evolved into something new. While the agricultural sector still dominates the economy in the Philippines, there are still a lot of opportunities in our newly industrialized country, not just for Filipinos but also for foreign investors.
Currently, processing and assembly of electronics and other tech components from foreign multinational businesses make up a large portion of our industrial sector. But the Philippines have so much more to offer with its rich natural and mineral resources, diversified culture, and stunning tourist destinations making it a promising market for both local and foreign investors.
If you’re an investor or an entrepreneur, here are some considerations why the Philippines would be a good place to expand your operations:
Located at the heart of Asia, the Philippines often plays a significant role in trade and commerce which results in faster economic growth. Major trading capitals in Asian countries are within a 4-hour flight distance and with over 500 million people in the ASEAN market, it is considered a crossroad between eastern and western trade.
If there is a significant advantage that the Philippines has over any other country, it would be its workforce. The Philippine manpower resources are always considered of high quality since our country’s literacy rate is 99.08%. The country is also one of the world’s biggest English-speaking countries.
If you are familiar with the history of the Filipino people, I am sure that you will agree that they are very adaptive and receptive to changes and new ideas. Filipinos are headstrong when it comes to issues and challenges as they deal with it with determination as they come along. There is no disaster strong enough to break the resilient people of the Philippines.
Filipinos are also considered one of the most confident spenders in the world as they usually spend their hard-earned money to reward themselves in terms of new clothing, trips, house improvements, and investments. The Philippines was also once considered one of the top-ranked spenders globally making this country a good place for start-ups.
The Philippines has a well-developed communication, commerce, transportation, and economic structure. While being an archipelago makes it a challenge to physically connect every island, it is still highly accessible by air and water. Each region also boasts different tourist destinations and natural resources that local and foreign entrepreneurs can utilize to drive the market.
The population of the country is rapidly increasing so there are now more young people than retirees because of the population dividend. This poses a great advantage as there are more younger generation entering the domestic market providing their skills and knowledge for services and goods.
These great qualities of the Philippines have greatly helped the country in this competitive economy. Even after numerous disasters and the worldwide pandemic, this country has still numerous sectors that have yet to be discovered by investors.