Asia’s Rising Tiger: Expand Your Business in the Philippines
Are you considering a global expansion for your company? As Asia’s “Rising Tiger,” the Philippines is the new powerhouse to watch out for. In fact, the United Nations Conference on Trade and Development (UNCTAD) praised the nation as one of the most popular investment destinations in the globe back in 2017. This United Nations organization’s body is in charge of things pertaining to investments, trade, and development challenges.
Here are some reasons why expanding your business to the Philippines is a safe and successful move for any business owners who are interested.
Access to an exceptionally skilled workforce
The fact that we have a small number of skilled workers is one of the country’s biggest claims to fame. There will always be a sizable pool of suitable candidates to choose from given that there are over 42.5 million persons in the labour force. In addition, the multilingualism of Filipinos makes them stand out from other nationalities. Businessmen who are not native English speakers can feel confident that communication will go smoothly due to their high level of English proficiency and ability to speak it with a distinct accent. After the United States and the United Kingdom, the Philippines is even acknowledged as the third-largest English-speaking nation in the world. The country’s IT and BPO industries are flourishing as a result of the fact that many foreign businesses choose to outsource to the Philippines.
Additionally, Philippine education meets international norms in terms of quality. Many of the curricula and teaching techniques used in the nation, notably in the fields of business, accounting, engineering, and medicine, are modelled after those of developed nations like the United States, the United Kingdom, and Australia. Because of this, Filipino graduates are more likely to be knowledgeable in their chosen fields.
The economy is expanding rapidly
The Philippines has made its prospects look only up, continuing to hold its position as the Association of Southeast Asian Nations (ASEAN) nation with the fastest-growing economy. In addition, the Philippines, which is closely trailing China and Vietnam in terms of economic growth, has managed to claim third place in Asia. You also don’t need to be concerned about if this increase will continue in the upcoming years.
Numerous advantages are also available to businesses entering into a nation with a booming economy. Improved public services, lower government borrowing, more investments, and more development are just a few benefits that come along with economic growth. Growing businesses can easily benefit from these advantages as conditions in the Philippines improve.
Redoubled efforts to develop infrastructure
The nation’s economy is continuously growing even faster with the “Golden Age of Infrastructure” from the previous administrations. The “Build, Build, Build” initiative, also known as the BBB programme, is anticipated to significantly impact how the Philippines conducts business in the near future due to its emphasis on infrastructure development and its potential to boost the nation’s economy. Building infrastructure, such as harbours, railroads, airports, and even the internet and other communication services, can link and bring people together, according to former Philippine senator Manny Villar. This benefits businesses, which benefits the growth and development of the country as a whole. Making the decision to grow in the Philippines at this pivotal time would enable your business to benefit from the country’s advances and general growth.
Economical rental rates
One of the most affordable commercial rental prices in all of Asia is reputed to be in the Philippines. Pricing won’t be an issue because it is better than many of its Asian competitors, whether you are opening a manufacturing facility that has to build a substantial warehouse, an outsourcing business that needs a large office, or an offshoring gaming firm that needs to set up a medium-sized office. No matter how big or tiny your perfect place may be, you can be sure to find it here at the most affordable pricing.
According to the above-mentioned report, the typical monthly office rent in Metro Manila is only Php1,680 or roughly $33.6 per square metre. Tax and management expenses are already factored into this. When compared to prices in Singapore, Tokyo, or Hong Kong, the cost is unquestionably a bargain. These three contain some of the most costly office buildings in the entire world, with the last costing $323 per square foot. In the Philippines, you may be sure to get a premium location for less than a fraction of the price, with the remaining funds being used more effectively for other aspects of your company.
Clark offshoring is continuously rising for having a wide land with infrastructures readily available. Furthermore, a corporation can already acquire a high-quality building in the Philippines for a cost that is still cheaper than that of comparable buildings in other nations. This is especially true for structures registered with and certified by the Philippine Economic Zone Authority (PEZA), which often have complete backup power, are fibre optic ready, have the appropriate density ratios (ratio of the number of square metres per employee), etc.
Filipinos are widely known for their hospitality
Filipinos are renowned for their hospitality in addition to the aforementioned traits. The Filipino corporate culture places a strong emphasis on politeness and respect in the workplace. Philippine workplaces are frequently characterised by a nurturing, family-like framework that promotes employee empowerment. You won’t find the same level of tenderness and warmth anywhere else, one may remark. Filipino professionals stand on par with some of the greatest in the world thanks to their exceptional blend of talent and friendliness.
Acceptance of entrepreneurs and investors from abroad
This is especially evident in the intentions of the previous Duterte administration, which called for the acceptance of more foreign businesses. The National Economic Development Authority (NEDA) has been instructed by President Rodrigo Roa Duterte to remove or relax the restrictions imposed on specific projects and activities with foreign participation in 2017. The reduction of the foreign capital restriction from $2.5 million to only $200,000 is only one of these suggestions.
The Philippines is swiftly becoming as the “it” business hub for foreign corporations to explore thanks to its strong economy and favourable business climate. Because of this, there will likely be an 8% increase in demand for office space this year alone. As a result, there is never a better time than now to begin your business expansion or find an offshore company that is suitable for your needs. The Philippines is unquestionably well on its way to becoming a destination for companies looking to surpass industry norms.