Doing Business in The Philippines
The Philippines is one of the fastest growing economies in Asia posting a 6.8% GDP growth for 2012. In the next few years, the country is expected to grow by 6 to 7% annually due to improved governance, increased infrastructure spending, booming manufacturing and services industries, growing overseas Filipino remittances, and vibrant domestic consumer consumption.
The Philippines is home to about 100 million Filipinos making the country one of the most attractive consumer markets in Southeast Asia and Asia as a whole. The combination of a high literacy rate and the usage of English as the primary medium of instruction in Philippine schools have resulted in a Filipino labor force equipped with competent technical skills and English proficiency. Filipinos are also multi-culturally sensitive professionals with innately caring and service-oriented characters that are ideal for professions such as medicine, wellness, customer service, and tourism.
The Philippines has 7,107 islands blessed with abundant natural resources such as extensive coastlines with bountiful marine products, vast agricultural lands, tropical weather, huge mineral deposits, plentiful tourism destinations, and highly urbanized cities. These traits make the country an ideal place of business, source of various high-quality products and a foreign investment destination.
Link to ASEAN
The Philippines is the closest ASEAN-member country to Taiwan, Korea and Japan making it an ideal gateway and regional hub for companies who wish to do business with ASEAN. By 2015, the ASEAN will be integrated forming a formidable economic block and an attractive single market with a population of 600 million. The Philippines is strategically located at the center of the region and have extensive air and sea connections with Indonesia, Malaysia, Brunei, Singapore, Vietnam, Thailand, Myanmar, Cambodia, and Laos – all within less than 4 hours by airplane.