Our Aim is to Help Foreign Groups Interact Smoothly and Facilitate Investment in the Philippines

Philippines has a host of industries ready for investment. It is also a very rapidly developing country and lacking in many types of goods and services. These two factors combined allow for the Philippines to be an excellent investment destination.

If you’re thinking about starting a business, moving a business, or introducing a product or service to the Philippines, there are some areas of caution to consider. Of course there are completely different languages, cultures and business practices to be considered. These must be weighed into consideration when deciding Philippines is the ideal location for your business.

I would strongly recommend to any group or individual that has the time or resources to come out to the Philippines and get on the ground themselves. It’s really important to get a first hand account of the way business moves out here. You’ll find from experience that most companies and government offices are quite friendly and pleasant to deal with. However, sometimes the pleasantness is not backed up by action, which can lead to a lot of frustration to foreigners. At Triple i, We think our approach to dealing with local companies and government offices as well as communicating a realistic vision to foreign clients ensures, as much as possible, the smoothest transition into the Philippines.

Developing your business yourself can lead to a few difficulties, that’s why I’ve prepared this short guide to help in any way it can:

Research

Probably the most important aspect before embarking on any business venture. Learn as much as you can about the industry you want to get involved in. I know there is limited amounts of resources available online for in depth analysis of industries, but still take advantage as much as possible. Potential clients contact me all the time and after only a few minutes of discussion it’s apparent to me that they no very little about the Philippines or the industry in which they want to get involved. Of course Triple i Consulting is there to provide marketing research and reports, but the client would be much better served to use internet sources to gain a basic level of knowledge. Try and learn about any group or individual that has done something similar to what you have done.

Contact

If possible try and contact as many people as you can working or related to the industry you want to get involved in. I think you’ll find as long as you are respectful when dealing with people, even potential competitors you can gain a lot of insight in the field you’d like to invest. This may be a bit difficult as the culture here is really built on personal communication. Emails, telephone calls, faxes may be a good way to initially establish contact with someone, but unless you’re willing to put in the time to visit with them face to face for a coffee date or lunch you may not find people too helpful.

Find Someone You Trust

Only you know who you feel comfortable trusting, which is key in doing business in any new region. I would never dream of going to a country where I didn’t have someone I truly trusted to help me start a new business venture. Philippines is no exception to that rule. The business attitude here is very friendly, unfortunately there are groups and individuals that particularly prey on new foreign companies that just might be an easy target for them.

So who can you trust? Definitely not someone promising too much or something that sounds unrealistic to you. Any well established company can certainly be trusted for basic things. Be wary of any individual who says he can fix anything for you, all he requires is the appropriate fee, this should send some alarms. Many things are possible but certainly not everything, this is the Philippines, not Never-Never Land.

Also don’t be so naive as to think you will be very successful without a strong local partner. Very few foreigners have arrived on distant shores of countries, sticking their flag into the ground and staking claim to an industry. Find someone with experience and connections in your field and work together with them to be a success.

Some Caution Areas

As I’ve mentioned above the Philippines is a friendly business atmosphere, sometime too friendly. Many complaints I have heard from foreigners is that people here are ” yes men”. Often, agreeing or saying yes when really they should be disagreeing and saying no. This may be caused by respect or just not wanting to disappoint. The only advise I can give against this is to thoroughly ask questions, and let the person you’re dealing with know that it’s okay if it can’t be done.

Don’t get frustrated, business development by yourself can be a time consuming ordeal. Running around from place to place sometimes getting very little or very bad information. Do not let this get the better of you. I have witnessed foreigners take out their rage on local staff, government workers, and potential business contacts. I cannot stress how much of a mistake this is. It would be better to just pack up your belongings and leave because once you’ve yelled at someone, especially in public, you’ve not only burnt your bridge, you’ve sealed up the entrance with brick.

Show some respect. Philippines business practice is filled with signs and gestures of respect. This is not something to be taken lightly. Showing the proper amount of respect can be the key between success and failure. If you’re a foreign national, remember you are a guest here. Don’t be shocked that business is done differently in the Philippines than Europe or the States. This is a different country, so it would seem obvious to anyone that two different things will not operate the same way. I have heard too many times disrespectful comments from visitors which always makes me think, ” Can’t they realize that’s not helping them do business by saying that “. No need to go over board either. You don’t need to show up to all your meetings in a barong ( although, you’ll probably be of some amusement to locals), just be respectful, courteous, and mindful you are a visitor. You’ll be surprised at what a difference it will make.

I hope this post has been helpful to you in some way. Please feel free to respond with comments or additional tips. If you need any other assistance please don’t hesitate to contact us, contact us, we look forward to hearing from you.