Amidst the calamities that the Philippines has been experiencing the past few weeks, the country managed to redeem itself as Bloomberg recently announced the Philippines as “the strongest performing economy in Asia today”. A remarkable 6.4% growth of the economy was recorded in the first quarter of 2012 from 3.7% in 2011. With this growth, it is apparent that the Philippines continuously attracts foreign investors despite the prevailing economic global crisis.
US, European, Chinese and Japanese companies, to name a few, see the potential of the country with the consistent surge of their businesses entering our market. Several factors contribute to this significant economic growth. The Filipinos’ English proficiency skills play a big role in the country’s ballooning BPO industry, overtaking India as the BPO destination. Moreover, the robust consumer driven economy sets the tone for confidence among international investors to set-up businesses in the country.
In addition, the government has shown support by creating government agencies such as the Board of Investment (BOI) and the Philippine Economic Zone Authority (PEZA) who are tasked to promote investments by providing assistance and granting tax incentives for foreign inventors. Additionally, the Securities and Exchange Commission (SEC) recently passed a new ruling of eliminating a bank certificate as part of the requirements in setting up a Stock Corporation, hence, easing up and reducing the registration process for local and international investors. Furthermore, early this year the Department of Tourism launched the widely successful campaign “It’s more Fun in the Philippines” to help promote the country’s vibrant tourism landscape and attract foreign visitors.
The Philippines may have had experienced an economic crisis in the past, nevertheless, Bloomberg’s optimistic report and improved business sentiment show that the country may be on its way back to its former glory.
Triple i Consulting takes active part in the development of business opportunities in the Philippines and offers a wide-range of business and management consulting services such as Business Registration, Accounting Services, Tax Compliance, VISA Consulting, FDA Consulting and Environmental Consulting. Triple i consultants work closely with its Clients to ensure that the Clients’ needs are met. The company pride themselves on being flexible by providing business recommendations that will tailor to fit specific needs of each Client.
