Triple i feels the Philippines is one of the best destinations if you’re looking for off-shore company incorporation,tax incentive programs, or to setup an type of business process outsourcing center.
The Philippines has been constantly a constantly growing economy for the past 9 years. Recently it has been named one of the next 11 countries to watch with impressive GDP grown which surpassed +7% for the first quarter of 2013. Presenting a tremendous amount of potential areas for growth and development. We believe that any company can gain from entering the Philippine market for products, services, and production.
The Philippines Government has many initiatives for promoting investment in the country. With the passing of the Foreign Investment Act and such agencies as, Board of Investments and Philippines Economic Zone Authority. They help by providing valuable government resources at the disposal of foreign investors. There are also many tax benefits and incentives available to foreign companies who comply with certain government requirements. Government corporations are being privatized and the banking, insurance, shipping telecommunications, and power industries have been deregulated.
Wages are typically less than a fifth of that in the United States. Local communication, electricity, and housing costs are also 50% lower compared to the US rates. Foreign companies that are now outsourcing programming and business processes to the Philippines estimate 30%-40% business cost savings, 15%-30% call center services and application systems, and 35%-50% software development.
The Philippines has a tremendous advantage over any other Asian country. With higher education as a government priority, the literacy rate in the country is over 94% from 10-64 yr olds — among the highest. English is taught in all schools, making the Philippines is the third largest English-speaking country in the world. With a large pool of professionals in all skills that is constantly being replenished by over 350,000 annual graduates. The work ethic of Philippines is considered to be one of the best in the region with many companies sighting the extreme loyalty of Filipino staff.
The Philippines location is perfect access to Asia – currently the fastest growing region. Just a few hours flight from all the major capitals of the region. It is a central hub of international shipping in the region and is a critical entry point to over 500 million people in the Association of Southeast Asian Nations (ASEAN).
Expats can enjoy accessible and affordable luxuries – business centers, housing, schools, hospitals, shopping malls, hotels and restaurants, beach resorts, and recreation centers all within the central business district. The 7,100 islands offer soothing leisure and relaxation spots for vacationers, tourists, and professionals needing to escape city life.
Many Asian economies are beginning to integrate into the ASEAN Free Trade Agreement (AFTA), making the Philippines an excellent strategic location for firms that want access to the large ASEAN market and its trade opportunities. The Philippines has set up certain areas for investment and free trade zones to take advantage of it’s highly skilled and competitive manufacturing force.