With a strategic business location in the Asian continent, the fastest growing region in the globe and a population of 94 million people, the Philippines is considered one of the most prominent economies in Southeast Asia. Its economic performance over the last years has captured the attention of the global economy, and year after year, this vibrant country “sends a message” to the international investors: this country can be a unique opportunity /business strategic decision to your company.
With a GDP growth rate of 5.9% in the first semester, the Philippine economy is forecasted to register, at the end of 2012, an impressive growth of approximately 5.8%, a stable inflation and a very stable currency. The future looks bright, in 2013, the country is expected to keep the same pace and HSBC goes even further: next decades will be even more promising for the Philippine economy, and by 2050, will become the 16th economic power with an average growth of 7 per cent over the next 40 years.
With abundant natural resources, offers unlimited business opportunities inside the country and within ASEAN. Mining, Renewable energies, infra-structures, agriculture and BPO are the bright spots in the economy.
Helped by demographics that, if properly trained and educate, might generate more income to the country, the Filipino workforce is one of the main advantages of this country. With higher education priority, the literacy rate in the country is 94.6% — among the highest in Asia. English is taught in all schools, making the Philippines the world’s third largest English-speaking country. The low cost of its work force is also one of the reasons why there is a boost of outsourcing services, such as call centers and software developments, in the country.
Under the political stability and the economic reforms that are being undertaken by President Benigno S. Aquino III, the government has been improving the country’s international competitiveness to attract more investments. The creation of PEZA (Philippine Economic Zone Authority) which is the development of Special Economic Zones throughout the country with very competitive fiscal and non fiscal incentives available to investments inside PEZA economic zones, and the BOI (Board of Investments) have helped assist and promote foreign investors in desirable economic areas and sectors that can boost Filipino’s exports.
The Philippines offers today an exciting opportunity to expand your business and is generally considered one of the most dynamic economies in the world. Nevertheless, its bureaucracy, the difficulty that many companies face in finding the right information makes it harder for most companies to access this market. Finding a local partner, the right business plan and making strategic decisions in such a wide and complex country demands a deep understanding of this market.
Triple i provides quality consulting and strategies to provide our customers with fast, effective, and measurable results. Triple i Consulting understands the Philippines. With extensive experience in the Philippines handling business development, marketing, company incorporation, tax advisory, and start-ups, Triple i provides real solutions to start-ups and helps overcome obstacles in the Philippines.