The economic crisis and most recently the slowdown of the Chinese economy have turned the eyes of the international economy to the Philippines, the most recent phenomenon in Asia in terms of economic growth.
Showing an enormous resilience to the economic crisis (let’s not forget that USA is one of the main economic partners of the Philippines and the worsening economic conditions in China), Philippines, together with other Southeast Asia economies such as Indonesia and Thailand is fueling the economic growth in Southeast Asia. The strong domestic demand and the public and private investments were the key behind the 7.8% economic growth of the first quarter that reflect the lower resilience on exports, compared to other countries.
With a steady inflation of 2,5% in July 2012, the highest level of foreign direct investment in the recent years (not taking into consideration the “hot money”) and one of the youngest populations in Asia (labor force participation is approximately 45% ) the future of this archipelago is bright. Debt Watchers such as S&P and Moody’s have upgraded the credit rating of the Philippines to investment grade and project an expand of its GDP by 7% this year.
The level of service, an incredible culture that understand how to serve customers, and the huge domestic market of approximately 100 Million are some of the reasons that justify the relocation of several foreign companies into the Philippines.
Despite the amazing figures, it is not all easy in the Philippines. Incorporation still remains a challenge, and the red tape, mainly present in the local government considerably slows down the business. Triple I provides the best approach to the Philippines and with a deep understanding of this market, its potential and expectations, is a great best business partner for new companies, managing its incorporation and operations.