• February 22, 2024
8 reasons to expand your business in the Philippines

Southeast Asia is now one of the world’s regions with the fastest-growing commerce according to the recent DHL Trade Growth Atlas.

Did you know that Philippines was one of the nations that significantly stood out in the report, in terms of the anticipated speed and scale of trade expansion through 2026?

This article will give you eight reasons why expanding your business in the Philippines can provide many opportunities for growth and success.

1. The Philippines is projected to have a booming economy.

The Philippine economy has been growing rapidly in recent years, with an annual GDP growth rate of 6.8% in 2017. This growth is expected to continue in the coming years, making the Philippines one of the fastest-growing economies in the world.

According to The World Bank, in 2021, the country’s economy expanded by 5.6% year over year, helped by public investment and a strengthening of the external environment. This represents the beginning of the economy’s recovery. Continued recovery and reform initiatives helped the nation get back on track for a short-term transition from a lower middle-income country in 2020 with a gross national income per capita of US$3,430 to an upper middle-income country in 2019 with a per capita income range of US$4,096–US$12,695.

In fact, the Asian Development Outlook (ADO) 2022 Supplement predicts that the Philippine economy would expand by at least 6.5% in 2022, in contrast to the bank’s April prediction of 6.0%. Expanding your business in the Philippines can provide you with access to this growing market.

2. The population of the Philippines is large and rapidly growing.

With a population of nearly 100 million, the Philippines ranks as the world’s 12th most populated nation. The population is also young, with a median age of 23.4 years. The population is projected to grow to over 122 million by 2030. This population growth provides a large market for businesses to target.

3. The Philippines is a strategic location for businesses.

The Philippines is located in Southeast Asia, making it a strategic location for businesses that want to tap into the growing markets of the region. The Philippines is also a member of the Association of Southeast Asian Nations (ASEAN), which provides businesses with access to a market of over 650 million people.

4. The Philippines has a young, educated workforce.

The Philippines has a young and educated workforce, with over 60% of the population aged 15-64. The literacy rate is over 95%, and the majority of the population has completed secondary education. The country can provide a ready and constant supply of highly competent and trainable labour to meet any fundamental business demand, including professionals, technical, management, and skilled personnel. The Philippines also has a large number of English speakers, making it easy to do business in the country. The broad English proficiency of the Filipino labour is its key competitive edge.

5. The Philippines is a culturally diverse country.

The Philippines is a culturally diverse country, with a variety of religions and ethnic groups represented. This diversity can be an asset for businesses, providing a variety of perspectives and ideas. The different cultural perspective can help businesses to come up with new and innovative product.

6. The cost of doing business in the Philippines is relatively low.

The cost of doing business in the Philippines is relatively low, with low labour costs and low taxes. The cost of living in the Philippines is also relatively low, making it an affordable place to do business.

7. The infrastructure in the Philippines is improving.

While infrastructure in the Philippines lags compared to neighbouring countries, it has been undergoing improvement, with the government investing in new roads, bridges, and airports. The improved infrastructure makes it easier to do business in the Philippines and increases access to markets. These developments are crucial in boosting the economy of the Philippines and making it more competitive in the global market.

8. The Philippines is a tourist destination.

The Philippines is a popular tourist destination, with over 7 million foreign tourists visiting the country in 2016. The tourism industry is a major contributor to the economy, and expanding your operations to the Philippines can help you tap into this market. The Philippines offers a variety of attractions for tourists, from its beautiful beaches to its rich history and culture. With its convenient location and friendly people, the Philippines is an ideal place to do business.

Summary

To sum up, the Philippines is a country with a rapidly growing economy, a large population, and many opportunities for businesses to grow and succeed. Some of the reasons to expand your business in the Philippines include the country’s projected booming economy, rapidly growing population, strategic location, young and educated workforce, culturally diverse population, and relatively low cost of doing business. Additionally, the infrastructure in the Philippines is improving, making it easier to do business in the country. The Philippines is also a popular tourist destination, providing another market for businesses to tap into.

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