The Philippines is one of the best countries in the Asia to do business. With a solid growth over the past few years, it offers unique opportunities for foreign investors who want to start an offshore business. Read on to learn why the Philippines is one of the best places to set up a business.
The Filipino workforce has one of the most compelling advantages than any other Asian country. The government has a high priority on education and the literacy rate is 94.6 percent. English is also taught in schools, making it the third largest English-speaking country in the world.
Fastest Growing Economy
The Philippines is one of the fastest growing regions in Asia. Situated at the crossroads of the eastern and western business, it is a gateway of international shipping and air lanes suited for European and American businesses.
The country is also home to expatriates who want to enjoy a vibrant lifestyle. Foreigners can enjoy accessible luxuries in some of the country’s business centers, shopping malls, hotels, restaurants, hospital, and other recreation centers.
The Philippines offers abundant natural resources. It is the largest copper producer in the Southeast Asia and among the top ten producers of gold around the world. The archipelago is also home to breathtaking landscapes and beautiful beaches that offer relaxation spots for tourists and locals.
Low Cost of Doing Business
Local communication and housing costs in the country are 50 percent lower compared to US rates. Foreign companies that are outsourcing their business processes have around 30 to 40 percent of cost savings. There are also affordable office spaces in Salcedo Village and other areas in Makati, which is the financial capital of the country.
The Philippines is an open economy that allows 100 percent foreign ownership in almost all sectors. The country also supports the Build-Operate-Transfer (BOT) investment scheme that other Asian countries follow. Multinationals searching for headquarters can receive incentives like tax exemptions.
Benefit from the booming economy of the Philippines by setting up a business. Consult a real estate company to find the best office space for rent in the country.