ExecutiveChronicles.com | An Expat’s Guide to Starting a Business in the Philippines | When doing business in Asia, many foreigners usually choose the likes of China, South Korea, Japan, Singapore, or Hong Kong. And there is a great reason for this: these are highly developed countries with strong business infrastructures. But if you want to reduce overheads while ensuring that you get a robust market, the Philippines can be a great option. This country is highly industrialized, meaning there are a lot of opportunities for investors like you.
Maybe at this point, you’re already listing down the items you need for your start-up, ranging from business name to details, such as a customer service team using Plantronics headsets. But if you still do not have a destination in mind, you might want to consider the Philippines. Here are some things that might convince you:
The Country’s Location
While the Philippines always weathers storms coming from the Pacific, its location in the map is highly strategic. It has international airports that serve as gateways to other capitals and business centers in the East Asian region. Hong Kong and Taiwan are about 2 to three hours away, while Singapore is just three hours away via flight. The country’s ideal location makes it a favorite meeting place among businesspeople and investors.
Filipinos are talented people. A lot of them have worked abroad as nurses, domestic helpers, doctors, and teachers. Their skills and work ethic have always been valued. So should you choose to invest in the country, you have the assurance that you can tap into its human resources. The citizens also have a great command of English. In fact, English is one of its two official languages. This means that language will not be a barrier in the workplace. According to the World Bank, the country has a literacy rate of 99% (as of 2015), one of the highest in the world.
A Lot of Industries to Explore
The country also has a lot of industries and business categories to explore. Agriculture is quite dominant, so if you want to live in peace while harvesting rice and vegetables, it might be an ideal choice. But you can also tap into the country’s low labor cost if you want to go into manufacturing. If you’re planning to build an offshore business, you can count on the country’s strong IT and BPO services. And because the Philippines has many stunning beaches, tourism also makes a good industry to venture into.
A Slew of Key Cities to Venture Into
Other than Manila, the Philippines has a lot of key cities that have a strong potential market. In Luzon, northern cities, such as Baguio and Vigan, are worth exploring. In Southern Luzon, cities like Santa Rosa, BiÃ±an, Cabuyao, Calamba, and Lipa are teeming with manufacturing plants and science parks. Visayas has Bacolod, Dumaguete, Cebu, and Mactan. Mindanao, on the other hand, has Davao City, Cagayan de Oro, and Malaybalay.
The Philippines is a promising country to invest in. But before you take the plunge, you must know the requirements it has for foreign investors. You will also need to make sure that you have a back-up plan.