- The Philippine economy has booming services, agriculture, and manufacturing sectors.
- Foreign investors find the country’s growing economy attractive for exploring new markets.
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- Many skilled workers and English speakers make it appealing to businesses.
- Low cost of living and government incentives encourage business growth in the Philippines.
- High quality of life and diverse culture make it attractive for entrepreneurs and workers.
The Philippines has been touted as one of the fastest-growing economies in Southeast Asia, boasting a 6.4% GDP growth rate in 2019. As a result, the country’s entrepreneurial scene has been rapidly developing, with many people looking towards starting their businesses. Here’s what you need to know about the economy of the Philippines, the reasons why it’s good to start a business in it, and how you can get started.
The Philippine Economy
First, it’s essential to understand the overall state of the Philippine economy. The country has a booming services industry, almost 61% of its GDP. This includes tourism, outsourcing (BPO), and offshoring activities. Additionally, agriculture provides over 10% of the country’s output, while manufacturing is responsible for more than 20%.
The Philippines also has a strong remittance industry, with expatriates sending money home to their families there.
These remittances account for about 10% of the economy and are a significant source of income for many Filipinos.
Reasons To Start A Business In The Philippines
The Philippines offers several advantages for entrepreneurs who want to start businesses. Here are some reasons to get started in the industry:
Economic Growth
The Philippines’ economy has been expanding rapidly, making it an attractive destination for foreign investors looking for new markets to explore. The government has also implemented policies to make it easier for people to start their businesses, such as reducing the bureaucratic red tape that often discourages new entrepreneurs. With an economy that’s constantly growing, there’s a range of opportunities for people to start or grow their businesses.
Large Pool of Skilled Workers
The Philippines has a large population, with over 100 million people living there. This means a substantial pool of skilled and talented workers is available for businesses to tap into. English is also widely spoken, making it easy for foreign businesses to communicate with their staff and customers.
Low Cost of Living
Compared to other countries in Southeast Asia, the Philippines has a relatively low cost of living. This means that entrepreneurs can rent office space, hire staff, and purchase equipment at a lower cost than in other countries. This translates to lower operating costs and, ultimately, greater business profits.
Supportive Business Environment
The Philippine government actively supports entrepreneurs and businesses of all sizes. It offers various incentives to encourage and support businesses’ growth, such as tax holidays, exemptions, and other benefits. Additionally, numerous government and private organizations offer advice and support to entrepreneurs and businesses.
High-Quality of Life
Apart from the business-centric advantages, the Philippines is known for its high quality of life and vibrant culture. The country boasts some of the world’s best beaches, remarkable landscapes, and fascinating history. Its warm climate, hospitable people, and diverse culture make it an attractive location for foreign entrepreneurs and workers.
How to Get Started
There are various ways you can start a business in the Philippines. Here are five steps to get you started.
Get Your Credit Score Checked
First, it’s essential to know your credit score in the country. This can give you access to loans and other banking services in the country. You can find credit scoring in the Philippines from various sites and online services. These services provide information on your credit score and can help you find the best loans for your business.
Register Your Business With DTI
Next, it’s essential to register your business in the Philippines. Register with the Department of Trade and Industry (DTI) to follow all relevant laws and regulations. The registration process is pretty straightforward and takes a few days to complete.
Secure Funding
Once your business is registered, it’s time to secure funding. Various financing sources are available, including banks, venture capital firms, angel investors, and crowdfunding platforms. It’s essential to research each option thoroughly before committing any money.
Find an Office Space
Before launching your business operations in the Philippines, you need to find an office space. There are many options available depending on your budget and requirements. You can lease a commercial space or rent a coworking space from one of the larger companies in the country.
Hire Employees
Finally, you need to hire employees for your business operations. The Philippines has a large pool of skilled and experienced workers that businesses can access. It’s important to research each employee thoroughly before making any hires, as this will ensure their qualifications match the job role they are applying for.
By following these steps, entrepreneurs can successfully start up their businesses in the Philippines and take advantage of its booming economy. Its growth potential and supportive environment make it an increasingly attractive destination for budding entrepreneurs and foreign investors.