What Gives the Philippines an Edge in Business
For many years, the Philippines has been called the “Sick Man of Asia”, a title that we’ve constantly struggled to shirk off. Now, our efforts have definitely paid off because no longer are we portrayed a burden, but a promising country, one that holds a lot of potential in the business and industrial sectors.
The Philippines is rising from the ashes and ready to soar! That’s the poetic side of things. The nitty-gritty part, of course, involves convincing people to take the country a little more seriously. It’s not just home to stunning tourist landmarks and awesome people, but it hosts a cornucopia of various business opportunities with options to go global in just a few years. This is not a promotion, but a rebuttal against all arguments on why the Philippine soil is good for business ventures.
1. The economy is growing strong.
We’re not going to boast that our economic status is on top, but it’s certainly on its path. Fiscal challenges, though ever persistent, are waning whilst the market is becoming more resilient. There is a 6% growth rate in both the 1st and 2nd quarters of last year, making it one of the fastest growing economies in Asia, second to China.
This upward trajectory is expected to rise over the coming months, especially with the forecast by the National Economic and Development Authority (NEDA) that we’ll still hit a 6% growth rate before this year’s benchmark ends.
2. The real estate market is evolving.
Rich with natural resources and stunning landscape features, it’s no wonder that the country is highly attractive to many foreigners hoping to invest in the hospitality management sector, specifically hotels, beach resorts, and restaurants. As a result, the real estate market has become more flexible and open in terms of financing methods, property development options, and even facility packages for clients. No longer are we limited to just buying or renting houses. Now, we can lease an apartment, pay for an office space, buy a condominium, rent a loft/studio, and pay initial capital on a townhouse without the need for extensive paperwork. The choices for both local and foreign investors are endless!
3. Luxurious lifestyles require less.
There’s a reason why a lot of foreigners enjoy visits to the Philippines, and it’s not just because of the ladies. A few party-filled nights in Bali, Indonesia can bring you to the brink of your credit card limit. But, here, regular parties and clubbing won’t bear too much weight on your pocket.
To belabour the point, tourism is also a relatively inexpensive commodity. Snorkeling, surfing, chartering boats, flying, mountain climbing—various outdoor and “touristy” activities won’t drag down your budget.
On the business side of things, initial investments are also significantly lower compared to other countries. Properties, office leases, suppliers, investors, and financing methods are easily found which is why both amateur and pro entrepreneurs will find The Pearl of the Orient a lucrative spot for their dreams.
4. The BPO sector is proliferating.
Aside from India, the Philippines is also widely revered as the Holy Grail for IT-BPO. This industry has ushered in an era for outsourcing, one that a lot of businessmen are thankful for. It also doesn’t hurt that call centre companies are bringing MORE jobs to Filipinos.
THE BOTTOM LINE
It’s high time that people see the potential that this country has to offer. The Philippines doesn’t just have an edge in the business sector, but it sports a clear shot at progress if the people and the government strive for the bulls-eye!
About the Author Emma Flynn is a representative of Regus TEC Centre Inc., a corporation that offers office space solutions and other business needs to clients from all over the world.
Images courtesy of: 123RF.com