Why Philippines?
- In 2019, the Philippines’ economy demonstrated robust growth with a GDP growth rate of 6.0%. Despite global economic challenges, the country continues to show resilience and is projected to maintain a steady growth rate in the coming years, driven by strong domestic demand and government infrastructure projects (source: www.philstar.com).
- Competitiveness: The Philippines was ranked as the 4th most competitive nation within ASEAN and 64th globally in the Global Competitiveness Report 2019 by the World Economic Forum. The country’s innovation capability ranked 67th globally, reflecting its growing focus on technology and innovation-driven development (source: weforum.org).
- Growing Population: With an estimated population of 108.1 million in 2019, the Philippines ranks 13th in the world by population. This large, youthful, and English-speaking population provides a significant labor force that supports various industries, including manufacturing, services, and the burgeoning BPO sector (source: www.worldometers.info).
- Ease of Doing Business: According to the Ease of Doing Business Report 2019 by the World Bank, the Philippines is ranked 95th globally. The country’s significant reforms in starting a business, dealing with construction permits, and protecting minority investors demonstrate its commitment to improving the business climate (source: www.doingbusiness.org).
- Supportive Government Policies: The Philippine government actively supports economic and business development through policies that include the provision of business incentives, tax holidays, and simplified business registration processes. Additionally, as a member of the ASEAN Free Trade Area (AFTA), the Philippines benefits from reduced trade barriers within the region, enhancing its attractiveness for investment.
- Presence of Global Brands: The Philippines is home to numerous manufacturing plants and business operations of well-known global brands from the USA, Europe, and other countries. The continued interest and investment from multinational companies highlight the country’s potential as a key player in the global market and a preferred destination for business expansion.
- The Philippines is home to numerous manufacturing plants and business operations of well-known global brands from the USA, Europe, and other countries. The continued interest and investment from multinational companies highlight the country’s potential as a key player in the global market and a preferred destination for business expansion.