5 Benefits of Doing Business in the Philippines
2. Saturated market
Filipinos love shopping. In fact, there are over 73 million Filipinos that are active in eCommerce. This means that if you launch your business in the Philippines, it will be profitable.
This is because there are even more people that don’t have access to the internet. This implies that they rely upon what’s in-store. And that is something that you can take advantage of
3. Business location
Wherever you look in the country, there are pop-up stores that can provide whatever you need. This implies that there is also something that you can still offer. This is great most especially when you have something more affordable and better. Also, with its various business district locations in Metro Manila such as Bonifacio Global City, Ayala Makati, Ortigas Pasig and Cebu Business Park in Metro Cebu that offers a flexible office options, including virtual offices, coworking spaces, and private offices, the Philippines is a great and strategic business destination.
The Philippines has many ports, business centers, and special economic zones. This means that the country is very valuable to business operators. Although the infrastructures can still be improved, what is present today can suffice.
Business incentives for foreigners The country gives commissions to foreigners that open a business here. So, your income opportunity is not only in your business alone. You can also earn and leverage the commission that the law mandates. The incentives include the corporate income tax Special Economic Zones only pay for 5% rates. The tax is currently under 20-25% under CREAT Act.
4. Fast-tracking the development of much needed infrastructure
5. Liberalized and Business-Friendly Economy
A liberalized and business-friendly economy refers to a system that emphasizes openness, flexibility, and support for entrepreneurial activities. In such an economic environment, there is a reduced presence of government regulations and barriers, allowing businesses to operate with greater freedom. Policies favoring competition and innovation are implemented to stimulate economic growth and attract both domestic and foreign investments. Overall, a liberalized and business-friendly economy aims to create a conducive atmosphere for businesses to thrive, fostering economic development and prosperity.
The Philippines has an open economy that enables 100 percent foreign ownership in all industries. It also encourages other Asian countries to adopt a Build Operate-Transfer (BOT) investment system. Having all this said, different entrepreneurs can trust the Philippines for easier transport. Moreover, it can trust the country for tax breaks.
Conclusion
The Philippines is a welcoming country for businesses and entrepreneurs. It offers good quality skilled workers. Aside from that, it has highly developed infrastructures.
Moreover, it has a moderate cost of living and many strategic business locations. Hence, the Philippines is the finest country in the Asia Pacific to establish a business. With the big pool of competent, they can attract new businesses wishing to develop abroad.
Thus, if you’re seeking the ideal location to conduct business, the Philippines is the place to be.
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The Philippines is “Asia’s Miracle” because it is one of the fast-growing economies in southeast Asia. So, it is fast emerging as a premier destination for business expansion driven by consumption, services and investment. Gross domestic product expanded 5.6 per cent, surpassing the median 5.5 per cent growth seen in a Bloomberg survey of economists.
One of the reasons is that it is part of the countries labeled as the Asian Tiger economies in Asia. It is also home to more than 118 million consumers. So with the right approach, you can tap into the opportunities available to scale your business. Here are some of the reasons why it is the ideal place for expanding your business.
