Just last year, the Oxford Business Group joined a news conference and made this statement. “It was unthinkable seven years ago, but the Philippines is the best economy in Southeast Asia today. Investors no longer ask why but where and what sectors they should invest in,” Oxford Business Group (OBG) Managing Editor, Paulius Kuncinas, said.
According to the Oxford Business Group, its investment view for the Philippines from year 2016 to 2022 shows that the country’s strong domestic consumption, growing business process outsourcing sector and newfound political stability are some of the major factors for the country’s growth. Philippines’ large, young and fluent English-speaking workforce, plus, very close trade links with other Asian countries are the main lures for investors.
Here are some of the other reasons why the Philippines is good for business:
1. Higher education priority
It is without question that Philippines is one of the countries who takes education seriously. It is in this country that sets Bachelor Degree holders apart from those that didn’t pursue education. It has been reported that the literacy rate in the country is 94.6- among the highest. Philippines is the world’s 3rd largest English-speaking country.
2. Business-Friendly Economy
As per Philippines’ DFA, Philippines’ incentive packages include the corporate income tax, reduced to a current 32%, with companies in the Special Economic Zones are subject to only 5% overall tax rates. Multinationals looking for regional headquarters are entitled to incentives such as tax exemptions and tax and duty-free importation of specific equipment and materials.
3. Hospitable Lifestyle & Lower Manpower Salary Cost
The Philippines is a natural at being the second home to many expatriates who enjoy the company of the warmest people in the world. Filipinos are well known to be very hospitable to foreign visitors. The country’s openness to varied cultures and a ardently global outlook is a cut above the rest. The expats appreciate the accessibility and affordability of both necessities and luxuries in the Philippines- business centers, schools, shopping malls, hotels, housing, hospitals, beach resorts, restaurants, recreation centers and parks, and most importantly, manpower salary cost for their companies.
4. Unrestricted Business Opportunities
ASEAN Free Trade Agreement or also known as the AFTA has been studied and integrated by many Asian economies. It showed and proven how the Philippines is the most strategic location for firms who wants to reach to the large ASEAN market and its enormous trade breaks.
The Philippines continues to grow its economy and welcomes the upsurge of foreign businesses who have realized this lucrative market that has grown its GDP in the past 4 years. As modern and developed as it is, the country’s Central Business District, Ayala – Makati, in particular, have since introduced ready serviced office solutions and business address use for company registration as well as fully-equipped business centres. Specialists in this business in Asia like CEO SUITE offers more than just prestigious business addresses and serviced offices, they also extend complete business start-up solutions that include: a virtual office, company registration services, accounting and personnel hiring services, as well as branding solutions.
Find out more at www.ceosuite.com.