As the Philippines’ economy continues to rise, foreign investors also stand to gain a lot because of it. According to the Philippine Statistics Authority (PSA), in the first quarter of 2016, the country exhibited a 6.9% increase in its Gross Domestic Product (GDP), which is the total number of goods and services produced by a country.
The climb is more significant when compared to the growth that other Asian countries displayed within the same quarter. The Philippines was able to outpace China (6.7%), Vietnam (5.5%), and Indonesia (4.9%), among others.
Despite the recently held national elections and the imminent turnover of the administration to a new leader, the Philippines held its ground and maintained a strong, stable economy.
GDP growth reflects an overall improvement in the economic activity within a country. When the GDP is high, it signifies that an increase in the production of goods is taking place. That means, more products and services are readily available to citizens.
But, what do all of these have to do with you?
Benefits and Advantages
Foreign direct investments contribute significantly to the GDP growth that the Philippines is enjoying today. When foreign entrepreneurs enter the Philippine market and bring over their businesses to the country, the job market grows.
Some may seek the help of a recruitment agency while some prefer to manage the hiring themselves. Regardless, new jobs are created, and new products and services are delivered to consumers—all of which are taken into account when calculating the quarterly GDP.
Of course, this scenario may seem as if the benefit is just one way. Quite the contrary, the GDP growth actually has advantages for foreign entrepreneurs and investors.
For one, it provides your business a dynamic economy to thrive and grow into. That means you’ll be doing business in a country where a larger portion of its citizens have higher income and, therefore, more purchasing power.
As GDP continues to rise, so does the standard of living in the country. We’ve already seen its effect on our communities: more condominiums are being built, commercial hubs are growing, and more businesses are expanding. Wouldn’t you want your business to take part in this vibrant, dynamic economy?
Another advantage, which is also closely tied to the first point, is that setting up your business in a country with high GDP offers better chances of expansion. Of course, any entrepreneur would like to have more than just a single branch or small office for his business since it’s all about growth. Seeing how you’ll find it easier to gain profit from an economically vibrant setting, expansion can also be achieved much faster.
Finally, a high GDP represents a vote of confidence from investors and entrepreneurs alike. Think about it, the country’s economy is soaring partly because of the increase of investors who took the risk and placed their capitals in the Philippines.
Would foreign investors flock the country if they believe they have no profit to gain for their efforts? Before establishing your business or investing in the Philippines, you can refer to other business owners who have already done so and see how they were rewarded for banking on the potential of the Philippine economy.
Why Invest in the Philippines?
Whether it’s a new business you’re thinking of launching or building other investments such as buying stocks or real estate, you’ll find many reasons that will convince you to invest in the Philippines.
Here’s a list we’ve compiled to prove that it’s a smart move to invest in the Philippines today.
1. It’s the ideal business location.
The Philippines is located near various Asian powerhouses such as Japan, China, and Singapore, making it the perfect gateway to start businesses across Asia.
It’s also a member of the Association of Southeast Asian Nations (ASEAN), which boasts a rich market of more than 500 million people. Hence, the Philippines can be your bridge to reach them!
2. It’s business-friendly, especially to foreign investors.
The Philippines is one of the most business-friendly countries in Asia. The state recognizes the crucial role foreign investors play in local growth and job generation.
Thus, the government always welcome new foreign investors and is willing to help them ease their operations on local shore by streamlining business requirements, registration, and other paper works.
3. It’s an English-proficient country.
Many foreigners are wary of starting a business outside their countries because they worry that the language and culture barrier might be insurmountable. But, that won’t be the case if you decide to build your business here in the Philippines.
Alongside Filipino, English is considered a primary language in the country. Since Filipinos are known to be great English speakers, communication will be easier. This means fewer misunderstandings caused by speaking different languages as well.
4. It has a strong, reliable, and skilled workforce.
Perhaps the most compelling reason for foreign investors to bring their business to the Philippines is the country’s dependable workforce. For one, Filipinos are known to be hardworking, dedicated, and passionate about their work.
As mentioned, many Filipinos are conversant in the English language. The country’s literacy rate is also high—ensuring a pool of skilled professionals ready to work for your firm.
The Role of Recruitment Professionals
When you’re looking to build a local team with the skills and the right attitude to work in your company, your best bet is to contract a recruitment agency.
A local recruitment agency can work on scouting the best professionals for your business while you focus on setting up your company. This is exactly what Manila Recruitment aims to do. We take into account your requirements, company vision, and goals to find the professional that best suits the job opening you have.
Looking for a place that will help your business grow? How about a country with industries worth investing into? Perhaps it’s time to give the Philippines a try.
More economic growth is still in store for the country as new administration steps in and helps improve the trade and business industries further. Now’s definitely the perfect time to invest in the Philippines!
WE LEAD INNOVATION IN HEADHUNTING
SPECIALIST RECRUITMENT SOLUTIONS DELIVERING UNRIVALLED RESULTS
IN THE PHILIPPINES
Manila Recruitment is recognized as the leading recruitment firm in the Philippines for headhunting, executive search, expert, technical and IT recruitment. We share an unrivalled passion to help your business succeed by understanding your goals, then sourcing and providing you with your number one asset – driven, dedicated and exceptional people!
Experience the Manila Recruitment difference, and give your business in the Philippines a competitive advantage by contacting us today. Whether you are exploring an offshore solution, or are an established entrepreneur, SME or Multinational in the Philippines, our team has the experience and a tailored recruitment solution to introduce you to the top talent in the Philippines.
Latest posts by Ron Cullimore (see all)
- How to Properly Communicate Changes in the Company - February 20, 2020
- 7 Ways to Boost Employee Morale in the Filipino Workplace - February 13, 2020
- 6 Working Habits to Effectively Grow Your Business - February 6, 2020