The Philippines is blessed with large deposits of natural resources and belongs to the top ten world producers of gold, copper and chromite. The economic upsurge during the past years has made the Philippines a flourishing nation which is among the fastest-growing economies in Asia. It continues to push economic development by attracting foreign investment and ongoing integration in the regional and global market.
Below are some of the key benefits of doing business in the Philippines.
Openness to New Ideas and Opportunities
Filipinos are more short-term oriented and are therefore receptive to changes and new ideas. The concept of fatalism also plays its share in this regard. Challenges and problems are usually simply accepted and dealt with because Filipinos regard them as determined by fate and hence there is nothing to be done about it.
Strong and Capable Workforce
The workforce in the Philippines consists of a large pool of skilled and highly trainable people. Being a U.S. colony for nearly 50 years left strong American influences and a high proficiency in English. Although distinct in accent and wording, Filipinos have the ability to adopt their communication style to the given situation.
Useful Personal Networks
Business in the Philippines is highly personalised and a lot of time is dedicated to building and nourishing relationships. In fact most business contacts in the Philippines are established through friends or intermediaries. Engaging into business in the Philippines and entering the system of personal networking therefore opens the doors to a vast range of further opportunities.
Domestic and Regional Market Opportunities
Filipinos are a very consumer-driven population with nearly 90 million people. The domestic market therefore offers many sales market opportunities. At the same time, a business location in the Philippines can serve as a strategic position for further Asia-Pacific business expansion programmes. Of particular interest are the lucrative ASEAN market or trade opportunities with East Asia.
Favourable Economic Setting
Since the early 1990s the government in the Philippines has introduced various incentives to create an investor friendly climate and attract foreign business ventures. These include tax deductions and exemptions, income tax holidays, special economic zones as well as non-fiscal incentives such as permanent resident status for foreign investors and their families.
Attending a Doing Business in the Philippines intercultural training course will help individuals and organisations to maximise the benefits of the business endeavours in the Philippines.
Cross cultural awareness training the Philippines programmes are ideal for anyone doing business in the Philippines. Training provides individuals with an in-depth understanding of culture specific behaviour patterns and perceptions so they can be aware of possible challenges they may face and harness the benefits of doing business in the Philippines.