Why Do Business in the Philippines?
The Philippines is among the best value-for-money destinations in Asia:
- It has liberalized services industry.
- It is cost efficient in terms of wages over labor standard expectations and low operational cost.
- It contains a strategic logistics access point in ASEAN + 3.
- With Strong remittances, its gross international reserves are at levels above international benchmarks.
- The country has a vast pool of homegrown talents and highly adaptable human resources.
- The Philippines has a very commited and supportive governance which, in the case of BOI, relates into investor management solutions from prospecting and nurturing investments.
Among the Philippines’ most treasured resource is its people.
As a People.
Filipinos place great importance on faith and education, influenced by its history of Spanish colonization and American occupation. About 85% of Filipinos are Roman Catholics, with the Church playing a significant role in the people’s social and cultural lives. Only Mindanao, the southern island cluster in the country, embraced Islam, which was introduced to the region by Arab traders in the past.
Adult literacy rate in the Philippines is among the highest in the world, at about 95%. The Philippine educational system begins with three years at the pre-primary level; six to seven years in primary education; four years in secondary education; followed typically by a four-year university course. Proceeding to graduate school is popular among middle- and upper-class Filipinos, especially those involved in business. A typical school year begins in June and ends in March. The official language used in both public and private schools is English, but Filipino (mainly based in Tagalog) is widely spoken.
As a Worker
The combination of a high value for education and the usage of English as the primary medium of instruction in Philippine schools has resulted in a Filipino labor force equipped with competent technical skills and English proficiency. This puts the Philippines in a prime position for opportunities in industries such as manufacturing, electronics, outsourcing and offshoring. The Filipinos are also multi-culturally sensitive professionals with innately caring and service-oriented characters that are ideal for professions such as medicine, wellness, customer service, and tourism.
As a Partner
Filipinos give high importance to establishing good personal relations with their business contacts. They are trusting and friendly, and value affable but professional business relationships.
Source: Philippine Board of Investments