Why Now Is the Best Time to Open Business in the Philippines

Jun 22, 2022 #open business in the Philippines, #starting a business

You’ve probably already heard of the line “It’s More Fun in the Philippines.”Well, not only does the country offer majestic beaches and views which tourists love, but also fantastic benefits in terms of opening a business in the Philippines.

high rise building photo — Photo by Jun Acullador

The Philippines’ economy is growing and has a current GDP growth of 6% to 7%, which is said to continue until 2018. It is also mentioned that the Philippines could be the next Asia’s Tiger. Not to mention, the Philippines also has a lot to offer investors because of their growing population.

Here are three reasons to consider starting a business in the Philippines now.

Large and Growing Population

The population in the Philippines is continuously growing, offering investors more highly educated and skilled workers. With at least 2 million people born each year,the population is expected to reach 110 million in 2020.

There are now more young people than retired ones because of the population dividend. A great advantage with this is that there are more of the younger generation entering the domestic market for goods and services, which can provide their skills and knowledge in this market.

Strong Consumer Market

A great reason to invest or start a business in the Philippines is that the consumer market is stronger than before. Household incomes are continuously increasing, and people can purchase goods and services beyond their basic needs.

Filipinos are ready to spend on more things such as smartphones, gadgets, automobiles, and even a home. They can also travel and spend more on various activities such as vacations, movies, and hobbies.

A stronger consumer market opens opportunities for investors to provide the needs for people,as well as a bigger market for you to work with.

Low Cost of Labor

One of the factors that stand out the most in the Philippines is its low cost of labor. Foreigners can hire skilled workers from industries in demand such as business process outsourcing (BPO) and more.

Clearly, the Philippines is a better choice for investors when it comes to the workforce population.

Whilethese are just a fewof the many reasons to consider starting a business in the Philippines, these are the ones that attract foreigners the most and make them more than willing to invest in the country.

When you decide to set up a business in the Philippines, don’t forget to get afast and reliable broadband connection to ensure business efficiency throughout.