The Philippines is located in Asia, one of the fastest growing regions today. Surrounded by two major trade routes (the Pacific Ocean and the South China Sea) the Philippines remains an ideal base for business in the region and a critical entry point to over 600 million people in the Association of Southeast Asian Nations (ASEAN) market.
It continues to be an ideal gateway in international shipping and air lanes particularly for European and North American businesses as it enjoys various preferential trade agreements such as the EU-GSP+ and the US GSP and six (6) other Free Trade Agreements (FTAs) as part of ASEAN. Rated as “Asia’s Bright Spot” by the Asian Development Bank, the Philippines made its mark in the international business world as one of the surging economies to watch.
This is a unique opportunity for US Businesses to avail of the numerous advantages offered by the Philippines. Here is a snapshot of this country’s Global business profile:
- One of the world’s fastest growing economies (6.7% GDP 2017).
- Massive infrastructure projects available for investment. (USD 180B)
- Government-backed support systems to ensure ROI.
- On point with the global pace of business development.
- Qualified workforces fully accustomed to Western time zones and fluent in English.
- A winning track record of growth and recognition worldwide.
The Philippine Department of Trade & Industry and the Board of Investments have effectively established fluid online and offline channels to afford convenient, transparent, and highly beneficial options for US investment.
Incentives and Guidelines are clearly laid out including arrangements for physical site visits and face-to-face meetings with potential local partners in the Philippines. More details follow below or visit http://boi.gov.ph/
The list that follows presents industry sectors as well as investment opportunities in the Philippines:
- ANIMATION – Filipino animators have successfully worked on popular cartoons and animated films like: Addams Family, Captain Planet, Dragon Ball Z, Finding Nemo, The Incredibles, Scooby Doo, and Tom & Jerry. In fact, projects for entertainment companies such as Hanna Barbera, Marvel Comics, Walt Disney, and Warner Brothers have been outsourced to Philippine-based animation companies.
- GAME DEVELOPMENT – The Philippine government early on recognized the significance of the industry and is developing game development talent and investment opportunities in the Art, Programming, and Support Sectors.
- HEALTHCARE INFORMATION MANAGEMENT (HIM) – The Philippine HIM providers make available employment in an array of healthcare services, including clinical data management, disease management, revenue cycle management, pharmacy benefits management, electronic medical records, medical claims recovery, patient education, insurance processing, and quality assurance.
- IT-BPM – The Philippines has a strong affinity to the North American market and is consistently preferred by major buyers due to its cultural and historical links, English proficiency skills, and friendly and hospitable manpower.
- AEROSPACE – MRO services have begun migration to Asia due to lower cost and better capacity/competency (human resources). In particular, the Philippines is a clear standout with a decidedly cost-competitive, relatively young, English-speaking workforce, with a steady flow of qualified engineering graduates every year.
- MANUFACTURING & ELECTRONICS – Fiscal and Non-Fiscal Incentives like:o Establishment of development, prototyping and test/certification facilities for Semiconductor, Electronics and IC Design
o Funding support for various Research and Development programs /activities of the industry
o Human resources development of the industry.
- SOFTWARE DEVELOPMENT – Software development is one of the more established sub-sectors of the Philippine IT and IT-Enabled Services industry. With over three decades of experience, it has built a strong reputation for quality of work and efficiency of service from technology services to business consulting, delivering services and products that meets the most stringent of global standards. Many companies operating in the country are certified in ISO/CMMI. The Philippines is one of most favorable locations for IT-Applications Development Management, offering cost savings and a large entry-level talent pool with a significant breadth and depth of skills (Everest Research).
- STARTUPS – The Philippines is at an interesting stage for Startups. With its large young population, growing economy, and an increasing base of internet users who are active in social media, there is an attractive ecosystem to nurture the launch, development, and maturation of startups. The Startup Ecosystem Development Program (SEDP) is a five-point program developed by DTI as the industry cluster (as defined by PDP 2011-2016) program to foster inter-enterprise linkages among MSMEs and strengthen collaborative networks.
- BUILD.BUILD.BUILD – Up to $180B infrastructure projects available to ensure a mutually beneficial and lasting partnership with US companies in this sector. This ambitious plan aims to accelerate infrastructure development across the Philippines, creating vital connections to minimize environmental and societal damage from natural disasters, ensure thriving channels of commerce through free-flow of public, private, and commercial transportation, and reflecting a higher standard of tourism attractions.
US Businesses can effortlessly explore the plethora of opportunities in each industry sector. Visit http://boi.gov.ph/ and begin your venture with us.
PARTNER PHILIPPINES. LET’S BUILD VALUE TOGETHER.