WHY DO BUSINESS IN THE PHILIPPINES?
The answer is simple - QUALITY MANPOWER SERVICES, STRATEGIC BUSINESS LOCATION, LIBERALIZED AND BUSINESS-FRIENDLY ECONOMY, HOSPITABLE LIFESTYLE AND UNLIMITED BUSINESS OPPORTUNITIES.
People Power The Filipino workforce is one of the most compelling advantages the Philippines has over any other Asian country. With higher education priority, the literacy rate in the country is 94.6% - among the highest. English is taught in all schools, making the Philippines the world’s third largest English-speaking country. Every year, there are some 350,000 graduates enriching the professional pool.
Strategic Business Location
The Philippines is located right in the heart of Asia – today the fastest growing region. It is located within four hours flying time from major capitals of the region. Sited at the crossroads of the eastern and western business, it is a critical entry point to over 500 million people in the ASEAN market and a gateway of international shipping and air lanes suited for European and American businesses.
First-class lifestyle
Discover the best of sun, sea, sand and style in the tropical setting teeming with the best of western amenities. The Philippines is second home to expatriates who enjoy the company of the warmest people in the region, the country’s openness to varied cultures and a decidedly global outlook. Expats enjoy accessible and affordable luxuries – business centers, housing, schools, hospitals, shopping malls, hotels and restaurants, beach resorts, and recreation centers.
Abundant resources
An archipelago like the Philippines offers diverse natural resources, from land to marine to mineral resources. It is also the biggest copper producer in Southeast Asia and among the top ten producer of gold in the world. It is also home to 2,145 fish species, four times more than those found in the Bahamas. The 7,100 islands boast of beautiful beaches and breathtaking sceneries that offer soothing leisure and relaxation spots for vacationers and tourists.
Low cost of doing business
Wages are typically less than a fifth of that in the U.S. Local communication, electricity and housing costs are also 50% lower compared to the U.S. rates. Foreign companies that are now outsourcing programming and business processes to the Philippines estimate 30 to 40% business cost savings, 15 to 30% call center services and application systems and 35 to 50% software development.
Liberalized and Business-Friendly Economy
An open economy allows 100% foreign ownership in almost all sectors and supports a Build-Operate-Transfer (BOT) investment scheme that other Asian countries emulate. Government corporations are being privatized and the banking, insurance, shipping telecommunications and power industries have been deregulated. Incentive packages include the corporate income tax, reduced to a current 32%, with companies in the Special Economic Zones are subject to only 5% overall tax rates. Multinationals looking for regional headquarters are entitled to incentives such as tax exemptions and tax and duty-free importation of specific equipment and materials.
Unlimited business opportunities
As Asian economies integrate within the vast framework of the ASEAN Free Trade Agreement (AFTA), the Philippines is the natural and most strategic location for firms that want access to the large ASEAN market and its vast trade opportunities. The Philippines has enhanced and primed up various areas for investors and offers a dynamic consumer market accustomed to an array of product choices created by a competitive domestic economy.
Developing Infrastructure for Global Growth
A well-developed communication, transportation, business and economic infrastructure links the three major islands and distinguishes the Philippine economy. Highly accessible by air, water and cyberspace, liberalization of inter-island shipping and domestic aviation further sparked improved facilities and services. The container terminals are suited to handle cargo traffic at the highest levels of efficiency.
Communication provides redundant international connectivity 24/7 with fiber optic cable as primary backbone network and satellite as backup. Economic reforms emphasize regional growth, converting remote areas into business centers. The landmark BOT legislation allows private investors to build and operate infrastructure, then turn it over to the Philippine government after a set period of time.
All you need and more
The Philippines offer state-of-the-art telecommunications facilities, adequate and uninterrupted power supply. There are ready-to-occupy offices and production facilities, computer security and building monitoring systems, as well as complete office services in specialized IT zones. With the government's focus on building up an IT-enabled economy, the Philippines is on its way to becoming the E-services Hub of Asia.
from: www.boi.gov.ph
WHAT INDUSTRIES CAN WE INVEST IN?
Click here for the Investment Priorities of the Philippines.
WHERE AND HOW CAN WE INVEST?
BOARD OF INVESTMENTS (BOI)
The Philippines' Board of Investments, an agency under the Department of Trade and Industry, is the lead government agency responsible fo the promotion of investments in the Philippines. It assists Filipino and foreign investors to venture and prosper in desirable areas of economic activities.
Investors are welcome to experience the potentials of the booming Philippine Industry sectors. Profitable business opportunities abound in the food processing, construction, metal products, telecommunications, power and infrastructure projects among others.
The National Economic Research and Business Assistance Center (NERBAC) of the BOI can provide business counseling to invetors on how to do business (pre-operating stage) in the Philippines. They can be reached at:
Tel no: (632) 897.2116 local 253
email: [email protected]
To know more on how the Board of Investments can be of assistance to your intent to invest in the Philippines, please click on the BOI link above or visit www.boi.gov.ph.
PHILIPPINE ECONOMIC ZONE AUTHORITY (PEZA)
PEZA is an investment promotion agency that grants fiscal and non-fiscal incentives to developers of economic zones all over the Philippines, export producers and IT service exporters . It also offers ready-to-offer locations to foreign investors who are export producers or IT service exporters in world-class and environment-friendly economic zones and IT parks and buildings.
PEZA is a government-owned corporation and is attached to the Department of Trade and Industry. It prides itself of being a "total service plus shop."
If you want to explore investing in any of the PEZA economic zones/sites, visit their website at www.peza.gov.ph.
SUBIC BAY FREEPORT
Subic Bay is a freeport zone being developed as a self-sustaining industrial, commercial, financial and investment center in the Philippines. Located just around two hours by car from Manila, Subic Bay has a veritable edge as an investment area because of its Freeport status. It is considered a special customs territory where there is free flow of goods and capital equipment.
Learn more about the Subic Advantage by clicking the SBMA link above or by going to: www.sbma.com
CLARK FREEPORT
The Clark Freeport is over 33,000 hectares of prime land located in the culture-rich area of Central Luzon, considered the Philippines' new productivity center. It lies only 80 kilometers north of Manila, and 60 kilometers east of the Subic Freeport.
Clark is now geared to become a global competitiveness center for investments in aviation, industrial and agro-industrial, ICT, housing, lesiure and tourism and other services industries.
Know more why you should choose Clark by clicking the link above or by visiting www.visitclark.com.
