Top 10 Reasons To Start a Business in the Philippines

Top 10 Reasons To Start a Business in the Philippines

For the past year, the pandemic has rocked our world in a storm of uncertainty and darkness. But we are finally seeing a ray of light. Now the question is, what lies ahead? You could continue on your same path of little control, moving with the ebbs and flows of life. Or, you can take the risk, chart your own course, and reap the satisfying rewards of entrepreneurship.

 

If you are looking for a sign of where to begin, here are ten reasons to start your business right here in the Philippines:

1. Entry into the emerging ASEAN region

The Association of Southeast Asian Nations (ASEAN), home to over 650 million people, is a region every entrepreneur should pay attention to. A top-five global economy, it is also the world’s fastest-growing trade bloc. The ASEAN Free Trade Agreement (AFTA) has even empowered member nations by driving multilateral agreements that include the larger Asia-Pacific region. Before you rush into anything, it is important to be strategic with your entry point. Welcome to the Philippines.

 

2. English-speaking, skilled workforce

Asia is rich in linguistic diversity, yet English remains the global language of business. The Philippines has one of the most proficient English-speaking populations in the world. Beyond bilingual talents, Filipinos are also an educated, highly skilled, and hospitable workforce.

 

3. Domestic opportunities

While the Philippines can be a stepping stone to the rest of the Asia-Pacific region, entrepreneurs shouldn’t overlook domestic opportunities. With over 100 million people, the country has the world’s 13th largest population. Many of them are active consumers. The growing middle-class has made the country a high consumption economy. Even with the global pandemic dip in spending, expert forecasters  have already announced expectations that the Philippines will soon rise back to growth territory.

 

4. Young and tech-savvy population

The Philippine population is young and tech-savvy. They are a generation that only knows a world filled with modern technologies. The Filipino consumer will challenge you in all the right ways. They will help your business learn quickly and grow exponentially. From social media to e-commerce, you will find technological innovation in the air.

 

5. Starting small

Over 99 percent of all businesses in the Philippines are MSMEs. Government and business leaders recognize the critical role these smaller enterprises play. If you are thinking about starting small, there is ample support for you. Having the Ease of Doing Business (EODB) Act means that the days of red tape and excessive forms are long over. Signed into law in 2018, they approved the implementing rules in 2019. In the World Bank’s 2020 Doing Business Report, the Philippines found itself 29 spots higher than before. Under the EODB Act, business permits now involve a single, unified application form. There is also a standard processing time from three to 20 days, depending on the complexity of the task. If a government agency or office does not take action on an original application within the standard processing time, entrepreneurs will be happy to hear that they will get automatic approval. The EODB Act has also brought about a rejuvenated, entrepreneurial mentality to the government, which has announced recent innovations such as the electronic Business One-Stop Shop (eBOSS), among others.

 

6. Low cost of living

Starting a business takes time, energy, and, unfortunately, money. You can pour all your time and energy into your work anywhere. But a dollar goes a much longer way in some parts of the world than in others. While it depends on what sort of lifestyle that you entertain and where in the country you settle yourself in, you can live comfortably on as low as US$800 to US$1,200 a month. Doing business also becomes more affordable, with low wage costs and other fees.

 

7. Growing urbanization

Cities have long been engines of growth and innovation. And the Philippines is one of the fastest urbanizing countries in the Asia-Pacific region, in part because the country is one of the largest users of special economic zones (SEZ)  in Southeast Asia. Outside of Metro Manila, “next-wave cities” like Cebu, Iloilo, and Davao, to name a few, have grown in both size and sophistication. A former American military base now SEZ, Clark has become a bustling new international commercial hub for the country. And with urbanization comes economic growth, as well as challenges. But in those challenges lies the opportunities entrepreneurs will immediately recognize.

 

8. Bountiful natural resources

Outside of the urban centers, appreciate the natural splendor of the Philippines. There are over 10 million hectares of agricultural land surrounded by rich, coastal waters. The unique flora and fauna make the country a biodiversity hotspot. Not only is it beautiful, but it is also teeming with resources and inspiration for your business.

 

9. Work-life balance

While the Philippines is ripe for business, all work and no play is no way to go through life. The sea-side escapes, tropical jungles, and lush islands of the Philippines call urbanites away for a moment to relax, recharge, and realign themselves. Come on the workday, you will find yourself more efficient and effective.

 

10. Work-from-home locations

Or, go a step further and make those sea-side escapes your office. If you have been working from home for the past year, you know it doesn’t mean the end of productivity. In fact, independence may give you the room to be happier, healthier, and more productive than ever. There is a bevy of lush locations around the Philippines, and one could be your new home (slash-office).

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With the vision of providing a platform that will allow innovation to solve social challenges, Impact Hub Manila launched an annual code fest called Impact Hackathon in October 2019.

In the past 2 years, it has brought a combined number of 2,300 participants from all over the Philippines and attracted over 350 mentors and experts to the event.

The Impact Hackathon remains to be the largest hackathon in the Philippines.

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25th Floor, Picadilly Star, 4th Avenue corner 27th Street, Bonifacio Global City

Headquarters Impact Hub GmbH Lindengasse 56 / 18-19 1070 Vienna, Austria UID : ATU66357747 FN : 358967v

With the vision of providing a platform that will allow innovation to solve social challenges, Impact Hub Manila launched an annual code fest called Impact Hackathon in October 2019.

In the past 2 years, it has brought a combined number of 2,300 participants from all over the Philippines and attracted over 350 mentors and experts to the event.

The Impact Hackathon remains to be the largest hackathon in the Philippines.

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