Location is a key factor for any business. The Philippines has all the prerequisites for business development.
Let us explain why people from different countries are into establishing their businesses there.
Brief details about the Philippines:
Area: 300,000 sq. km
Population growth this year: 902,480
Population growth due to migration: 147,173
Average life expectancy: 72 years
Average age: 23.5 years
Legal business in the Philippines
This warm and friendly country attracts more and more travelers. Many tourists set their sights on opening and developing their business in the Philippines after the very first trip. Low prices for real estate, loyalty of the authorities, and decent living standards contribute to the inflow of foreign capital.
In the Philippines, agrarian, chemical, pharmaceutical, and textile industries are blooming. Highly developed areas with agro-industrial, tourist, commercial, financial and investment centers are considered special economic zones of the Republic of the Philippines. Foreign citizens are allowed to conduct business in the country while young businessmen enjoy certain privileges.
In the Philippines, the majority of the national income is based on tax revenues. There are 84 special VAT exemption laws implemented in the country.
Why it is worth investing in the Philippines
The Philippines is ranked 46th out of 63 countries in the reference database on World Competitiveness (2017).
In 2013, the Philippine economy grew by 7.2% and took the second place in Asia after China. According to the World Bank ratings, the Philippines is 99th out of 190 countries favorable for running a business. In addition, the government of the country is recently offering extraordinary projects for the development of infrastructure, which also contributes to the flow of foreign investors.
Facts that positively contribute to business development in this country:
- high economic growth,
- young people,
- rapid urbanization,
- growing need for different types of housing
In April 2017, the government presented a plan to allocate significant funds ($160 billion) for the advancement of infrastructure throughout the country, including airfields, ports and railways.
World Bank economists predict the economic boost of the Philippines from 2017 to 2020. The GDP growth in 2016 was equal to 6.8%, which was more intensive than that in China (6.7%). The Philippines is becoming the country with the fastest population growth. The Asian Development Bank forecasts that the average income per year per person by 2020 will reach $4,000.
What is the reason for Manila’s strong appeal?
The capital of the Philippines is the most populated city in the world (13,322,000 million people). There one can find the largest universities, the busiest cruise port in the world and the headquarters of the Asian Development Bank. More than 1 million people visit Manila every year.
In the capital, the following sectors are expanding:
- food industry
- textile industry
- education (8 prestigious universities)
Gold business in the Philippines
Global InterGold is actively expanding to the business world. It has signed a collaboration agreement with a local company in the Philippines VALUE GOLD & PRECIOUS METAL INC. In the framework of joint activities, legal support issues are resolved and assistance is rendered to the customers of the Global InterGold Online Gold Shop.
In the near future, the opening of a Global InterGold marketing office in the Philippines is planned. Currently, there are active negotiations with partners being held. The company is doing everything possible to develop the gold business in the Philippines and to embrace confident and determined people.
If you have questions related to this business opportunity in the Philippines, do not hesitate to address our Customer Support Service.
More business articles and business ideas await you!
Learn how to work at home and work online with gold!
Did you like the article?