Expanding your business to the Philippines is an exciting move for any business. With a growing economy that is being welcomed by both domestic and foreign investors, the country is more appealing than ever as a location for growing firms. The infrastructure is being improved on all the time with investment being encouraged from China and Japan and a $7.6 billion dollar investment in a subway system and other infrastructure projects approved in 2017. And, with a strong and capable workforce, it’s no wonder more organisations are opening their doors in the Philippines.
Located right in the heart of Asia, the fastest growing region in the world right now, there is a lot to be said for investing in a strategic position in the Philippines. However, you don’t necessarily need to pack up your office completely and shift operations to Manila right away. Start with virtual offices in the Philippines – Servcorp recommend, and take your expansion one step at a time. By setting up a virtual office in Metro Manila, you can get a feel for the local business climate, communicate with local clients and tap into the local workforce without having to commit to moving out full time, just yet!
Continue reading to learn why you should expand your business through the use of virtual offices in the Philippines.
Filipinos have long held a reputation for being reliable, honest, dedicated workers and, some would argue, have always been the country’s best resource. With one of the highest literacy rates in Asia at 95%-96% and a high level of English fluency especially in the major cities, it’s clear that the workforce is a valuable commodity. The workforce expands by more than 350,000 newly qualified graduates every year in a range of industries and fields, making this a great location to build a solid team for your business.
Strategic Business Location
Situated in both the Pacific Ocean and the South China Sea, the Philippines is in a great position for companies looking to expand into the growing Asian markets. Setting up a virtual office here allows you easy access to Southeast Asia and working out of a prestigious address in Manila you will bolster your company image from the very beginning.
Strong Local Economy
When expanding your business into foreign markets it’s critical that you consider the state of the local economy. The Philippine’s economy is one of the most dynamic in the East Asia/Pacific region with growing urbanisation and a youthful, consumer-driven population. Economic growth has maintained an average of about 5% since 2007, peaking at 7.3% in 2010, the largest growth the country had seen in thirty years. With this kind of continued growth, the Philippines is an obvious choice for those looking to expand into the region through the use of virtual offices.
Welcoming Business Atmosphere
In a recent survey, the Philippines was touted as being the third happiest nation on Earth. Filipinos are renowned for their open, friendly nature and this extends to the business community too. The country follows an open-economy structure, where foreign business ownership is encouraged and many of the major industries are deregulated. And, to sweeten the pot, the government also offers some tax exemptions to qualifying businesses in a country where the cost of business is already quite low compared with international standards.
Why You Should Expand Your Business Using Virtual Offices In the Philippines
There’s no denying the draw of the Philippines to foreign companies. With a qualified, enthusiastic and well-educated workforce to tap into, a strong local economy and a business-friendly atmosphere, it’s a great choice in Asia or those looking to expand.
With a virtual office setup in the country’s capital, you will be positioning yourself in a strategic location, with easy access to large Asian markets such Singapore, Hong Kong, China and Indonesia. Having a prolific business address in Manila will allow you instant credibility with clients throughout Asia and an opportunity to expand your operations through the region successfully.