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
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.
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.
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
source taken from : www.boi.gov.ph/