WHY PHILIPPINES IS THE BEST DESTINATION TO DO BUSINESS AND SUCCEED

 Introduction

The Philippines, a Southeast Asian country known for its beautiful beaches, diverse culture, and warm hospitality, has emerged as one of the top destinations for doing business in recent years. Its strategic location, favorable business climate, and skilled workforce have attracted numerous foreign investors and entrepreneurs to set up their businesses in the country. In this thesis, we will delve into the various reasons why the Philippines is the best destination to do business and succeed.

Strategic Location

The Philippines is strategically located in the heart of Asia, making it an ideal location for businesses looking to expand into the region. It is situated at the crossroads of major shipping routes and is in close proximity to other emerging markets such as China, Japan, and South Korea. This advantageous location offers businesses easier access to global markets, reducing transportation and logistical costs.

Moreover, the country is a member of various regional and international organizations, such as the Association of Southeast Asian Nations (ASEAN) and the World Trade Organization (WTO), which provide businesses with access to a larger market and more opportunities for growth.

Favorable Business Climate

The Philippines has made significant strides in improving its business climate over the years. The World Bank's Ease of Doing Business Report 2020 ranked the Philippines 95th out of 190 countries, a significant jump from its previous ranking of 124th in 2019. This improvement can be attributed to the government's efforts in implementing business-friendly policies and initiatives to attract more investments.

One of the key factors that contribute to the favorable business climate in the Philippines is the government's commitment to promoting foreign investments. The Foreign Investment Act, which was enacted in 1991, allows 100% foreign ownership in most industries, with only a few exceptions. This policy has encouraged more foreign investments and has helped the country become one of the top recipients of foreign direct investments (FDI) in Southeast Asia.

Furthermore, the government has also implemented various tax incentives, such as the Special Economic Zones Act and the Philippine Economic Zone Authority (PEZA) which offers tax holidays and other incentives to businesses operating in special economic zones. These incentives have attracted more businesses to set up their operations in the country and have contributed to its economic growth.

Skilled Workforce

The Philippines is home to a large pool of young and English-speaking workforce, making it an attractive destination for businesses looking to outsource their operations. The country's literacy rate is at 97.5%, and it has a high number of graduates in various fields, particularly in the fields of IT, engineering, and business.

The country's workforce is also highly adaptable and trainable, making it easier for businesses to find and train employees to meet their specific needs. Moreover, the cost of labor in the Philippines is relatively lower compared to other developed countries, making it more cost-effective for businesses to operate.

Furthermore, the country has a strong culture of service and hospitality, which is highly valued in the business world. This trait is reflected in the Filipino workforce, known for their strong work ethic, loyalty, and dedication to their jobs.

Government Support and Infrastructure Development

The Philippine government has shown a strong commitment to improving the country's infrastructure, which is vital for business growth. In recent years, the government has launched various infrastructure projects, such as the Build, Build, Build program, which aims to improve the country's transportation, energy, and water resources.

The government has also invested in developing special economic zones and industrial parks, equipped with modern facilities and infrastructure to support businesses. These developments have created a more conducive environment for businesses to operate and have attracted more foreign investments.

Conclusion

In conclusion, the Philippines has proven to be an ideal destination for doing business and achieving success. Its strategic location, favorable business climate, skilled workforce, and government support and infrastructure development have made it a top choice for investors and entrepreneurs. With its continuous efforts in improving its business environment, the Philippines is poised to become an even more attractive destination for businesses in the years to come.