The benefits to being an entrepreneur in the Philippines are vast. For people in other parts of the world, the Philippines seems like a tropical paradise somewhere in the Pacific. However, given its unique culture as well as its natural resources, it also offers a lot of great opportunities for entrepreneurship (and saving money, to boot).
So if youre planning to invest, invest some capital in the Philippines, its important for you to know exactly what kind of country youre dealing with.
The Benefits of Being an Entrepreneur in the Philippines: Its Different
For starters, the Philippines is not like other Asian nations. Instead, of being Buddhist, Islamic or Confucian in creed, it is predominantly Catholic. Also, given its long colonial history, the Philippines incorporates various aspects of Spanish and American culture. And of course, lets not forget that the Philippines is one of the fastest developing countries in Asia. So if youre interested in becoming an entrepreneur in the Philippines then heres what you can look forward to.
The Benefits of Being an Entrepreneur in the Philippines:Foreign Exchange
The rate of the Philippine Peso to the Dollar is roughly 40 Pesos to 1 Dollar. With the Euro, the conversion rate is around 50 Pesos to 1 Euro. So, if youre looking for a bargain, the Philippines certainly is one of the best candidates around. In keeping with that knowledge, why not save yourself some money, compare cheap airfares with JetAbroad , pocket the discounted rate you bought your ticket for, and fly out to the Philippines today?
Its also worth mentioning that the Philippines has a strong tourism and retail industry. When you combine this with the low exchange rate, its not hard to see why many investors consider the Philippines as a very lucrative place for investment.
The Benefits of Being an Entrepreneur in the Philippines:Plenty of Labor
Its worth pointing out that the Philippines is still a growing economy with plenty of excess labor (both skilled and unskilled). Yearly, the Philippines sends out approximately 15,000 nurses to work in foreign countries. Along with these nurses are countless engineers, computer technicians and construction workers.
For resourceful entrepreneurs, this amount of excess labor represents tremendous opportunities. The BPO industry certainly makes use of this, and there are manufacturing and textile firms which establish operations in the country as well. Provided you know the right people, and you have all the right information, the Philippines can provide you a very large and talented labor pool to draw upon for your business.
The Benefits of Being an Entrepreneur in the Philippines:Wide Use of the English Language
English is the second language of many Filipinos, especially among the educated and the middle class. So unlike other South-East Asian countries, you rarely have to worry about any language barrier.
In fact, the Philippines has around 788 call centers, and is considered by many analysts as the top destination for many Business Process Outsourcing companies. Because of the wide number of English-proficient Filipinos, the Philippines is considered by many people as a very versatile place for commerce and investment.
The Benefits of Being an Entrepreneur in the Philippines:Close Economic Ties With Other Asian Countries
The Philippines has very strong trade and diplomatic relations with other Asian countries, particularly China. In fact, trade between the two countries in 2011 was worth roughly $26 billion. So if you have interests and investments in other Asian countries, you can easily make use of them when you do business in the Philippines.
The Benefits of Being an Entrepreneur in the Philippines:Natural Resources
And finally, its worth mentioning that the Philippines has many natural resources. Whether its tropical plant-life and agricultural products or rare minerals, many of them can be found in the Philippines. So if you want to invest in this type of business, there are plenty of opportunities for you to do so.