As one the fastest growing countries in Southeast Asia, the Philippines is an ideal center for international business. Surrounded by major shipping lanes and acting as a gateway to Asia, the Philippines is an excellent access point to the ASEAN (Association of Southeast Asian Nations) market.
There are many opportunities for those who want to invest in the country. Triple I Consulting shares some of the key investment sectors and fastest growing industries in the Philippines:
According to the Philippine Department of Trade and Industry (DTI), the business process outsourcing industry made $13 billion in exports in 2013. It is expected to reach to $25 billion in revenues and open up millions of new jobs for the years to come.
Common services in the outsourcing industry include call centers, engineering design, software development, including the maintenance of regional procurement systems. The population’s proficiency in the English language is the major reason BPO companies are investing heavily in the country.
Travel and Tourism
In 2012, the Philippine government began efforts to boost tourist arrivals by launching the “It’s More Fun in the Philippines” campaign. Since then, visitor arrivals in the country increased, with the top markets being tourists from the US, Korea, China, Japan, and Taiwan.
The country is also an emerging player in medical tourism, which is currently dominated by Thailand, Malaysia, India, and Singapore. According to reports, the country earned $1.3billionfrom medical tourism from 2006 to 2010. By the year 2018 or earlier, the industry is expected to earn $1 billion per year.
The consistent flow of Overseas Filipino Workers (OFW) remittances boosts the country’s finances. According to the Institute for Development and Econometric Analysis Inc., remittances posted a growth of 5 percent in 2013,a figure expected to rise in 2014.
The Bangko Sentral ng Pilipinas (BSP) said that there is a continuous improvement in the banking system. The Philippine peso has also continued to strengthen, recently named one of the top performing currencies in Asia.
Other areas for job generation include infrastructure, electronics, and agriculture and fisheries. The national budget of the country is aligned to offer support to the investment sectors and growing industries so that they can expand significantly.