As the global economy hits a slump because of the pandemic that halted the world’s economic activities, every country in the world suffered losses; including The Philippines. Nevertheless The Philippines has proven its resiliency by fending off the bearish maul of the market. The Country has laid down solid groundwork to ensure that the financial vigor of the Philippines will be more robust than it was before, making The Philippines the best place for an investment during these trying times.
The Philippines’ GDP grew by 5.9% for the full year of 2019, still one of the fastest-growing economies in Asia. Trade, construction and manufacturing were the main drivers of growth. The government’s annual projections for 2019 and 2020 are set at 7-8%.
This tells the world how safe it is to invest in a country. Philippines was awarded Investment Grade by three of the biggest credit rating agencies in the world.
The Philippines belongs to the biggest destination of remittance flows. Remittances from more than 10 million overseas Filipino workers are the second largest source of foreign exchange for the Philippines, next to the earnings of the business process outsourcing sector. Cash remittances from overseas Filipinos reached USD 2.6 Billion for January 2020, up by 6.6% from the same month last year.
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 Association of Southeast Asian Nations (ASEAN) market and a gateway of international shipping and air lanes suited for European and American businesses.
Wages are typically less than a fifth of that in the United States. Local communication, electricity, and housing costs are also 50% lower compared to the US rates. Foreign companies that are now outsourcing programming and business processes to the Philippines estimate 30%-40% business cost savings.
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 producers 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
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.