The Philippines is located within the Southeast vicinity of Asia and positioned favourably at the warm foothills of the urbane Western world and the great Orient. It is made up of a cluster of about 7,000 islands; its three major islands are Luzon, Visayas, and Mindanao. However, the extent to which the Philippines is reachable is wider than just the three major islands. Its unmatched geographic location has made it the commercial, cultural, and intellectual hub of Asia over time, and the development of trade and commerce backs it. This is an exponential reason why the Philippines has proved to be an excellent location for investment in various industries. That said, if you have already made up your mind to invest or select a business entity in the Philippines to launch your business, take a moment to look at the following industries that are making waves in the current landscape and could be your reason to invest in the Philippines.
1. Travel and Tourism
The Philippines takes pride in its scenic beauty and lavish tourist destination. Some of the most popular places are Bohol, Boracay Island, Aklan, and El Nido. The Department of Tourism announced that the inflow of foreign tourism is increasing every year. Specifically, demand for services, packages, offers, facilities, accommodations, trips, transport, food and beverages, cafes and dining areas and other tours and travel-related services are some of the rapidly increasing industries in the Philippines.
2. Agriculture
The Philippines has predominantly always been an agricultural economy. The Philippine Statistics Authority (PSA) announced that agriculture, forestry, fishing, and other such activities have greatly contributed in the country's total GDP. Being a tropical nation, the Philippines holds a massive agrarian land mass, extending to million hectares of fertile soil suitable for crops like rice, coconut, pineapple, mango, paddy, sugarcane, corn, maize, cassava, coffee, tea, bamboo, banana, and cacao. Moreover, the country also produces healthy poultry and livestock.
3. Real Estate
As the population keeps increasing, there will always be demand for property and spaces. Real estate is an industry in which investors can hardly ever go wrong. The Philippines is a fairly sustainable market with momentum and attractive potential for high returns as investors can access a whole market of home seekers, students, young professionals and, of course, ever-growing families and households. But what earned the real estate industry a spot on this list is the voracious amount of annual foreign direct investment it receives, a very blatant indicator of just how alluring this industry is to foreign investors.
4. Outsourcing
Ever since the last decade, Business Process Outsourcing (BPO) has been one of the fastest-paced and rapidly expanding industries in the Philippines. BPOs have emerged as the top contributors to the Filipino economy. The Information Technology and Business Process Association of the Philippines (IBPAP) has forecasted that the BPO industry is bound to generate billions of dollars in the aggregate global outsourcing market. Thus making the BPO industry a flourishing sector in which to invest.
5. Retailing
The retail industry in the Philippines is thriving due to the current inflation rate. The aggregate rate of purchase and consumption among consumers is still high, adding to the need for budding retail stores. A multitude of shopping malls, retail outlets, department stores, and convenience stores will continue to spring up in various cities and towns in the Philippines, making them profitable investments for investors.
6. Construction
The Department of Trade and Industry (DTI) recently stated that the Filipino government is opening up the construction industry to foreign investors, with the idea that these investors can become local contractors by providing them with construction permits. Thus, this is an ideal time for foreign direct investors to invest in the construction sector. Participating in the country's infrastructural development will ensure its rise to become ahotspot for Filipino engineers and foreign investors.
7. Healthcare
The healthcare industry is accelerating at a substantial rate. Two prime indications of the rate of healthcare system advancement in the Philippines are the acquisition of multiple hospitals by Metro Pacific Investments and the incline in the availability of options in the HMO industry.
These are the booming industries in the Philippines. Starting a business in the Philippines as a foreigner is much easier with the presence of a helping hand. Business Setup Worldwide specializes in helping entrepreneurs and firms by providing updated and first-hand knowledge about company incorporation in different locations all across the globe. To know more, contact us today – we’d be happy to help!
