The Philippines is a tropical country that holds some of the world’s most rich natural resources within. Over the last century, the Philippines have become one of the most influential countries in the Asian region. It is 12th and 8th most populated countries in the world and Asia respectively. The Philippines is one of the well-developing economies in the world.
While setting up a small business or a large one, there are certain points to be kept in mind. There is some opportunities to start your business in the Philippines in some fields mentioned below.
The Philippines is the homeland of many rare natural and diverse resources that aren’t found elsewhere. For travel enthusiasts and nature experts, this has always been a choice of destination.
- The Philippines is one of the often visited archipelagic countries across the globe also known as the land of islands. It consists of 7641 islands that are divided into 17 regions.
- Tourism in the Philippine is one of the main attractions, and it contributed over 17% of the GDP at the end of the year 2018 and is expected to grow higher in 2019.
- The Philippines is home to 6 UNESCO world heritage sites; 3 cultural sites and 3 natural sites.
- The Philippines tourism sector is solely responsible for creating millions of business employment opportunities. In the year 2019, the number of people who worked under the tourism and business is over 7 million, which paves out ways for business investors to invest in the tourism industry.
Real Estate in the Philippines
The Philippines has experienced quite a demand in the real estate sector with an increase in its urban population. Suffice it to say the real estate business is booming in the Philippines for many reasons. Some of them are mentioned here.
- The number of tourists who visited the country increased in millions, villas and houses, were turned into a business of the hospitality and hotel industry. This lead to an increase in employment and investment opportunities in the Philippines. In 2017 Philippine’s real estate contributed 6.7% to the total GDP. It is expected to grow by 2 percent by the end of 2019.
- As the quality of education increased people from all over the world mainly, Asia started moving to the Philippines. For the entire duration of their education, they became temporary residents of the country. To provide accommodation to all of them the construction business and real estate were expanded and developed as the education in the Philippines was internationalized.
Lifestyle Business in the Philippines
The Philippines is home to a lot of natural resources including the rarest flora species across the globe. The human resource in the Philippines is considered one of the most credible and strongest ones in the world. By using these two most basic and necessary advantages, with the help of the right plan and guidance, a well-established business can be built and developed.
- In the modern world, digital marketing is not confined to launching websites and promoting business. It mainly focuses on how a company is begun and reaches the people in less or no time at all. So in a semi-developed economy like the Philippine's, setting up an e-commerce company, digital service business, online trade and license providers can be beneficial and well established.
- The Philippines is a country of islands. It has hundreds of islands as its natural resource. The business opportunities in fields like fish culture, seafood export and import, hotels and restaurants; any/all of these can be a regular profitable business. The expanding tourism of the Philippines adds as a plus point. It is open to both small business and large.
With the strategic location of the country, it has become one of the prominent places for business opportunities and investment for foreigners. Business opportunities in the Philippines are not something you should consider in terms of income alone. There is a various number of advantageous factors that should be weighed by your passion, interest and expertise. Now, at this point, a subject matter expert would be a favorable option. They will not only help you in giving the correct guidelines but will also help you in dealing with the legal proceedings.
Business Setup Worldwide is one of the top business consultants in the UAE, and if you are looking for guidance, we are here. Our business experts are well-versed with the UAE laws and can accompany you in the incorporation process. If you want to take a step forward, do contact us. we’d be glad to assist.