LONG-TERM ECONOMIC STABILITY
The Philippine GDP grew by 6.3% in the 2Q of 2024, still one of the fastest-growing economies in Asia. The main contributors to the second quarter 2024 growth were: Construction, 16.0 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.8 percent; and Financial and insurance activities, 8.2 percent.
BUSINESS LOCATION
The Philippines is located right in the heart of Asia. It is located within four hours of flying time from the major capitals of the region. It is a critical entry point to over 700 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.
STRONG REMITTANCE INFLOWS
The Philippines remains one of the top global destinations for remittance inflows. From January 2024 to July 2024, remittances from overseas Filipinos hit a record high of USD 19.3 billion, up by 2.9% from the previous year. This continued growth reflects the increasing demand for Filipino workers abroad, with remittances accounting for approximately 8.5% of the country’s GDP.
CREDIT RATING UPGRADE
The investment grade of the Philippines shows the nation’s strong economic performance and policies. The Philippines’ positive outlook in credit rating proves how intact it is to invest in the country.
LOW COST OF DOING BUSINESS
The Philippines continues to be Asia’s rising star due to its robust macroeconomic expansion in recent years. Foreign companies that are now outsourcing programming and business processes to the Philippines estimate 30%-40% business cost savings.
ABUNDANT RESOURCES
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
UNLIMITED BUSINESS OPPORTUNITIES
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.