The Philippines is located in South-East Asia and is an island state, comprising of 7,107 islands. The population currently stands at approximately 100 million, with a median age of 23.5 years.
The Philippines is currently the fastest growing economy of ASEAN, recording an annual growth rate of 6.2% from 2010-2015, and an average GDP of 5.8 in 2015.
Although the Philippine economy still suffers from a number of crosscutting problems similar to those identified in other markets in the region, such as corruption, red tape and shortcomings in infrastructure available, it has improved significantly in the past years, ranking higher than in previous years in the 2015 WEF Global Competitiveness Ranking, the World Bank Doing Business Report and in terms of perceived corruption in the public sector.
The majority of the annual GDP is accounted for from provision of overseas services, such as BPOs, manufacturing of small electrical components and remittances from overseas workers.
In this quick overview on how to do business in the Philippines, outined will be some useful resources and a brief overview on the following topics:
There are several types of businesses that can be established in the Philppines. There are two main categories: businesses organized under Philippine law and those organized under foreign laws. Click the links below for more information on each business type.
Types of Businesses Organized Under Philippine Law
For more information on the different types of permits required to operate a business in the Philippines, click on the following links below: