The Philippine economy is on a roll.
Last year the Philippines is second only to China in Bloomberg’s list of the world’s fastest growing economies. Then it surged ahead with a 6.9% GDP growth in the first quarter of 2016, overtaking China’s regional lead for the first time. It further improved to a second quarter growth of 7%, with the industry and services sectors as its largest drivers.
On the strength of these figures, businesses are now clearly eyeing the Philippines as one of the top places for investments. International investment banks such as Credit Suisse, Nomura Singapore Ltd, and recently by JPMorgan & Chase, have raised their growth estimates for the country. In its 2016 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD), the Philippines lands the 11th spot among the top 15 list of preferred global investment destinations for 2016 - 2018.
One thing is crystal clear: there is now no better time to invest in the Philippines. Whether it be in stocks, real estate, or business, entrepreneurs are entering one of the best times to make money by investing in the country.
Now here’s an idea: if you’re looking to grow your business, reinvesting in your company might mean investing in the Philippines. How so? Outsourcing. [More on: Why outsource to the Philippines]
To many, reinvesting in one’s business with the purpose of growing it usually requires a significant amount of money. It is as they say, “it takes money to make money.” However, reinvesting does not only mean some form of cash injection. Investment, as the pros well know, is essentially a well-thought out strategy - a smart allocation of time, energy, expertise, and capital.
This is where you leverage outsourcing. With the advantages outsourcing is known for, growing your business by outsourcing to the Philippines can be a smart move. Consider this in the context of:
(1) the fast-growing trade between the UK and the Philippines in the wake of Brexit (according to Chris Nelson, Chairman of the British Chamber of Commerce Philippines),
(2) the interest British firms show in doing business in the country (notably in power, food, and beverage, retail, IT services, pharmaceutical, product distribution), and most recently,
(3) the courtesy call of UK Ambassador and trade envoy to current President Duterte.
With benign inflation forecasted for the next two years, low-interest rates, strong growth numbers, government plans of increased spending in the country’s infrastructure and human capital, and easing of restrictions on foreign investments, it’s high time indeed to consider doing business in the Philippines.