There is a long list of opportunities awaiting investors in the Philippines. Priority investment projects are in export-oriented industries, parts and components (electronics, automotive, construction materials, etc.), infrastructure, agriculture and agribusiness, mining, tourism, information technology and support services, among other things.
The Philippines is considered one of the best countries in Asia for expatriate living. It is highly regarded for its openness to varied cultures and availability of a wide array of quality, round-the-clock entertainment. Foreigners enjoy accessible and affordable amenities- business centers, housing, schools, hospitals, shopping malls, hotels and restaurants, beach resorts and other recreation centers.
Companies that desire to position themselves in East Asia, as the region forecasts economic growth, take a close look at the Philippines for its strategic location. The Philippines lies at the heart of the two great seas of commerce- the Pacific Ocean and the South China Sea, both at the crossroads of eastern and western business, trade and culture.
Global companies organizing offshore service operations choose the Philippines for its abundant supply of highly trainable, skilled and English-speaking labor force. Even as the Philippines continues to export labor, its human resources sector has earned the reputation for world-class skills and capabilities and international competitiveness in terms of quality, cost and availability. Filipinos’ proficiency has set them apart from other nationalities, and has contributed to the country’s attractiveness as an investment site.
The World Competitiveness Yearbook 2000, a study of 47 industrialized and emerging economies, revealed that the Philippine is the most competitive in Asia when it comes to skilled labor. The study also disclosed that the Philippines is third to the United States and Chile in availability of competent senior managers.
Information technology and engineering companies expanding their operation in Asia choose the Philippines for the design capabilities of Filipino information and communications technology (ICT) professionals and engineers. Quality human resources, improvements in the telecommunications infrastructure, and an established policy and regulatory framework make ICT investments in the Philippines an increasingly attractive proposition.
The ICT sector in the Philippines has been greatly enhanced by the passage of the Electronic Commerce Act (ECA) in the year 2000. The law affirms and communicates the government’s seriousness in establishing the policy and legislative environment for the development of ICT and the conduct of e-commerce in the Philippines in particular.
The country’s tax and fiscal incentives for companies located in free port areas and ecozones continue to attract investors. Basic rights and guarantees of investors include repatriation of investments, remittance of earnings, access to foreign loans and contacts, freedom from expropriation and non-requisition of investments. Up to 100% ownership is allowed in priority industries. Telecommunications, shipping, oil, banking and insurance industries have been deregulated. Simplified assistance and facilitated investment procedures through Express Lanes and One-Stop-Action/Processing Centers are available.
Clearly, there is a rich field of business opportunities in the country. The Philippines is committed to helping businesses develop and prosper in order to encourage more investors. This is the right time for investors to take advantage of the opportunities the country is offering.
For information on trade and investment, the Embassy could provide business executives and prospective investors in the Philippines with references about its economic investment policies and procedures.
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