Philippines
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WHY PHILIPINES ?
Situated in the western Pacific Ocean, inclusive of around 7,641 islands, Philippines is one of the largest archipelagos in Southeast Asia. Among world’s leading producers and exporters of coconuts, Philippines also occupies a strategic geographic gateway to the Asian markets. Philippines, at current growth rate, could become 16th biggest economy by 2050. The 21st century has witnessed the development of the country from an agricultural to a service-based economy. It is blessed with large deposits of natural resources and ranks among top ten in production of gold, copper and chromite, around the world. The country boasts of rich natural beauty in its many spectacular beaches, sunny weather and rich bio-diversity. More than that, the Philippines’ unique and complex culture, as exemplified by its people, cuisine and lifestyle, attracts many people to visit the country.
ADVANTAGES
Strategic Business Location
Philippines is one of the fastest-growing regions. The country is within four hours of flying time from major economic hubs in the region. Its strategic location, between the crossroads of the eastern and western business, makes the Philippines entry points for investors exploring the Asian market.
Liberalized and Business-Friendly Economy
The open economy of the Philippines allows 100% foreign ownership in almost all sectors and supports a Build-Operate-Transfer (BOT) investment scheme that other Asian countries emulate. To create an investor-friendly climate and attract foreign business ventures, the Philippines’ government has introduced various incentives, which includes:
- Tax deductions and exemptions;
- Income tax holidays; and
- Special economic zones as well as non-fiscal incentives, such as permanent resident status for foreign investors and their families.