Opportunities in Philippines – APPLY NOW!
The Philippines is known as the world’s business process outsourcing (BPO) capital, with strong English-language skills and a high literacy rate of 95%. Its economy is growing at 6.7% p.a. with GDP per capita of USD 2,870 and annual inflation at 3.5%.
The Philippines has a population of 99.4 million and its currency is the Peso.
The Philippines is one of the fastest-growing economies in ASEAN with a growth rate of around 6% p.a.
Bangkok Bank
We are the only Thai bank with a branch in Manila, opened in 1995, and provide commercial banking services to corporate customers and in-depth advice on customers’ financial needs.
Opportunities
With a population of close to 100 million, the Philippines is the second-most populous country in the AEC. English is one of the official languages and the people are highly educated and literate. The economy is dominated by the services sector and the Philippines is seen as the business process outsourcing (BPO) capital of the world. Various privatization and liberalization initiatives are underway so there are opportunities in areas such as logistics, energy and IT. In addition, Thailand has many synergies with the Philippines in sectors such as food processing, agro and aqua-industry, and hotel management.
Challenges
The Philippines has well-established rules and regulations but doing business can be a slow process – the World Bank ranked the country only 103rd out of 189 economies for ease of doing business in 2015. New entrants to the market need to be sure they have all legal necessities in place well before they start.
Tips for investing and doing business
Personal relations are very important in business and in order to developing strong relationships foreign investors should always show respect to business partners.
To find out more about these exciting opportunities, please contact:
Ms. Nattika Kanpawong, Branch Manager, Manila Branch
Tel: (632) 7752 0333
Email: manila.cs@bangkokbank.com
Note: Information up-to-date as of October 2017