Welcome to the Consulate General of the Republic of the Philippines Colombo, Sri Lanka
DOING BUSINESS IN THE PHILIPPINES
The Philippines is the natural choice when it comes to choosing a place to do business.
Aside from the warmth and hospitality that greets foreigners at every turn, the Philippines possesses the following advantages: quality manpower and resources; a strategic business location; a liberalized and business-friendly economy; a steadily developing infrastructure for global growth; a hospitable lifestyle; and unlimited business opportunities.
QUALITY MANPOWER AND RESOURCES
It has a vast pool of homegrown talents who are highly adaptable. The Filipino workforce is one of the most compelling advantages the Philippines has over any other Asian country. With higher education priority, the literacy rate in the country is 94.6% – among the highest. English is taught in all schools, making the Philippines the world’s third largest English-speaking country. Every year, there are some 350,000 graduates enriching the professional pool.
STRATEGIC BUSINESS LOCATION
The Philippines is located right in the heart of Asia – today the fastest growing region. It is located within four hours flying time from major capitals of the region.
Its proximity to major Asian capitals provides the country with strategic logistics access point especially the ASEAN+3 countries. Situated at the crossroads of the eastern and western business, it is a critical access point to over 500 million people in the ASEAN market and a gateway of international shipping and air lines suited for European and American businesses.
LIBERALIZED AND BUSINESS-FRIENDLY ECONOMY
An open economy allows 100% foreign ownership in various, selected sectors and supports a Build-Operate-Transfer (BOT) investment scheme that other Asian countries emulate. Government corporations are being privatized and the banking, insurance, shipping telecommunications and power industries have been deregulated.
Its friendly investment regimes include tax credit for taxes and duties on raw materials, income tax holiday from 4-6 years for registered enterprises, deduction of labor expenses from taxable incomes, access to bonded manufacturing/trading warehouse schemes and exemption from taxes and duties on imported supplies and spare parts for consigned equipment. Multinationals looking for regional headquarters are entitled to incentives such as tax exemptions and tax and duty-free importation of specific equipment and materials.
DEVELOPING INFRASTRUCTURE FOR GLOBAL GROWTH
A well-developed communication, transportation, business and economic infrastructure links the three major islands and distinguishes the Philippine economy. Highly accessible by air, water and cyberspace, liberalization of inter-island shipping and domestic aviation further sparked improved facilities and services. The container terminals are suited to handle cargo traffic at the highest levels of efficiency. Communication provides redundant international connectivity 24/7 with fiber optic cable as primary backbone network and satellite as backup. Economic reforms emphasize regional growth, converting remote areas into business centers. The landmark BOT legislation allows private investors to build and operate infrastructure, then turn it over to the Philippine government after a set period of time.
Discover the best of sun, sea, sand and style in the tropical setting teeming with the best of western amenities. The Philippines is second home to expatriates who enjoy the company of the warmest people in the region, the country’s openness to varied cultures and a decidedly global outlook. Expats enjoy accessible and affordable luxuries – business centers, housing, schools, hospitals, shopping malls, hotels and restaurants, beach resorts, and recreation centers.
UNLIMITED BUSINESS OPPORTUNITIES
As Asian economies integrate within the vast framework of the ASEAN Free Trade Agreement (AFTA), the Philippines is the natural and most strategic location for firms that want access to the large ASEAN market and its vast trade opportunities. The Philippines has enhanced and primed up various areas for investors and offers a dynamic and growing consumer market accustomed to an array of product choices created by a competitive domestic economy. Come and see for yourself what other businesses and investors have already discovered! For more information visit the Philippine Department of Trade and Industry (DTI) website, www.dti.gov.ph and www.investphilippines.gov.ph