Expanding into the
Philippines
The Republic of the Philippines is a Southeast Asian island nation – in fact, comprising over 7,000 islands – lying between the South China Sea and the Philippine Sea. It is a free enterprise economy, with a resilient export-driven agricultural sector, rich reserves of mineral resources and a growing manufacturing sector that attracts foreign involvement supported by government incentives.
Get the Support You Need
Global Expansion is a step to make for any business, regardless of your goal. But the opportunities that can come with an expansion can be stimulating as well as intimidating and confusing, especially when you consider all of the registration procedures that need to be done and the documentation required.
Going at it without the proper support can increase the costs, time and risks involved.
The legwork and potential red tape can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework.
It can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in the Philippines
International companies expanding into the Republic of the Philippines enter a rapidly-developing and emerging market, one of the fastest-growing in the Southeast Asia and western Pacific region. In 2022, the Philippines ranked 11th largest of Asian economies and fourth among members of the Association of Southeast Asian Nations (ASEAN). The Philippines is strategically placed on one of the world’s busiest trade routes, ideal for its export of manufactured goods throughout the region.
Manufacturing, increased industrialisation, construction, tourism and the growth of the services sector are lifting the Philippines from dependence on agriculture and it is predicted to enter the top 20 world economies by 2050 and become the fourth largest in Asia. Identified as one of the region’s ‘Tiger Cub’ economies, the Asian Development Bank (ADB) predicts Philippines’ Gross Domestic Product (GDP) will grow by 6.3% through 2023 – among the highest in the ASEAN group. Gross Domestic Product was expected to reach US$408 billion by the end of 2022, inside the top 40 globally.
Increased consumerism among the expanding middle class and a large percentage of young people in the 115 million population add a dynamic edge to the economy’s growth – along with a robust and competitive labour pool. Post-pandemic, public sector investment rebooted recovery and continues to reduce the disparity between the high and low income levels of society.
The Philippines is embedded in the economic structure of the region. Apart from the ADB and ASEAN, it is also a member of Asia-Pacific Economic Cooperation, the ASEAN Forum, the Asia-Pacific Telecommunity, the Bank for International Settlements and the East Asia Summit. Globally, Philippines is a member of the World Bank, the International Monetary Fund and is an original charter member of the United Nations.
The World Bank sees the continued recovery lifting the Philippines from a lower-middle income to upper-middle income economy.
Hiring Staff
in the Philippines
International companies expanding into the Republic of the Philippines enter a rapidly-developing and emerging market, one of the fastest-growing in the Southeast Asia and western Pacific region. In 2022, the Philippines ranked 11th largest of Asian economies and fourth among members of the Association of Southeast Asian Nations (ASEAN). The Philippines is strategically placed on one of the world’s busiest trade routes, ideal for its export of manufactured goods throughout the region.
Manufacturing, increased industrialisation, construction, tourism and the growth of the services sector are lifting the Philippines from dependence on agriculture and it is predicted to enter the top 20 world economies by 2050 and become the fourth largest in Asia. Identified as one of the region’s ‘Tiger Cub’ economies, the Asian Development Bank (ADB) predicts Philippines’ Gross Domestic Product (GDP) will grow by 6.3% through 2023 – among the highest in the ASEAN group. Gross Domestic Product was expected to reach US$408 billion by the end of 2022, inside the top 40 globally.
Increased consumerism among the expanding middle class and a large percentage of young people in the 115 million population add a dynamic edge to the economy’s growth – along with a robust and competitive labour pool. Post-pandemic, public sector investment rebooted recovery and continues to reduce the disparity between the high and low income levels of society.
The Philippines is embedded in the economic structure of the region. Apart from the ADB and ASEAN, it is also a member of Asia-Pacific Economic Cooperation, the ASEAN Forum, the Asia-Pacific Telecommunity, the Bank for International Settlements and the East Asia Summit. Globally, Philippines is a member of the World Bank, the International Monetary Fund and is an original charter member of the United Nations.
The World Bank sees the continued recovery lifting the Philippines from a lower-middle income to upper-middle income economy.
The Main Sectors of the Filipino Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Filipino Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in
the Philippines
Commercial Laws in
the Philippines
