|Official Name||Republic of the Philippines (Archipelago: 7,641+ Islands)|
|Population||110 Million (Labour Force: 43 Million)|
|Currency||Philippine Peso (PHP)|
|Gross Domestic Product||$373.0B (2021)|
The Philippines Rising Tiger of Asia
Philippines is building an enormous retaliation in the world and one of the fastest-growing country in Asia with a Gross Domestic Product growth of 5.6 percent as of 2021. Philippines have surpassed its neighboring countries, labor force is one of the most convincing benefits aside from the government incentive programs that encourage foreign companies and investors from different parts of the world to invest in the country, which help the Philippines to become economically and politically stable.
Philippines has a remarkable improvement in terms of value and reliability of its people, business support capabilities and infrastructures. Philippines’ general infrastructures are favorably similar to India and China, which includes telecommunications, access roads, power supply and other utilities. The Philippines communication structure provides satellite backup, 24/7 international redundant connectivity and fiber optic cable as the main network support, that’s why in 2013 Fitch and S&P awarded the Philippines its first investment grade credit rating, due to country’s significant growth in direct investment from foreign investors.
Philippines is the third largest English-speaking country in the world, government, universities, and businesses are generally fluent in English, prioritizing higher education helps the country to achieve the 97.5 percent literacy rate as of 2021. The Philippines has plenty of highly skilled and trained professionals to offer with an excellent high level of education and expertise. Furthermore, universities produce roughly 600,000 newly graduates per annum, 50 percent of the graduates are technically skilled with degrees in information technology and multimedia arts and the other half goes to other courses that are suitable for Australian, United Kingdom and United States organizations.
Filipinos are highly adaptable and easy to work with because the Philippines is a multicultural country, since the Spanish, American and Asian colonization. Filipino workers have an outstanding work ethic, both local and foreign companies can expect them to work longer hours without decreasing their high quality outputs. Usually, wages and the cost of living in the Philippines are lower compared to other developed countries, there is a significant offshore advantage in terms of labor cost and other cost of service, that’s why savings by up to 70 percent on your manpower and operational cost are easy to achieve.