THE PHILIPPINES
The country of the Philippines is an archipelago made up of over 7,000 islands that total 115,831 square miles (300,000 square kilometers). Most of the islands are pretty small, but a few larger ones like Luzon and Mindanao account for a large portion of the surface area. The islands are broken up into three categories: Luzon, Visayas, and Mindanao - which are basically north, central and south, respectively. While some islands are much more populated than others, the overall population density of the Philippines is 939 people per square mile (363 people per square kilometer). Manila is the capital located in Luzon Island, together with 16 suburban and cities surrounding the capital it created Metro Manila, which is the largest and most populous megacity in the world.
Key facts
Economy
The economy of the Philippines is the world's 36th largest economy by nominal GDP according to the 2019 estimate of the International Monetary Fund's statistics, it is the 13th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand.
Philippines an Ideal Investment
There are several factors that push the country toward developing a good investment environment and support your goal of doing business in the Philippines.
| 1. | Strategic location There are several factors that push the country toward developing a good investment environment and support your goal of doing business in the Philippines. |
| 2. | Highly educated workforce Filipinos are among the most educated and highly trainable labor force in Asia, not to mention that the Philippines is a largely english speaking country |
| 3. | Expanding infrastructure As mentioned Philippines governmentis committed to building more roads and bridges—infrastracture that's necessary for moving goods fast from the producer to the consumer. |
| 4. | Growing domestic and export markets More than 100 million people are living in the Philippines, which makes it 13th in the list of countries with the highest population worldwide. It's a large consumer market that your business can tap into. |
| 5. | Low cost of living As an investor, you want to have access to a lifestyle that suits your preference and lets you enjoy in a new environment even miles away from your home country. |
| 6. | Tax benefits to businesses Many foreign companies are benefitting from the tax incentives offered to them by the Philippines. You may be eligible for tax cuts when you pass the accreditation of the Philippines Economic Zone Authority (PEZA), a government agency that helps businesses and investors like you to set up shop in the Philippines. |
The People
People in the Philippines are collectively called Filipinos, with men also referred to as Filipinos and women known as Filipinas. Philippine is used as an adjective pertaining to the country. Filipino is used as an adjective regarding the people, in some cases in particular reference to Christian Filipinos (Muslim are known as Moros). Around 95 percent of the population lives on the eleven largest islands.
Filipino traits and values
The term kapwa, or a shared inner self, lies at the core of Filipino values and psychology. A person who treats another as a kapwa has a shared a sense of identity and consciousness with that ‘other’ person.
| The family |
| The family is at the center of the Filipino community. Children are not expected to leave their parents’ house until they themselves get married; and even after then, many couples opt to stay with or close to their or their spouse’s parents. Also, they’re expected to care for their ageing parents instead of sending them to a retirement home. |
| Humor and positivity |
| Optimism, humor, and positivity are valued traits in the Philippines. The country has a long list of national holidays, and many provinces and cities have their own sets of local holidays. At the same time, in the face of difficult or challenging situations, members of the community are encourage to look at the brighter side of things. |
| Flexibility and adaptability |
| The term bahala na, which can be translated to whatever happens, happens, is one of the more familiar phrases used in the country and is perhaps the most representative of how Filipinos value adaptability and quick thinking. It exemplifies one's belief in a higher power and submitting one’s fate to elements that cannot be controlled. |
| Faith and religion |
| Spirituality is deeply ingrained in Filipinos. These days, religion still plays a big part in society and in the everyday lives of Filipinos. The Catholic Church's views still affect the passing of some laws, most towns still holds fiestas to honor their patron saints, and many regular non-working national holidays are dedicated to celebrating various religous activities and events. To many Filipinos, religion helps shape their values and principles. |
| Filipino hospitality |
| Filipinos in the country and around the globe can be expected to extend a warm welcome to their guests regardless of where they come from, how well they know their host, and why they’re visiting someone’s home. |
