Our collection of resources based on what we have learned on the ground
With an average economic growth rate of 6.4 percent over 2010-2019, the Philippines has always been one of the fastest-growing economies in Asia and among the top 5 contributors to ASEAN’s GDP.
While COVID-19 caused a slump in the Philippines’s growth in 2020 with the recession lingering throughout Q1/2021, the Asian Development Bank forecasts that the economy will bounce back to 6.5% growth this year. Specifically, strong growth is expected in the manufacturing sector, with the country’s Manufacturing Purchasing Managers’ Index (PMI) starting to take off, recording the highest in Southeast Asia recently. Other growth driving factors of the island country include the rollout of the Philippines’ Corporate Recovery and Tax Incentives scheme, its larger budget for 2021, and improved infrastructure to name a few.
To give investors a closer look at the Philippines market, its economic outlook, ongoing challenges, as well as its emerging opportunities in 2021, Marcos Salgado, Manager of International Business Advisory, held a webinar, Crash Course on Starting a Business in the Philippines in 2021, on Wednesday, April 21, to guide investors through:
- Setting up a foreign-owned business in the Philippines;
- Industries permitted for FDI;
- Potential business opportunities for investment; and
- Key tax implications for foreign investors when doing business in the Philippines.
We hope you find the webinar helpful. Should you have any further concerns or questions when applying the solutions brought up in the webinar, please do not hesitate to contact us.
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