The Philippines: A Booming Vacation and Business Destination
A little over a century ago, the Philippines was labeled as the "sick man of Asia." But that was then and this is now. With a booming economy, the Philippines is now being called the "new tiger of Asia." The country's economy is expected to grow by over 6% in 2018, making it one of the region's top performers.1
Why is the Philippines' economy growing so rapidly? There are several factors at play. The country has a young and growing population, with over 60% of the population below the age of 30.2 The Philippines is also benefiting from a rise in global demand for electronics and semiconductors. And finally, the country is making strides in terms of improving its business climate.
The Philippines is quickly becoming a popular destination for both business and vacation travelers. In fact, the country was recently named the #1 travel destination for 2018 by the Lonely Planet guidebook.3
If you're thinking of doing business in the Philippines or taking a vacation there, here are some things you need to know.
1. The Philippines is a big country with a lot to offer.
The Philippines is a large country, with a population of over 100 million people.4 It's home to a wide variety of landscapes and cultures, from the beaches and jungles of the south to the snow-capped mountains of the north. The country is also a major tourist destination, with over 5.5 million international visitors arriving each year.5
2. The Philippines is a young and growing economy.
The Philippines is a young and growing economy, with a population of over 100 million people.4 It's home to a wide variety of landscapes and cultures, from the beaches and jungles of the south to the snow-capped mountains of the north. The country is also a major tourist destination, with over 5.5 million international visitors arriving each year.5
3. The Philippines has a favorable business climate.
The Philippines has made strides in terms of improving its business climate in recent years. The country now ranks 27th out of 190 countries in the World Bank's "ease of doing business" rankings.6 This is up from 116th place in 2014.
4. The Philippines is a major exporter of electronics and semiconductors.
The Philippines is a major exporter of electronics and semiconductors. The country is the world's No. 3 producer of semiconductors, and is home to major electronics companies such as Intel, Texas Instruments, and Samsung.7
5. The Philippines is a major recipient of remittances.
The Philippines is a major recipient of remittances. Remittances are money transfers from migrant workers to their families back home. In 2017, the Philippines received over $33 billion in remittances, which was equivalent to 10% of the country's GDP.8
6. The Philippines has a young and growing population.
The Philippines has a young and growing population, with over 60% of the population below the age of 30.2 This provides a large pool of potential workers and consumers.
7. The Philippines is a major tourist destination.
The Philippines is a major tourist destination, with over 5.5 million international visitors arriving each year.5 The country's rich culture and diverse landscapes make it a popular destination for both tourists and business travelers.
8. The Philippines is a major recipient of foreign investment.
The Philippines is a major recipient of foreign investment. In 2017, the country ranked 4th out of 190 countries in terms of total foreign investment inflows.9 The Philippines is a popular destination for foreign investors due to its young and growing population, favorable business climate, and abundant natural resources.
9. The Philippines has a strong currency.
The Philippines has a strong currency. The Philippine peso is currently trading at around 50 against the US dollar.10 This makes the Philippines a relatively expensive destination for foreign tourists.
10. The Philippines is a major recipient of remittances.
The Philippines is a major recipient of remittances. Remittances are money transfers from migrant workers to their families back home. In 2017, the Philippines received over $33 billion in remittances, which was equivalent to 10% of the country's GDP.8
Why is the Philippines' economy growing so rapidly? There are several factors at play. The country has a young and growing population, with over 60% of the population below the age of 30.2 The Philippines is also benefiting from a rise in global demand for electronics and semiconductors. And finally, the country is making strides in terms of improving its business climate.
The Philippines is quickly becoming a popular destination for both business and vacation travelers. In fact, the country was recently named the #1 travel destination for 2018 by the Lonely Planet guidebook.3
If you're thinking of doing business in the Philippines or taking a vacation there, here are some things you need to know.
1. The Philippines is a big country with a lot to offer.
The Philippines is a large country, with a population of over 100 million people.4 It's home to a wide variety of landscapes and cultures, from the beaches and jungles of the south to the snow-capped mountains of the north. The country is also a major tourist destination, with over 5.5 million international visitors arriving each year.5
2. The Philippines is a young and growing economy.
The Philippines is a young and growing economy, with a population of over 100 million people.4 It's home to a wide variety of landscapes and cultures, from the beaches and jungles of the south to the snow-capped mountains of the north. The country is also a major tourist destination, with over 5.5 million international visitors arriving each year.5
3. The Philippines has a favorable business climate.
The Philippines has made strides in terms of improving its business climate in recent years. The country now ranks 27th out of 190 countries in the World Bank's "ease of doing business" rankings.6 This is up from 116th place in 2014.
4. The Philippines is a major exporter of electronics and semiconductors.
The Philippines is a major exporter of electronics and semiconductors. The country is the world's No. 3 producer of semiconductors, and is home to major electronics companies such as Intel, Texas Instruments, and Samsung.7
5. The Philippines is a major recipient of remittances.
The Philippines is a major recipient of remittances. Remittances are money transfers from migrant workers to their families back home. In 2017, the Philippines received over $33 billion in remittances, which was equivalent to 10% of the country's GDP.8
6. The Philippines has a young and growing population.
The Philippines has a young and growing population, with over 60% of the population below the age of 30.2 This provides a large pool of potential workers and consumers.
7. The Philippines is a major tourist destination.
The Philippines is a major tourist destination, with over 5.5 million international visitors arriving each year.5 The country's rich culture and diverse landscapes make it a popular destination for both tourists and business travelers.
8. The Philippines is a major recipient of foreign investment.
The Philippines is a major recipient of foreign investment. In 2017, the country ranked 4th out of 190 countries in terms of total foreign investment inflows.9 The Philippines is a popular destination for foreign investors due to its young and growing population, favorable business climate, and abundant natural resources.
9. The Philippines has a strong currency.
The Philippines has a strong currency. The Philippine peso is currently trading at around 50 against the US dollar.10 This makes the Philippines a relatively expensive destination for foreign tourists.
10. The Philippines is a major recipient of remittances.
The Philippines is a major recipient of remittances. Remittances are money transfers from migrant workers to their families back home. In 2017, the Philippines received over $33 billion in remittances, which was equivalent to 10% of the country's GDP.8
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