DOING BUSINESS IN THE PHILIPPINES: DO’S AND DON’TS
Find A Trustworthy Local Partner
Even though several administrative options are offered to expatriates, it is still very difficult to set up a business in the Philippines without having connections there. As you are on your way to success, you naturally want to ensure that all the stakeholders’ interests continue to be lined-up.
Take Your Time And Get Advice
When setting up a business abroad, you should always keep in mind the fact that you are not at home. This is why taking your time when marketing in a particular country is very important. For instance, Sebastien found it very useful to get advice from people who were in the same situation as him. He also encourages newcomers to use their network and all the help they can get from associations.
Fortunately, the Filipinos are happy, welcoming, and smiling people who avoid above all conflicting situations and acts of incivility. Even though the poverty rate is quite high in the Philippines, this does not trigger a feeling of insecurity.
Use The Dynamic Of The Economy
There is a significant growth but it is a two-tier growth. Indeed, rich people tend to get richer while the majority of the population remains under the poverty line. Yet, the strong dynamic of the local market is hard to ignore and which may lead to a middle-class growth, where the purchasing power is increasing.
English Is The Official Language
Since English (together with Filipino) is the official language in the Philippines, it not only attracts foreign investment but also allows the Filipino to work abroad easily. Careful! It can be challenging to keep highly educated profiles on their soils. You should come up with significant benefits to keep them as employees.
In short, to set up a business in the Philippines, you better have local connections that will help you through your implementation. Before coming to the Philippines, make sure your product is adapted to the needs and means of the population. Find that information via your network and trusted mentors.