the Philippines 2021
The Philippine economy is one of the fastest growing economies in the world and is part of the Newly Industrialized Countries (NIC) in Southeast Asia. It is easy and attractive for foreign companies to conduct their operations in the Philippines given the low labour and start-up costs, high English proficiency, and educated and trainable workforce. The growing middle class and young population, in combination with the growing demand for technological products and services and the improvement of automation processes, offers many opportunities for the ICT sector. Many multinational companies are therefore establishing IT support centres in the Philippines.
The agricultural sector is one of the focus sectors of the Philippine government, as this sector is extremely important for the economic development of the country. In addition to this, there are many opportunities for Dutch companies in the field of innovative products and technologies than can improve production efficiency within this sector. The Philippines is a strategic hub for ports, shipping and maritime logistics within the Asia-Pacific region due to its archipelagic nature. The Philippine government has also shown interest in the expertise and technologies of Dutch companies in wastewater management and water use improvement.
The Philippines has one of the most promising electric power industries and the Philippine government welcomes foreign investors to actively participate in this industry, especially in the power-generation sector, the development of alternative fuels and renewable energy, and the exploration of oil, gas, coal and liquefied natural gas infrastructure.
In the coming years, the Philippine government plans to use the Build Build Build program to deploy a so-called ‘’Golden Age of Infrastructure’’. This project includes a number of large projects that address major bottlenecks, with an emphasis on transportation, water resources, and energy.
Would you like to pick up on the success of the Philippines and see where opportunities lie for your company or organization? With tailor-made research and over 30 years of experience, IBR would like to map out the possibilities within the Philippines with you.