Exploring the Latest Business Trends in the Philippines: A Guide to Thriving in Makati

Introduction

The Philippines is a fast-growing economy in Southeast Asia, with the capital city of Manila being one of the major business hubs. Makati, a city within the Metro Manila region, has emerged as a prime location for businesses looking to establish themselves in the Philippines. It is a highly urbanized city that boasts a strategic location, well-developed infrastructure, and a booming business sector. In this article, we will explore the latest business trends in the Philippines and provide a guide to thriving in Makati.

Makati: A Thriving Business Centre

Makati has long been the financial capital of the Philippines and continues to attract businesses of all sizes and industries. It is home to some of the biggest corporations in the country, such as Ayala Corporation and Jollibee Foods Corporation. The city also offers a wide variety of commercial, retail, and dining options, making it an ideal location for both businesses and consumers.

One of the latest trends in Makati is the rise of co-working spaces, which have become popular in recent years. These spaces provide an affordable alternative to traditional office spaces, allowing businesses to work in a shared environment and network with other professionals. Some of the more popular co-working spaces in Makati include Acceler8 by UnionSPACE, KMC Solutions, and Regus.

The Philippine Economy

The Philippine economy has experienced robust growth in recent years, with a gross domestic product (GDP) growth rate of 6.2% in 2018. One of the key drivers of this growth is the country’s thriving business process outsourcing (BPO) industry, which generated over $24 billion in revenue in 2018. The BPO industry is a significant contributor to the Philippine economy, providing employment opportunities for over 1.2 million Filipinos.

Another driver of the Philippine economy is the tourism industry, which has seen a steady increase in the number of foreign visitors. The Philippine Department of Tourism reported a total of 7.1 million foreign visitors in 2018, an increase of 7.7% from the previous year. The government has made tourism development a priority, and it is projected to contribute significantly to the country’s economic growth in the coming years.

Investment Opportunities in the Philippines

The Philippines offers numerous investment opportunities for businesses looking to expand their operations. The government has implemented policies to attract foreign investments, including tax incentives and streamlined regulatory processes. Some of the key industries for foreign investment include BPO, manufacturing, and infrastructure.

The Build, Build, Build program is a government initiative aimed at developing infrastructure across the country. The program is estimated to cost $180 billion and includes the construction of airports, seaports, highways, and railways. This initiative presents a significant opportunity for businesses in the construction and engineering industries.

Conclusion

Makati and the Philippines offer numerous opportunities for businesses looking to establish themselves in the region. With a thriving business sector, supportive government policies, and a rapidly growing economy, the Philippines is an ideal location for investment and expansion. By staying informed on the latest business trends and taking advantage of the opportunities available, businesses can thrive in Makati and beyond.