Business expansion has always been a milestone for every company. It gives businesses the potential to innovate their products and services, cater to a bigger audience or improve customer experience. Thus, business expansion is synonymous with growth in all aspects and what business does not want that?
The challenging part, however, is doing business expansion right. Location and cost-efficiency are the highest priority for investors and business owners need to respond to that. This led to the rise of offshoring and business process outsourcing. By transferring certain parts of business operations to a different location or by hiring an offshore team, the business can improve both efficiency and savings.
Expanding in Manila PH
At present, the Philippines remains as one of the best global destinations for offshoring and call center operations. Its capital, Manila, is the perfect location for expansion. Companies of all sizes in any sector have a good starting point should they choose to expand in the nation’s capital. To this end, here are some reasons why this city is the best place to expand the business.
Manila is the Nation’s Capital
As mentioned, the city of Manila is the capital of the Philippines. Thus, it is the central hub for business, trade, commerce, finance, education, and leisure. In addition, the metropolis alone contains three of the country’s major central business districts, namely Ortigas Center in Pasig City, Bonifacio Global City in Taguig City, and the Makati Central Business District in Makati City — all of which are connected by multiple modes of transport systems. Whether it is by taking the bus, the train, jeepneys or private vehicles, you can get around the city in many different ways.
Manila is among the World’s Fastest Growing Economy
With an economy that has been consistently rising over the years, the Philippines is now one of the fastest growing economies in the world. In addition, according to research conducted by the American firm IHS Global Insight, the Philippines is forecast to have a steady increase in gross domestic product (GDP) in the coming years. It’s in the Top 11 Tiger Economies of South East Asia list.
Furthermore, strong remittances from Overseas Filipino Workers (OFWs) sustains the Philippines’ robust long-term growth. Members of the booming IT-BPO industry contributes to this as well.
Manila Businesses are Supported by the Government
As more people invest in the city, its value increases as well. To encourage this mutually beneficial model, the Philippine government expresses its full support to investors. Thus, business owners looking to expand in the Philippines enjoy tax incentives such as the Special Economic Zone for local and foreign enterprises, exemptions on local taxes, permits, and corporate income tax for four to eight years.
In addition, the Philippines has a low cost of living. It is an ideal location for affordable business operations, with its large talent pool of young professional college graduates. Thus, with these competitive advantages, Manila stands at the top of the ranks among the best cities in the world for business expansion. Hence, it is the best location for growing a business.
Interested to know more about expanding in Manila PH? Contact us today!