What You Need to Know About Doing Business in the Philippines
The Philippines is one of the most up-and-coming countries in Asia for business. With a young, English-speaking population and a thriving economy, it’s no wonder why more and more businesses are setting up shops in the Philippines.
One of the main benefits of doing business in the Philippines is that the country has a young, English-speaking population. This makes it easy for businesses to communicate with their customers and employees.
In addition, the Philippines has a thriving economy, meaning there are plenty of opportunities for businesses to grow and succeed.
Moreover, the Philippines is a member of ASEAN. Being part of this regional trade bloc gives the country access to the markets of its fellow members.
Because of this, it makes it easy for businesses to import and export goods by enforcing minimal tariff barriers and promoting the free flow of goods and services.
So if you’re thinking about expanding your business into this exciting new market, here’s how you can be successful:
Know Your Audience
As with any market, it’s important to know your target customers before doing business in the Philippines.
- Are you selling to consumers or businesses?
- What needs does your product or service address?
- How well do your products or services fit with the Filipino lifestyle?
- Do you intend to do business online or offline?
These questions will help you better understand your target market and how to reach them. For example, suppose you’re selling products or services that appeal to a younger demographic.
In that case, you’ll need to focus on online channels such as social media and digital marketing. On the other hand, offline channels such as trade shows and networking events may be more effective if you’re targeting businesses.
By understanding your target market, you’ll be able to create marketing and sales strategies more likely to resonate with your audience.
Build Relationships
In the Philippines, it’s all about relationships. Businesses that build strong relationships with their customers, employees, and other businesses are more likely to succeed.
One way to build relationships is by participating in face-to-face networking events. This will allow you to learn more about the Philippines’ business landscape. You can also grow your network by joining business associations or chambers of commerce.
These will give you the proper channels to reach potential customers and partners.
Consider Living in the Country
When expanding your business into a new market, it’s important to do your research first. And the Philippines is no exception. While doing business in the Philippines can be lucrative, it’s also important to ensure everything goes smoothly.
And you might find it difficult to do that from overseas, so you might consider living in the country as you not only establish your business expansion in the local market but also invest your time into building relationships with local business partners.
When it comes to business centers in the Philippines, among the top cities in Luzon includes Makati, Manila, and Taguig. These cities are home to many multinational corporations.
So, if your business wants to tap into the Filipino market, these cities are the ideal places to start. However, when it comes to your living arrangements, you’ll want to choose a location that suits your lifestyle.
For instance, if you’re environmentally conscious or want access to sustainable resources, then you might want to live in the “Green City” which is Pasig.
You can get a Pasig condo that allows you convenience in traveling to other cities such as Makati and Taguig, giving you the best of both worlds as you’ll be able to take advantage of the green living and still be near business opportunities.
Learn About the Local Business Culture
When expanding your business into a new country, you must learn about the local business culture. The Philippines is known for its “business is personal” approach, which means networking and building personal relationships are key to doing business successfully in the country. You’ll need to take the time to get to know potential partners and clients and build a rapport with them before doing any business deals.
It’s also important to be aware of the hierarchical nature of businesses in the Philippines. Decisions are often made by those in positions of authority, so it’s crucial to develop relationships with key decision-makers within a company.
Respect is also highly valued in Filipino business culture, so be sure to show respect to those in positions of authority. Even outside of the business landscape, respect is an important part of Filipino culture, so it’s always good to keep that in mind when interacting with people from the Philippines.
The Philippines is a great place to do business because of the country’s strategic location and young and growing population.
The Filipino people are also known for their hardworking nature and strong family values, which make them excellent employees and loyal customers. If you want to expand your business into new markets, the Philippines should be at the top of your list.
