Opening Up a Business in the Philippines
I’ve always said that the Philippines is booming with potential— the country has the ideal characteristics that are valuable to businesses, which is why I decided to set up shop and grow Sprout here.
However, despite that fact, starting a company in the Philippines does come with its own setbacks.
The country inevitably benefits from this time of high growth and transformation in business: its population is predominantly made up of a young, hard-working, and tertiary-educated demographic. This gives companies the advantage of having a larger workforce population looking for job opportunities.
With that in mind, the Philippines also has exceptional room for improvement in many aspects and industries. Because of these two aspects, a lot of opportunities for potential business owners arise to provide solutions while using the available resources.
The country is currently undergoing a digital transformation that businesses are finally taking as an opportunity to improve their processes. This opens up opportunities for tech companies to help the Philippines further grow and join the global digital market.
For example, typical Philippine businesses spend up to days in manual processing and too many for HR and payroll. Sprout Solutions automates these processes, allowing companies to focus on other aspects of innovative business growth, which in turn contributes to the growth of the economy.
This development is also is seen in the real estate industry, where office buildings are being built for businesses, as well as tourism with successful, globally recognized campaigns such as “It’s More Fun in the Philippines.” We have reached a time where the GDP of the country is growing as rapidly as its business environment is developing.
On the other hand, before business owners can consider taking advantage of the ripe potential of the country, there are also significant disadvantages to starting a company in the Philippines.
One common example is the tendency of the business culture to be closed and set in its regular ways. This means that it would be difficult to introduce new and innovative ideas that are different from the norm. Another setback is the physical geography of the country— for businesses that require any transport from one place to another, they would have to more meticulously coordinate the logistics of transportation as the Philippine is a country of islands.
However, with these in mind, the government has recently passed a new law that creates a business application form that will make it easier for entrepreneurs to put up or renew businesses in the country. With government backing, we look forward to the success of more businesses in the Philippines.
We can only hope that this effort is a big leap towards a more flourishing economy.
Sprout Solutions is an HR and payroll software company aimed at transforming the industry in emerging markets through advanced automated technology. Book a demo with us today!