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The Different of Foreign Companies to Local Companies in the Philippines

  • 2019/05/14/
  • Blog

A lot of foreign company or corporation doing their business in the Philippines. They put up and building their company here in the Philippines because they know that the Philippines is a better place to start a business. Somehow foreign companies are the number one competitors of the local business in the Philippines. Why many foreign companies put their business in the Philippines because at present the country is doing good in improving the industry and economy.  The Philippines were active in international trade and industry and have a low cost in terms of hiring Filipino people. It is also the best place to establish foreign companies here because there are a lot of opportunities that come along through the help of modern technologies.

Foreign Company in the Philippines

Foreign companies in the Philippines has a lot to offer not only in the country but most especially to Filipino people. It helps many Filipino people to have jobs and open many opportunities for new graduates. They even give jobs to those Filipino people who are over age as long as they can do their work properly. They invest in the Philippines  for some reason:

  • They invest here because they know that doing business in the Philippines is the best place for the new start.
  • They invest money in shares of stocks for a domestic corporation.
  • They offer loans to Filipino people to earn interest income.
  • They also build a BPO industry or call center in the Philippines
  • They invest in the Philippines because of the Filipino can speak and understand English properly.
  • The workplaces are good and it is in the center of the City
  • The Philippines is  now a growing country
  • Filipino people are skilled workers and can easily adapt to the nature of work
  • They invest in real estate and financial insurance company
  • They invest in the Philippines because of the low cost of labor

At present Japan, the US, Singapore, and China are one of the main investors in the Philippines. A foreign investor can be a corporation or individuals that want to establish a business in the Philippines. Also, the Philippines grant foreign investors for various incentives especially in taxation. They grant tax exemption of duties and taxes for imported capital equipment. The Philippines has also large access to freedom that is why many investors put up their investment here because they know they can establish their business without any problem in the government.

Global economic competition is a reality that any country should consider in attracting investors to come. So making the benefits attractive or investor-friendly, investors will likely buy their share in our country instead of elsewhere. The Philippines is one of the most dynamic markets in the global economy. It’s large-scale or general economic factors, such as interest rates and national productivity, improved significantly in recent years and the country has made promising progress towards more sustainable and equitable economic development.

Local Companies in the Philippines

In the Philippines, there are many local companies that are bloom in their kind of product and business. However, even if they are established now and have a strong foundation they still do their best in maintaining their companies into the top because they know anytime some foreign companies may go ahead of them if they are confident about their situation. They should still think that foreign companies are one of their best competitors in the business.

Even if there are many local companies in the Philippines there are still many Filipino people who are jobless. Somehow, the foreign company who build their company here is a big help for those Filipino who have no work and for those new graduate to find jobs easily. Local companies who are now successful in their own field promote their products through advertising, billboard, social media, and through television or radio.

The Different Between Foreign and Local Company in the Philippines

There’s a lot of difference between foreign and local companies in the Philippines. You may notice it by the way of handling their people and employees. A foreign company has no particular time especially if their main office is outside the country. While the local company has a working period of 8 hours a day.

  1. A foreign company pay a high salary and give a bonus if they know that you work hard and you’re the assets of the company compare to local company n the Philippines
  2. They offer and benefits are good
  3. They will improve your English speaking if you are working in a foreign company
  4. A foreign company is much strict compared to a local company who manage they’re own a business
  5. A foreign company can help Filipino workers to open many opportunities and career advancement
  6.  However, working in the local company may understand your needs like you can balance your work and at the same time your time for your family also. The local company also helps employees compensation in times of family needs.
  7. Most foreign companies give medical insurance for their employees compare to a local company.

Reason Why Foreign Company Put Up Business in the Philippines

In the Philippines, a lot of western business is now locating here and starting their business venture. No wonder why international companies are building their companies in the Philippines like Google, Viber, Palo Alto Networks, and Thomson Reuters these companies are digital and engage with the local user, partners, and advertisers. They know that The BPO industry in the Philippines is now improving and growing so fast in terms of modern technology. Foreign management knows how Filipino work. They are more educated, skilled, and can easily adapt to the nature of the work.

A foreign investor is now engaging their business in the Philippines. They invest not only their money but their whole trust to put up and start their business in the country. Their contributions are very important in the Philippines economy and to Filipino people. A foreign company is a lot of big help to the growth of the development of the economy of the Philippines. Their products and services really help Filipino workers to develop their skills and talent to be more competitive in their jobs.

A foreign company invests in the Philippines because they believe that the place is very ideal to start their business, the location is perfect and Filipino people are friendly and accommodating. The Philippine government always welcome new foreign investors and help them to start their business and operation with trusted people. They also not worry about the language barrier because they know that Filipino is well in terms of communication skills because Filipino can speak English fluently and understand English also. Also, they know that the cost of living in the Philippines is low cost especially if you are a foreigner that earn much more compare when you are living in other countries.

There are many advantages that the Philippines get from other countries when they invest here. First is that many Filipino will get profit and have more jobs to open for Filipino people. Second is that the economy of the Philippines will grow and the foreign remittance will also boost. There many opportunities that will open to those Filipino who are jobless. The foreign investor has many benefits that they can give to Filipino workers that is also one advantage of working in a foreign company. They can also help some of the recruitment agency to open some of the vacant position in their company. Both foreign investor and the Philippine government aim to improve the economy of the country. They both benefits the welfare of the country for a better place.

Conclusion:

The Philippines is now leading country in terms of the economy. However, even if the country is successful in that area still there are a lot of problems that the Philippines are facing right now. But somehow even if the Philippines is not in the top ten of the rich countries, there are still a lot of countries believe in the Philippines. The Philippines is one of the poorest countries all over the world but even if the country is one of the poorest still many foreign countries believe that the Philippines will boost and stand again in the near future.

 

 

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