The Philippines is one of the fastest growing emerging markets and is one of the Tiger Cubs of Southeast Asia. In 2016, GDP grew at 6.8%, capping an extraordinary decade of growth in which the Philippines compared favorably with its quickly growing neighbors. After decades of inconsistent performance, the Philippines finally has a bright long-term economic outlook.
One area where the Philippines has been successful is in developing its export-oriented industry. Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinationals.
Increasing urbanization and a growing middle class is driving a large and sophisticated consumer market. The Philippines service sector now makes up 57% of GDP and is growing. This figure is high relative even to more developed neighboring countries.
The Philippines offers an educated, English-speaking workforce that is far less expensive than many neighboring Asian countries. With a population of nearly 100 million, there are still considerable opportunities and savings available to labor-intensive industries.
However, even with these encouraging figures in mind, it is important for eager businesspeople and investors to be aware of the opportunities and risks within the specific sectors in which they intend to enter.
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Market Research Philippines is a leading B2B market research and strategy advisory firm entrusted to deliver results in the Philippines. Affiliated with Solidiance, we provide clients market research and strategy recommendations to clients them grow their businesses in unfavorable decision. We have helped multinationals understand the Philippines economic landscape by delivering comprehensive market entry and growth strategy services.
For several years now we have offered services in Philippines that help our clients comprehend the market landscape, size the market, assess industries, identify and profile competitors, segment customers and distribution channels, analyze supply chains, locate production sites, determine investment feasibility, and find local suppliers. Our services put our clients on the path to growth and profitability in Philippines.
By Market Research Philippines | Posted July 27, 2018
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