The global pandemic COVID-19 significantly affected and impacted those who considered doing business in the Philippines. A number of industries are expected to grow and thrive this year as the country adapts to the new way of normal.
Here are some sectors which you can consider as your business or investment:
Retail has always been a profitable but competitive industry for businesses. A number of Filipinos are transitioning to having to acquire their goods and necessities through online marketplaces.
Natural calamities affected most industries, especially agricultural production. However, the farming industry has shown resilience in maintaining positive growth and shows that significant growth will be achieved this year.
As the country opens its restrictions on its borders locally and internationally, many are looking for a more safe and efficient way to do at-home or online health solutions.
Serving as the country’s economic contributors, the IT, BPO and Business Services industry has adopted and operates well to the new normal. Many business outsourcing industries implemented improved healthcare protocols in order for their employees to gain more knowledge about protecting themselves, avail protective equipment for their safety, and an on-site and off-site office routine to limit the number of employees for on-site work.
As the country transitions to remote or hybrid working schemes, business-to-business (B2B) providers are becoming the backbone of the digital industry as it helps enterprises adjust to the new normal.
Real Estate remains to be one of the best industries to invest in the country.
The Department of Trade and Industry (DTI) expressed that the manufacturing industry is now starting to pick-up and is showing signs of recovery. It is shown that manufacturing contributes 25% of the country’s whole gross domestic product.
The government’s Build, Build, Build Program shows the industrial and construction industries continue to grow. In line with this, more job opportunities will be created in this industry.
The pandemic greatly affected the tourism, leisure, and hospitality industries. Philippine local governments are now giving priority to domestic tourism in aid of national recovery.
Currently, restrictions have already eased when it comes to domestic travel. Some popular tourist destinations have also reopened for local tourists, including El Nido, Boracay, Bohol, some parts of the Ilocos region, Baguio City, Bataan, Batangas and Legazpi City.
If you are ready to start your business, best to register a corporation with the SEC or with the DTI.
Let us guide you through the process and the suitable structure for you and your business. Don’t hesitate to reach out to us through the following:
Landline: (028) 372 5023 • (02) 8478-5826
Mobile: 0917 892 2337
Email: [email protected]