Business friendly environment
Government corporations are being privatized, and the banking, insurance, shipping, telecommunications and power industries have been deregulated. Companies in the Special Economic Zones are subject to only 5 percent overall tax rates. Multinationals looking for regional headquarters are entitled to incentives such as tax exemptions and tax and duty-free importation of specific equipment and materials.
Liberal program to attract foreign investment
The Philippines Government has come up with a liberal program of fiscal and non-fiscal incentives to attract foreign capital and technology that complement local resources. Different incentives schemes are available relative to the location and registration of the proposed business activity.
National Economic Research and Business Action Center
The National Economic Research and Business Action Center (NERBAC), which is the Board of Investment's (BOI) frontline unit, assists investors in doing business in the Philippines under one roof. It houses representatives from different government agencies who answer investors' inquiries and the process of investors' business registration.
Competitive workforce
The Philippines has one of the competitive workforces among Asian countries. The literacy rate in the Philippines is 94.6 percent, among the highest in the world. English is taught in all schools, making the Philippines the world's third largest English-speaking country. Each year, there are around 350,000 graduates enrich the professional pool.
(Source: Philippine Board of Investments/ASEAN-Korea Center)