Happy Bonifacio Day |Philippine Holiday

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Andrés Bonifacio y de Castro (November 30, 1863 – May 10, 1897) was a Filipino nationalist and revolutionary leader. He is often called “the Father of the Philippine Revolution”. He was a founder and later Supremo (“supreme leader”) of the Kataas-taasan, Kagalang-galangang Katipunan ng mga Anak ng Bayan or simply and more popularly called Katipunan, a movement which sought the independence of the Philippines from Spanish colonial rule and started the Philippine Revolution.[1][2] He is considered a de factonational hero of the Philippines,[3] and is also considered by some Filipino historians to be the first President of the Philippines (through the revolutionary government he established), but officially he is not recognized as such.[4][5]  *wikipedia

How to Keep Your Employees Happy at Work

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One of the best kept secrets of the top companies in the world is also the most obvious.

Keeping employees happy is very important to the overall success of a company. The simple formula is “Happy Employees = Good Business”.

So what exactly makes employees happy?

Is it bigger pay? Unlimited vacation leaves? Big bonuses? Free lunch?

To get a better idea, take a look at this infographic from Manila Recruitment and find out what the best companies in the Philippines are doing to keep their employees happy.

Make-Companies-Happy

Based on this infographic, money isn’t the only thing that motivates and makes employees happy. Employees value education, travel, fitness, and career growth just as much as they care about monetary bonuses.

You don’t need a HUGE budget to make employees happy. Sure, bonuses are great and will make employees happy, but if you don’t have the budget for it, don’t force the issue. Instead, you can focus on other low cost employee benefits such as additional vacation leaves or hosting sporting activities.

Are you doing some of the items mentioned above? Do share your company’s benefits and perks in the comments section below!

Improve Your Restaurant Performance with HR Analytics – FREE Webinar from PayrollHero

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Whoever said that nothing in this world is free was lying!

Because on December 8, 2015. At exactly 11 AM (UTC +8), Singapore Standard Time, we’ll be hosting an epic webinar that talks about leveraging HR Analytics to improve restaurant performance.

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In this webinar, restaurant owners will learn about the following:

  • Learn how to respond to business in advance using predictive analytics for HR
  • Improving organizational performance
  • Optimizing talent supply chain
  • Benefits of HR Analytics to your restaurant’s sales performance
  • Data-driven decision making

And many more! 

We don’t want to spill too much info, but we’d really love it if you could join our webinar

If you’re a restaurant owner, or an HR director / manager of a restaurant, this is a webinar that you definitely shouldn’t miss. 

We’re going to provide content that you can implement and leverage right after the webinar.

The best part about this webinar is that you will have instant learning in just 27 minutes of content!

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^ It’s really that simple. You’ll be able to implement your learnings immediately and make a direct impact to your restaurant’s positive performance.

So to all restaurant owners / HR personnel, do spread the word and save the date:

December 8, 2015 (Tuesday), 11:00 AM (UTC +8) Singapore Standard Time

This webinar will surely be worth your while. Save your seat below!

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We’ll see you there!

Best Apps for Busy Entrepreneurs

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If you’re reading this article, I’m pretty sure you’re not hoping to find out what the next Candy Crush app is. If you are, we’ll have a different blog post for that soon!

For now though, I’m assuming that you are an entrepreneur on-the-go. Or a busy CEO juggling through multiple hats at work.

You can also be a high level executive who’s embracing tech and the convenience it brings.

The good news? PayrollHero rounds up a few of the best apps for busy CEOs this 2015. This is part 1, and we’ll feature more apps real soon.

Let’s dig in!

Best Apps for Busy Entrepreneurs

Evernote

evernote-logo

We’re not saying classic notebooks are useless at this day and age, but leaving home without one is more and more common these days.

But you know what you never forget when you leave home? Your mobile phone.

And this is where Evernote shines.

An app that you can use in the comfort of your own phone, Evernote takes note-taking to a whole new level.

Whether you need to jot down quick notes during a meeting, or you’re attending a conference and you’re trying to take note of key points, Evernote gets the job done perfectly.

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You can literally take note of anything you want. Even writing a new campaign strategy, or projections for the coming quarter can be done with this productivity app.

Not only does it sport a user-friendly interface, it also syncs smoothly with your other devices. You can access Evernote in your laptop, PC, or tablet as well. So whatever progress you’ve made on your mobile phone, you can see it updated and syncing in real-time with your laptop.

Pretty fun stuff, huh?

Evernote is FREE, but if you like it so much and you want all your employees using it as well, you can consider their premium or business plan.

Pocket

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Now this is a personal favorite of mine (author). Imagine your browser’s bookmark tool… on STEROIDS.

That’s how Pocket functions! Any article or content you read from your favorite websites, blogs, Twitter, Facebook, or even YouTube can easily be saved to your pocket.

pocket-dashboard

It’s a bookmarking tool that saves any form of content (webpages, articles, videos, tweets, etc.) so that you can read it later, OFFLINE.

Anything you save to your Pocket, you can read later on even without internet.

The best part is that Pocket integrates with so many other apps you use such as Twitter, and even via Email.

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Now, how awesome is that?

I’ve been using Pocket for almost a year now, and it’s one of the apps I can’t live without. It’s free, and syncs with all your devices. You can “pocket’ an article using your mobile phone, then finish reading it later on your laptop – or vice versa.

I’m having a hard time convincing people that I’m not being paid by Pocket to promote them, because I find myself tweeting about how awesome they are every once in awhile.

Try it out and see for yourself.


HINT:
Pocket this blog post for future reference. 😀

Uber

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Need to rush to a business meeting? Or are you just too tired to drive back home after a long day at work? Well, thank your lucky stars for Uber.

One of the top apps in 2014, Uber has disrupted the transportation scene in the Philippines. For a very affordable price, you get to enjoy a comfortable ride, with your own private driver, to literally anywhere you want.

If you’ve been living in Manila for a while, you’ll know how difficult it is to hail a cab or get around the metro through public transportation vehicles. But with Uber, all you need is a few clicks on your mobile phone and your vehicle will be arriving in just a few minutes.

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Driving to your preferred destination isn’t always an ideal choice, so Uber proves to be a convenient way to go anywhere you prefer.

The PayrollHero team loves Uber, and I personally use Uber at least 2-4 times a week.

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With courteous drivers, affordable rates, and very friendly customer support, Uber is definitely one of the top apps for ANYONE, entrepreneur or not.

If for some reason you haven’t tried Uber yet, now’s the time. Go for it, and tweet us how your first ride goes.

Google Docs

Transitioning from Microsoft Word to Google Docs isn’t always easy, but it’s a jump I’m more than happy I made a few years ago.

With Google Docs, you can write any document and it auto-saves instantly. You literally never have to press “Save” again.

As you’re usually always on the go, it’s inevitable that you do forget to save your document from time to time. This won’t be an issue anymore with Google Docs.

What makes it awesome though is that it syncs with your entire Google account (Google Drive). So all you really need is a Gmail account, and you can use Google Docs (as well as Google Sheets), anytime.

Google Docs is free, in the cloud, and very easy to use. Give it a go today!

Spotify

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Of course you need to unwind somehow! Spotify is a great way to just relax and enjoy good music.

Spotify is FREE, although there’s a premium plan if you don’t want to be bothered with ads. You can also use the offline mode if you avail of the premium plan.

With Spotify, you get access to a boatload of music, from almost any genre you can think of. Unless you’re a Swifty, there’s no way for you not to enjoy Spotify.

Even busy entrepreneurs deserve some good music!

CONCLUSION

That rounds up our top apps for busy entrepreneurs list. I hope you make good use of some (if not all!) of the apps listed here. Become more productive, and more awesome with these must-download apps!

Keep checking our blog for more of these as we’ll come up with part two of the best apps for busy entrepreneurs in the coming weeks!

MUST-TRY Halloween Themed Restaurants 2015

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Ah… Pumpkins, lanterns, cute kids running around wearing superhero or monster costumes… That’s your queue that Halloween is right around the corner.

And this year, we @ PayrollHero feel that it’s going to be extra fun and exciting!

Why you might ask?

CASE IN POINT: Restaurants with Halloween Specials!

We’re featuring 2 of our favourite restaurants in this post: Que Pasa Naga and Krispy Kreme Philippines

These two have extra awesome Halloween themed gimmicks which aims to excite and bring a mixture of joy and FEAR (okay, not really) to Filipinos this time of the year. 

So… anyone ready for a spooky-sensational dining experience

¿Que Pasa?

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If you find yourself in Naga City, there’s absolutely no reason not to drop by and enjoy a mouth-watering meal at ¿Que Pasa?.

¿Que Pasa? is a food joint in Barlin Street, 4400 Naga City which serves delicious Bicolano Colonial Cuisine which is a mix of Bicolano and Spanish flavors. 

What they are most famous for though are their BARBECUES.

Here’s an excerpt from their Facebook page: 

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O-kay! Now we got that out of the way, here’s what they are doing this Halloween:

#DiaDeLosMuertos

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If ever you’re in town on October 31st (2015), you can drop by to ¿Que Pasa? wearing your best Halloween costume and dine for FREE. This promo is only available for the first 155 customers so you better get ready! 

They will also be giving away prizes during the #DiaDeLosMuertos.

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P2,000!? That’s one Happy Halloween indeed! 

If you’re wondering what will be served… Aside from their must-try barbecues of course, they will also be unveiling 2 NEW dishes on the 31st.

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There’s absolutely no reason to miss this event if you’re anywhere near Naga City.

But if don’t happen to be in Naga, and you still want to experience some awesome Halloween dining experience, you’re in luck because Krispy Kreme Philippines wants to SPOOKIFY (if that’s a real word) your dessert!

Yep, Krispy Kreme brings your favorite monsters to life, such as Frankenstein above. Who btw, somehow managed to take over the Twitter account of Krispy Kreme PH!

Take a look at some of their Halloween-themed donuts!

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They have the Scarecrow donut, Mummy, Worms, Fangs, and the very iconic Pumpkin-themed donuts. 

And here’s my personal favorite, the Frankie donut – hiding inside my paperbag! Not only is it really cute (ironically!), It tastes really good. You should definitely try it! 

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Oh, and YOU CAN WIN A FREE Frankie donut (or any other Halloween donut of your choice) too! 

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Just join Krispy Kreme’s “Magic Money” promo to enjoy their Halloween donut for FREE.

Here’s how: 

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Krispy Kreme Philippines sure know how to celebrate Halloween, and they want you to join in on the fun. Give them a visit while these Halloween-themed donuts are still available! They might not be in stores for long! 

Enjoy Your Halloween!

Aside from Que Pasa Naga and Krispy Kreme Philippines, there are other restaurants and food joints celebrating the Halloween vibes. Rest assured, you’re going to have an extra awesome Halloween this 2015, thanks to these cool Philippine restaurants who knows how to have some fun and celebrate Halloween.

The PayrollHero team wishes you an exciting Halloween! Tweet us and let us know how it goes!

16 Entrepreneur Interviews for you to Learn How To Do Business in S.E. Asia

southeast asia entrepreneur advice

BPO

BPO Executive: Stefan Vermeulen, CEO of D&V Philippines

Executive Interview: Horst von Wendorff from VKWInc.com

Executive Interview: Nicholas Sinclair, President of the Outsourced Accountant

Certified Profile: Clare Matchett, ServiceSeeking Manila

Executive Interview: Simon Meers, Managing Director, Wint & Kidd Inc (Philippines)

Restaurant

Restaurant Executive: Karla Campos, CEO of Dell’s Foodhall

Restaurant / Retail Executive: Claudine Chan-Cobankiat, Kichitora of Tokyo and Qrius

Executive Interview: Russell Yu, IKI Concepts – a Singapore restauranteur talks about bringing his brands into the Philippines and is unique take on attracting talent.

Restaurant Executive: Adrien Desbaillets, President SaladStop! – a Singapore chain talks about opening in the Philippines and his restaurant expansion.

Restaurant Executive: Andrew Masigan, The Advent Manila Hospitality Group – a Philippine restauranteur talks about his experience growing restaurants in Manila.

Carlo Buenaflor, the CEO of Bigg’s, Inc. Carlo operates 15 restaurants in the Bicol area of the Philippines and is the honorary consul of Spain in the Bicol Region of the Philippines.

Retail

Joey Qua, CEO, Collezione-c2.com with 25 branches nationwide and a growing restaurant business.

Eileen Grey, The Picture Company a 9 location retail chain in the Philippines

General

Executive Interview: Rob Nixon, CEO & Founder of PANALITIX

Executive Interview: Mike O’Hagan of Mike’s Manila Tours

David Elefant: Doing Business in the Philippines

Carlos Celdran on the Philippine Business Environment

Continue reading

BPO Executive: Stefan Vermeulen, CEO of D&V Philippines

We continue to profile business owners in the Philippines from all walks of life. From locals to foreigner across the restaurant, retail and business process outsourcing (BPO) industries, each sharing their experience and feedback of operating in the archipelago.

Stefan VermeulenToday, we bring you accounting and payroll BPO executive Stefan Vermeulen, CEO of D&V Philippines.

1. Where are you from and what brought you to the Philippines?
I am born and raised in Nijmegen, a beautiful 2,000 (!) year old small city in the east of the Netherlands, right at the German border. As an internal auditor for Sara Lee in 2000 I was sent to the Philippines to audit the local Sara Lee subsidiaries. I worked on this assignment together with an auditor from EY who 2 years later became my wife. Early 2003 we subsequently moved to the Netherlands. In 2011 we decided to move to Manila because of the business opportunities and to set up D&V Philippines.

2. What does D&V Philippines do? 
D&V Philippines is a professional services firm specializing in finance and accounting. Our clients are based in Australia (75%), USA (15%), the UK (5%) and various other countries (Canada, Germany, Netherlands, Sweden, Hong Kong, New Zealand). In addition we have a unit focusing on local Philippine based clients.DV-Philippines-logo-new

3. Who is your ideal client?
For our international business either a CFO looking to outsource part of the finance and accounting function, an accounting firm looking for an extension of their practice in the Philippines, or an entrepreneur seeking to outsource bookkeeping and accounting tasks.

For our local business, foreigners who want to incorporate and start a business in the Philippines. We serve as their gateway to the Philippines.

4. What common challenges do foreigners come across operating in the Philippines
Mainly cultural differences. In my opinion culture trumps everything so it is really important to understand the culture before you start operating in the Philippines.

5. What services do you provide?
Everything you would expect from an accountant or a bookkeeper. Day-to-day bookkeeping like accounts payable/receivable processing, bank reconciliations, expense report processing and payroll processing and the like, but also higher end services like monthly financial close, monthly reporting, management accounting, financial analysis, business analysis etc. In addition various compliance tasks for our target markets Australia, UK and USA. Our niche is finance and accounting so everything within that realm.

Our local unit also includes setting up a corporation or branch, advice on tax incentives and all (annual and payroll) compliance, except statutory audit.

6. What advice would you give an entrepreneur moving into the Philippines, that you wish you knew before moving to the country?
Understand the culture first prior to engaging and starting a business. Invest time to visit and learn about the country.

7. What do your clients like about using PayrollHero?
Cloud based and technology driven product. Easy to use.

8. What do you read to keep yourself up to date with your industry and the clients you are serving?
Professional literature in the field of finance, controlling and accounting.

9. How do you see your industry changing over the next few years?
The job of a bookkeeper will disappear. Manual data-entry, e.g. accounts payable and expense report processing, will be completely automated. The technology is already available in the cloud. As a result it is possible for startups, for instance, to automate all transaction processing from day one.

10. Any other tips for entrepreneurs opening up in the Philippines?
Philippines is a fantastic and great country with a huge amount of talented people…. I suggest that they visit, explore and take time to get to know the culture.

Continue reading

Best Ways to Send Money to the Philippines

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Although industry leaders like Western Union, PayPal, and Moneygram have been dominating the money transfer scene to the Philippines, several startups are giving the incumbents a run for their money. Technology has gradually stripped these companies off of their long-held dominion of cross-border money transfers. These seismic changes, according to the World Bank, has saved developing countries such as the Philippines as much as $16B/year.

If you’re looking to transfer money to the Philippines, you have plenty of options now.

So… What’s the Cheapest and Fastest Way to Send Money to the Philippines?

The straight answer is: IT DEPENDS.

When considering what’s “best” or “cheapest” or “fastest” way to send money to the Philippines, several factors come into play. They include the following:

  • your current country of origin
  • the amount of money you’re sending out
  • your recipient’s preference of receiving the money\s currency (dollars, euros, peso or Bitcoin)
  • personal preferences of both sender and recipient (turnaround time, accessibility, pickup methods, costs, and customer service)

The crew behind Time Doctor created well laid-out tables comparing hidden fees, currency conversion costs, and the average processing time if you’re sending money from the US, UK, Australia, and Europe.

Your Options in Transferring Money to the Philippines

Whether you’re an overseas Filipino employee who’s looking for the best way to send money to your family back home, a foreign entrepreneur outsourcing local web developers in the country or a foreign firm with a local entity in the Philippines, you can explore the common money transfer options below.

The list is a mix of the most popular to newcomers in the money transfer scene in the country.

PayPal

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PayPal is extremely popular in transferring money from anywhere in the world to the Philippines because creating an online account is intuitively simple, fast, and of course, free. Having your account “frozen” for certain “suspicious” reasons is one possible drawback if you’re sending money through this route.

Also, keep in mind that not all banks in the Philippines support fund transfer from PayPal. It could take 2 to 4 business days for the funds to appear in the recipient’s bank account. Lastly, be on the lookout for the additional (often hidden) fees.

A Php50 fee will be deducted from the total amount for transfers to bank accounts of Php 6,999 and below, while it’s free for remittances of Php 7,000 and above.

Coins.ph

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Ron Hose, Founder of Coins.ph

Ron Hose, Founder of Coins.ph

Another efficient way for Philippines money transfer is Coins.ph. They make money transfer to the Philippines frictionless and accessible to everyone, even through the use of a smartphone! Based in Manila, Coins.ph is one of the easiest, and most convenient way to send money in the country.

 

Here’s what Founder Ron Hose has to say:

“With Coins.ph, employers can save up to 70% when paying oversea employee salaries by avoiding wire fees and costly forex charges.

 

They can send funds over web and mobile to all major banks in the Philippines and Thailand, as well as cash pick-up across 10,000+ retail locations.

 

With cash deposit facilities via partners across 30 countries, employers can conveniently add funds to their Coins.ph wallets and send payments directly to employees in their own local currency.”

Whether it’s for paying your employees in the Philippines, or for sending monetary gifts to loved ones, Coins.ph is a platform you can explore.

Rebit

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Banking on the fact that “no single corporation or entity owns the Bitcoin network”, Rebit offers low transmission fees when transferring money to the Philippines. Their how-it-works page provides an in-depth look of their rates and turnaround times.

In a Reddit post, one of the developers behind the Bitcoin-based money transfer method emphasized:

One important thing that we are doing with Rebit.ph is that we will not be making money off of the USD to Peso exchange rate and will be using the fairest published rate available in the market.

One of Rebit’s advantage is that their prepaid cards make Bitcoin withdrawal a breeze. If you want an easy and hassle-free method of transferring money to the Philippines, Rebit.ph is a good pick. 

Transferwise

LogoTransferWise

Taavet Hinrikus, co-founder and CEO of TransferWise

Taavet Hinrikus, co-founder and CEO of TransferWise

With backing from elite entrepreneur Richard Branson and developed by the same people who built Skype, Transferwise boasts of their extremely low transfer rates – 1% for transfers from the US in USD, 0.5% for most other transfers, and 1% for the Philippine Peso. This is definitely game-changing when pitted against other medium such as PayPal whose extra fees can go as high as 4.5% (currency conversion rates included).

According to Taavet Hinrikus, co-founder and CEO of TransferWise:

“When you transfer money internationally, banks and brokers often hide the real cost so you end up paying more than you thought you were going to. They might say it’s ‘free’ to send your money, but they’ll then apply a mark-up on the exchange rate that they often don’t tell you about.
At TransferWise, we’re always completely transparent about the total charge and we make that as low as we can. We use peer-to-peer technology to get rid of hidden charges entirely, making us much cheaper and faster than using a bank.

 

We’re making sure that it’s our customers that benefit and not the banking system.”

Xoom

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As another web-based money transfer player, Xoom allows your recipient to receive the funds you send through its partner banks in the country ( BPI, BDO, MetroBank, and PNB) and payment centers. They also offer door-to-door delivery or cash pick-up.

 

Payoneer

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With Payoneer, your recipient gets a branded prepaid MasterCard and can withdraw the money on ATMs minus the steep bank fees. You can check their info page for businesses who are looking into paying remote employees. Like Paypal, we recommend verifying for hidden fees (for both sender and recipient.).

Western Union

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This option is ideal if your recipient wants to withdraw the funds instantly (money-in-minutes option). Additionally, with roughly 8,000 locations in the country, withdrawing funds is convenient. Money transfers (done via online transaction or in person by visiting agent locations) can be possibly sent to a bank account, Western Union location, or mobile wallet. Fees for each transaction will vary on the amount of money sent and your turnaround time preference.

Final Thoughts

As a business owner, there are many ways to transfer money to the Philippines. Thanks to the ever-advancing technology, plenty of online platforms allow money transfer Philippines to be done with ease.

What other money transfer methods have you used in the past to send money to the Philippines? Why did you choose that option? We’d love to know more about these options (and the rest of our readers as well!) so share ‘em in the comments.

5 Legit Reasons Foreign CEOs Should Start a Business in the Philippines

5 Legit Reasons Foreign CEOs Should Start a Business in the PhilippinesTwo weeks ago, Presidential Spokesperson Edwin Lacierda announced that the Philippines jumped five notches higher in the World Economic Forum (WEF) Global Competitiveness Report for 2015. Lacierda attributed the economic boost to innovation, institutions, and macroeconomic environment.

Meanwhile, a Bloomberg report earlier this year indicated that the country’s economy in 2014 grew by 6.1 percent, making it the world’s second fastest growing economy, next to China’s who went up by 7 percent. These recent figures are proof that the country has tremendous potential for both foreign and local businesses who are looking into opening or expanding their operations.

In 2013, we asked David Elefant, owner of Dayanan Business Consultancy to share his thoughts about doing business in the Philippines. His contribution was a gem for foreign CEOs who wanted to do business in the country but found themselves at ground zero.

Why Choose the Philippines for Your Next Business Venture

This year, we compile a solid list of reasons why foreign CEOs should choose the Philippines for their next business venture!

Business registration is a breeze

Horror stories of bureaucratic red tape are fortunately dwindling in number! For non-locals, registration approval roughly takes fifteen (15) working days from acceptance of your documents. We suggest you bookmark this helpful list of requirements before you march your way into the appropriate offices. Or you can enlist the help of experienced business consultancy firms.

Locals speak excellent business English

In 2012, the Philippines was the world’s top country in business English proficiency. This is a result of reinforcing English as medium of instruction for both public and private schools in the the country. Furthermore, the newly-implemented Enhanced K to 12 Basic Education Program (K-12 Program) underlines the country’s commitment in advancing the nation’s education system. Additionally, the country’s literacy rate is currently at 97.5 percent.

A liberalized, trade-oriented economy

The Philippines allows for a Build-Operate-Transfer (BOT) investment scheme which most of its neighboring countries emulate. This guide by the Philippine Embassy in Netherlands explains the BOT scheme succinctly:

Government corporations are being privatized and the banking, insurance, shipping telecommunications and power industries have been deregulated. Incentive packages include the corporate income tax, reduced to a current 32%, with companies in the Special Economic Zones are subject to only 5% 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.

Young, educated, and globally competitive workforce

While Japan, Germany, and Italy are worried about their aging working class, the Philippines’ young workforce sustains the country’s attractiveness to foreign investors. 

National Competitiveness Council private sector co-chair Guillermo M. Luz considers this as a sign that the country will become, in his words, a very good investment site well beyond 2030. On the other hand, neighboring Asian countries such as China, South Korea, and Hong Kong, this report noted, will soon face a greying workforce which could potentially slow down the nations’ economic growth.

Last August, Oliver Segovia also pointed out in this Harvard Business Review article that a profound shift in the mindset of the younger workforce has pushed the country into steady economic growth.

“Traditionally, business process outsourcing was associated with high-volume, low-price work. Today, the mainstream appeal of Silicon Valley is turning young Filipino workers who might have been satisfied with a call center job a decade ago into a creative and entrepreneurial class seeking a deeper connection with innovation-driven and mission-focused companies. Working for a venture-backed start-up is the new status symbol,” Segovia wrote.  “As a startup founder, my biggest competitors in the talent market are no longer the local family conglomerates. They’re tech companies from the U.S., Germany, Singapore, and Japan coming to the Philippines.”

Low costs of living

Data collected between July 1, 2013 to Jan. 2, 2015 revealed that the Philippines is one of the world’s cheapest countries to live in.  The living costs for the countries surveyed were measured against that of New York City, touted as one of the most expensive in the world.

After Manila was recently considered as a costlier city for expats by Mercer’s 2015 Cost of Living Survey, several foreign entrepreneurs have opened operations  outside the nation’s capital.

Here’s an excerpt from a Tech in Asia article:

While Makati City, which is home to startup cluster Area 55, was identified as the most economically competitive region in the Philippines, cities outside Metro Manila had a very good showing. The CMCI ranked their economic competitiveness according to three equally weighted pillars, including economic dynamism, government efficiency, and infrastructure.

By these measures, five of the cities in the top ten most economically competitive were located outside the National Capital Region. These were Cagayan de Oro City in Northern Mindanao, Naga City in Bicol, Davao City in Davao, Iloilo City in Western Visayas, and Cebu City in Central Visayas.

Warm, Hospitable Locals

The country is globally known for its abundant supply of sun, sand, and sea! The warmth of the tropics also extends to its people who are equally open and hospitable to foreigners! As one of the happiest nations worldwide, foreign CEOs will find themselves working with accommodating, resilient, and endearingly kind locals. And who wouldn’t want a happy workforce? Happy employees are in fact more productive!

In conclusion, the Philippines has a perfect balance of happy, hardworking locals, low costs of living, and a competitive economy. All these elements can work to your favor as a foreign CEO who is looking into starting a business in the country.

Still curious about what it’s like to set up a business in the Philippines? Get in touch with the PayrollHero team for more insider info.

And if you’re looking into setting up a restaurant in the Philippines, this FREE starter kit was put together to give you high level information about the Philippines, share some thoughts from restaurant owners, and present relevant statistics from our market research.

You’re welcome!