How Is The Philippines Making A Mark In The Global Business Market?

How Is The Philippines Making A Mark In The Global Business Market?

The Philippines is a lucrative destination for businesses looking to try out their luck in a rich talent pool. Its success in the business landscape can be analyzed by the potential of local industries and manufacturing firms. Apart from having sufficient resources, the country is backed by skilled workers and talented individuals to ensure the adoption of the latest technologies across many fields. Every company plans its expansion strategies to make a mark in the global business landscape. With several booming industries and resources, the Philippines can be the next destination for many organizations around the globe.

The Philippines are renowned for world-class products, crafted by talented artisans and manufactured by a sustainable process. Businesses seeking global collaboration and sourcing resources can confidently tap into the Philippines’ market. Their collaboration can be further supported by English to Filipino translation services to understand its market dynamics and forge alliances with local manufacturers.

The Manufacturing Sector is a Key Driver Behind Its Economy

Filipinos inherit creativity and innovation. They are capable of manufacturing products and adding more value with their creativity and passion. Its manufacturing sector relies on local talent who come up with innovative ideas to create world-class products at a minimal cost. This has attracted the attention of global businesses, and they have been sourcing these products for a very long time. In 2022, the Philippines’ manufacturing sector accounted for 19% of its overall GDP, growing at an impressive rate of 4.5% annually in the last ten years. And certainly, it is the driving force for its powerful economy.

Top Manufacturing Products

The Philippines features a wide range of products in its manufacturing sector. Among its leading manufacturers, the food sector is the most extensive with a 47.6% market share. Moving ahead, its chemical sector accounts for 12.5%, and computers and electronic circuits capture 11.2% of its manufacturing share. These manufacturers indicate the sizable market growth and potential to serve global companies. New businesses often struggle to find affordable suppliers. Also, by exploring the Philippines’ manufacturing market, they can connect with premium quality product manufacturers and suppliers.

Skilled Workforce

The growth and expansion of every company relies on the expertise of skilled workers. Probably you are operating in a country where you have to pay high salaries and taxes to hire local individuals. Also, you may have to dedicate funds to train them according to your business model which ultimately increases your onboarding cost.

In the last few years, freelance platforms have gained traction as companies are hiring remote workers and digital specialists. Well, this is in the case of the tech and digital sectors. For other industries, you may require talented workers and business leaders. Business expansion takes into account different factors. Among these factors, the affordability of workers encourages you to establish your offices in a foreign setting. You will easily find skilled workers in the Philippines for a cheaper cost as compared to your home country. Similarly, a qualified English translation company will enable you to translate your business activities and interact with talented Filipinos.

BPO & Tech Industry

International companies look for partners to outsource their business operations. The United States is home to leading global companies who often prefer to outsource their business operations to other countries. The Philippines has been known as the world’s ‘BPO Capital’ because of its ability to manage tech projects. You will find many instances where both countries have collaborated on several projects. It is because the U.S. has a decent number of Filipino speakers. They prefer to outsource their projects to the Philippines because of linguistic & cultural understanding. Moreover, the Philippines is an affordable alternative to hire tech talent and outsource their development projects, so why not, right?

The industry is expanding at a fast pace, and more US-based companies are eagerly collaborating with the Philippines. Also, one valuable contribution can be made by taking assistance from an English translation company. Translation services do enhance your business profiles and enable you to build a strong and impactful connection with global companies. How exactly? By eliminating the language barrier and offering a more localized experience. In this way, you can better pitch these clients and seamlessly sign contracts with them.

E-Commerce Industry

A country with a robust manufacturing sector is more likely to have a thriving ecommerce industry for quite obvious reasons. Also, e-commerce is all about digital branding to improve the outlook and utility of your locally manufactured products. After you make an appealing presence in the digital world, you just have to list your products because you will find sourcing agents from your country very easily. Interesting, right?

Moreover, for international businesses, they have to establish a connection with top-notch manufacturers to source products. It will definitely be helpful in the long run. English to Filipino translation services ensure your collaboration with leading sourcing agents and retailers. Online business relies on quality yet affordable products. By importing products from the Philippines, you can offer more benefits to your online buyers and build a more profitable ecosystem for your e-commerce venture.

The Last Words

Well, one can clearly notice that the competition is increasing in almost every industry. And to beat the competition and make a lasting impression, you need to think out of the box. You see, expansion to new regions always goes in your favor as you get to know about more lucrative markets and relevant stakeholders. Similarly, your company can connect with leading manufacturers and talented individuals in the Philippines to get more affordable solutions. Translation services have been a key driver in bringing local businesses to new international markets. Moreover, they also help in surpassing competition and establishing trade operations with global manufacturers.

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