PH Consulate General in Honolulu Conducts Briefing on Doing Business in the PH

Vice Consul Andrea Christina Caymo makes a pitch about doing business in the Philippines. (Honolulu PCG photo)

HONOLULU 06 February 2019 – The Philippine Consulate General in Honolulu spoke to more than 50 businessmen and aspiring entrepreneurs about “Doing Business in the Philippines” on 09 January 2019 at the Max’s of Manila Restaurant in Dilingham, Honolulu.

The briefing was made by Vice Consul Andrea Christina Caymo, the Consulate General’s Economic Officer, during the monthly meeting of the Filipino Chamber of Commerce of Hawaii.

Vice Consul Caymo elaborated on the reasons to consider the Philippines as an investment option, citing the strong macroeconomic fundamentals exhibited by the country in the last few years.

She highlighted that the Philippines is one of the fastest growing economies in Asia posting a gross domestic product (GDP) growth rate of 6.7 percent in 2017, which is higher than the world average of 3.2 percent. Inflation rate is also within the government’s estimate of 4 percent.  English literacy is high making it easy for foreign firms to operate in the country and find English-speaking workers. Average cost of labor and office space is also relatively lower as compared to other developing countries.

Vice Consul Caymo said that market size is very attractive with the country boasting a population of 100.98 million based on 2015 census. Businesses can also take advantage of the country’s special trade arrangements with its trading partners such as the Association of South East Asian Nations (ASEAN), the European Union (EU), and the United States.

As a member nation of ASEAN, products originating from the Philippines get preferential treatment when traded within the ASEAN region. Moreover, companies operating in the Philippines can enjoy duty-free access for 6,274 tariff lines under the Generalized Scheme of Preference Plus (GSP+) Program of the EU. Meanwhile, about 70 percent of Philippine exports can enter the US duty-free under GSP and Most Favored Nation program.

In terms of business opportunities, Vice Consul Caymo highlighted the government’s Investment Priorities Plan (IPP). Under the IPP 2017, investing on certain sectors such as manufacturing activities, agriculture, strategic services, healthcare services, environment, energy, among others will entitle businesses to incentives from government agencies. There are also a number of successful franchises that potential investors can consider getting into.

Given the high interest generated by the event, the Consulate General plans to hold similar briefings in the future in collaboration with the Filipino Chamber of Commerce of Hawaii, the Philippine Trade and Investment Center in San Francisco, and other stakeholders. END

For more information, visit www.honolulupcg.dfa.gov.ph/ www.philippineshonolulu.org or https://www.facebook.com/PHinHonolulu/

Vice Consul Andrea Christina Caymo speaking before a full-house venue. (Honolulu PCG photo)

Participants during the networking session. (Honolulu PCG photo)