Thursday, June 6, 2013

5 Reasons Why It's Best to Stay in the Philippines

I had numerous offers mainly from companies abroad. I rejected them all. After working for years in Singapore, I decided that, it is best that I stay here and apply all the knowledge I got from there, to here. My decision has so far been proven correct.

Why is it best to stay in the Philippines, work here, earn and save a little and go the entrepreneurial route?

First, if you are in Manila or in any other urban center in the country, just take a look around you. Small and medium size businesses are sprouting all over. New buildings are being built in every nook and cranny of Metro Manila and surrounding environs. Filipinos are building their own businesses, at breakneck speed.

Credit that with low interest rates, a robust financial system and a healthy consumer market. Population is definitely not our problem and it is wrong still to say that it leads to poverty. Big population means big markets and big markets mean wider opportunities.

What am I saying? This is the time of opportunities for the brave!

Second, there are numerous properties being offered for those who have savings. This is the time to buy real estate because interest rates are just 5.5 to 6%. It is best to buy land, and develop it either for agriculture or commercial purposes. Instead of, say, buy a house and lot, best to buy land because you can definitely haggle with the price per square meter. Pieces of real estate are positive assets which do not diminish in value. Of course, you need land where eventually you can use for purposes other than building a house in it.

Third, multinational companies are setting shop in the Philippines. Years ago, there was a dearth of positions available in the professional class. This time, jobs are highly available for professionals especially for marketing and special services. Gone are the days when marketing professionals go abroad because pay here is simply not as competitive as what foreign firms pay. Yet, right now, there are numerous job posts with salary grades commensurate with those of the same posts abroad.

Fourth, the infrastructure in the Philippines is slowly being built. Infrastructure is the most important component in any growing economy. Local government units are trying their best identifying areas where roads are still needed and where other infrastructure are to be built.

Lastly, loan facilities is being made available for entrepreneurial pursuits. For small and medium size enterprises, there are banks and financial institutions that allow entrepreneurs to get their additional capital requirements although I must propose to government to ease the requirements of banks and these institutions for first time lenders. That two year requirement for loaners is really not that encouraging. Why not establish a funding source for new and innovative entrepreneurs? That will encourage many people to enter into business.