Where should you invest in the Philippines?
Foreign businesses can carefully choose where to invest in the Philippines because of the many business-friendly cities and districts scattered throughout Metro Manila. A good business location should be accessible for prospective businessmen. Currently, the Philippines is one of the fastest growing economies in Asia. Choosing the right location impacts how the business properly operates. Accessibility can influence how the business can connect with other markets and investors. Business districts in Metro Manila offer different rental fees and nearby facilities that make each CBD unique in its own special way. Here are a few noteworthy central business districts in the Metro:
Makati City remains the number one business district in the country. The city is home to approximately 500,000 people. Makati is abundant with law firms, stock brokerages, and multinational companies. The various forms of effective public transportation link the city to the rest of the Metro Manila population. The city is welcoming foreign investors with over 46 embassies. Makati also boasts world-class amenities with top-notch facilities from Makati Police and fire departments. The business-oriented city hall allows for investors for faster permit applications and processing.
Ortigas is another business district in Metro Manila that is booming with job opportunities, corporations, and profitable ventures. There is a diverse set of people and good transportation options. Compared to other central business districts, office spaces are generally more affordable, depending on the grade and per square meter. Many startups and small businesses can make the most of their small budget. The district also helps with a work-life balance and the plethora of after-work hangouts such as parks and malls.
Quezon City is the largest city in the region with over 2 million residents in the business district. The most prevailing industry in Quezon is wholesale and retail. It’s also the one with the highest employment rate. It’s been declared as the ICT Capital of the Philippines. Eastwood City Cyberpark is the biggest IT park in the country, being compared to Silicon Valley due to the high concentration of IT firms within the area. Quezon City is also a media hub with GMA and ABS-CBN as two of the most notable media giants.
Taguig as a business district is relatively young compared to established CBDs in Metro Manila. The infrastructure of Taguig, mainly ones in Bonifacio Global City, is executed efficiently. Ex-Pat families can also enjoy the prominence of international schools in the area. According to the World Bank survey in 2011 Taguig city is ranked 3rd in ease of starting business and 2nd in terms of Ease of Dealing with Construction Permits. Bonifacio Global City also eases the worry of transportation with a point-to-point bus system that can bring employees around the city safely and easily. With Leadership in Energy and Environmental Design, buildings are designed to be environmentally friendly and sustainable. It aims to reduce carbon dioxide emissions and improve energy and water saving.
Alabang is the central business district of the south without a doubt. The city is a mix of leisure and business without the hassle and stress of constant traffic jams. The infrastructure is a break from sky-high buildings, favoring more modest and efficient structures. In the late 1980s, Alabang started out as an agricultural field and slowly evolved into the commercial, industrial and business center it is today. Alabang grants area tax incentives and income tax holidays because of the Philippine Economic Zone Authority. Office spaces are cheaper when compared to other CBDs but the quality is top notch and on par with more established districts.
It’s not easy to pinpoint exactly where to invest in the Philippines. There are many competitive central business districts that offer distinct advantages for a new business investor. Where to invest is dependent on what kind of business is going to be established. IT businesses can benefit from being centralized in an accessible and technologically advanced district. The district chosen can also reflect the ambitions and visions of the business. The needs of the company should be compatible with the district’s infrastructure, accessibility, and current competition.
Makati and Taguig are prime locations for investors because of the business-oriented city ordinances. This makes it safe, fast and efficient to apply for various permits. Quezon city is great for IT companies and media businesses because of the high employment rate. Manpower for BPOs is easier to acquire because of the population. As a start-up business, consider investing in Ortigas or Alabang. Both offer cheaper office space rental fees per square meter compared to Makati and Taguig.
Ortigas promotes a good work-life balance with the various leisure establishments such as malls and parks. Transportation around Ortigas makes going from one district to another easy with options such as buses and rail systems. For investors looking for certain tax incentives, Alabang is a great district to consider investing in. The suburban environment combined with corporate offices comparable to more expensive districts makes this southern CBD a prime location.