The state of entrepreneurship in the Philippines is as rosy as ever. As a result, experts believe that this may be the ideal time to start a business in the country.
If you’ve been sitting on a solid business idea for the longest time, now is your moment to take a shot. Still need some convincing? Here are the top five reasons why you should start your entrepreneurship journey this year.
State of Entrepreneurship in the Philippines Post-COVID
It’s true that the pandemic devastated the Philippine economy. While large businesses also took a hit, it is the small businesses that bore the brunt of the COVID onslaught. Of course, the Philippines is not unique in that regard.
After experiencing the worst economic downturn since World War Two, however, the Philippine economy is finally bouncing back with a vengeance. The Japan Center for Economic Research forecasts that the Philippines will hit a 7.1 percent growth rate in 2022. A large part of that remarkable growth is owed to new businesses being established.
Entrepreneurship in the Philippines: Why Start in 2022
Think the numbers aren’t enough reason to take the risk? Let’s run down on a few reasons why starting a small business in the Philippines this year will likely be the best investment you’ll make.
Reason #1: Less Competition
This does not mean that you’re taking advantage of other people’s misfortune. However, the truth is that there are many businesses that closed because of the pandemic. Some of those might have been your competition.
Less competition means more opportunities for your business to expand and grow.
Reason #2: The Country’s Fast Growth
Yes, the pandemic dealt a major blow to the Philippine economy. The good news is that the country’s economy is poised for a major bounce-back. There are a lot of things going on in the country’s economic outlook. Aside from the forecasts predicting remarkable growth for the country, the Philippines has the lowest foreign debt-to-GDP ratio in the ASEAN. On top of that, the economic team named by the incoming president has inspired even more confidence in the economic management capabilities of the government. Also, you may always expect for great online loans opportunities.
Reason #3: Fast Access to Consumers
Small business ideas that deal with the internet will be faring much better this year. With Filipinos spending a lot of time online, businesses that target people through the internet will have an edge. Businesses do not even have to be tech-savvy to take advantage of this access. Sometimes social media can be enough to connect with consumers.
Reason #4: Availability of Talent
A lot of people lost work during the pandemic, and many of them are still on the lookout for better opportunities. If your business idea requires people to work for you, then you can be sure that you will not lack in finding great talent.
Reason #5: Eager Consumers
People are fed up with the lockdowns and all the inconveniences caused by the pandemic. With the freedom that comes with the easing of the restrictions, people are willing to go out and spend their money.
Improve Your Chances in Entrepreneurship in the Philippines
These are five of the best reasons why you should consider starting your business in the Philippines this year.
To improve your chances at finding business success, apply for the Bachelor of Science in Entrepreneurship at CIIT Philippines and learn the best practices and emerging trends in the field of business straight from leading experts. Visit our website to explore the BSE coursework.