Foreign investors consider many aspects when opening companies in the Philippines. Even if taxation and the ease of doing business are very important, there are also other characteristics to take into account, such as employment matters. From this point of view, the assessment of workforce is one of the best ways to determine which country is the best for opening a company in.
The most recent reports issued by the National Statistics Office in the Philippines indicate that the country has one of the highest employment rates, as well as one of the youngest labor forces in the Southeast Asia region. Our Philippines company formation consultants can offer detailed information on the employment regulations applied here.
The Philippines has one of the highest employment rates in the world
At the middle of 2017, the Philippines had a 94.4% employment rate. Moreover, the participation rate of the Filipino workforce was above the threshold of 60%, making the country one of the most productive from this point of view.
An investor interested in starting a business in the Philippines will definitely be able to rely on well-prepared employees, as most of the local labor force is made up of young individuals. The number of young employees in the Philippines rose to more than 42 million at the beginning of 2017.
If you want to set up a business in the Philippines and need assistance, our local agents can guide you.
The qualities of the Filipino labor force
The workforce in the Philippines is not only young but it is also characterized by some of the most sought set of skills foreign investors coming here require. Among these are:
– it is one of the most educated in the world, with a literacy rate of 94.6%;
– more than half a million students graduate for Filipino universities every year;
– all employees speak English, as English is taught in every school.
It is also useful to know that English is the official business language in the Philippines, which makes the country the third largest state in the world in terms of English-speaking population.
Remaining in the Philippines can become an attractive option for many foreign workers. If this is your case, our team can give you detailed information about the applicable laws, and the general conditions for those who immigrate to the Philippines. Apart from meeting a set of general conditions concerning one’s income, the applicant will also need to satisfy other important criteria. Our team can detail these.
The workforce in the Philippines is just one of the reasons for opening a company here. For assistance with the Philippines company registration process, please contact us.