The Philippines is a 300,000 square kilometer archipelago composed of 7,107 islands, abundant in natural resources. It is located strategically in South East Asia, at the crossroads of the East and West both geographically and culturally. The country is known for its biodiversity and boasts of more than 52,177 species of flora and fauna, of which more than half is endemic.
The Philippines is largely dependent on its agricultural industry and exports a variety of crops such as coconut, copra, banana, pineapple, sugar, gum, resins, and rubber. It is also the fifth mineral-rich country in the world with 9 million hectares believed to contain mineral deposits that include gold, copper, and nickel.
Besides its natural wealth, the Philippines is also home to one of the warmest peoples in the world who are recognized for their hospitality. As an additional competitive edge, Filipinos are among the Top 5 largest English-speaking populations and have a 94.6% literacy rate.
Economic growth and foreign investments are steadily becoming stronger in the country. Based on the 2014 evaluation conducted by Moody’s Investor Service, the Philippines’ rating was upgraded to Baa3, based on the following factors:
- Ongoing debt reduction, aided by improvements in fiscal management;
- Continued favorable prospects for strong economic growth, and
- Limited vulnerability to the common risks currently affecting emerging markets
According to the Philippine embassy, foreign companies that are now outsourcing programming and business processes to the Philippines enjoy significant savings in business cost, call center services, application systems and software development.
Truly, the Philippines is a fertile land of resources and opportunity.