Landayan, Charles Raphael Z.

12/09/2022
BSCE-A60-GED105
Philippines: One of the big contributors to ASEAN
(Words: 396)

As a member of the Asian region, the Philippines constantly makes sure that its
involvement is in the long-term, sustained, and stronger integration of Southeast Asian
countries. For the Philippines to experience economic development and finally benefit
its inhabitants, assurance in this integration is crucial.
In Asia, the Philippines has made a significant contribution, particularly in terms of
agriculture and labor force. With 47% of its geographical area dedicated to agriculture,
the Philippines is a significant contributor to other Asian nations. Agriculture now
accounts for a larger portion of the nation's exports than it did in the past.
Young and growing workforce. The Philippines is a wonderful place to invest since it
has a workforce that is competitive and well-known internationally. The Philippines is
among the top countries in Southeast Asia for growth, with an estimated increase of
6.6% by 2020, according to the World Bank's most recent Global Economic Prospects
report. It is a nation with significant room for expansion, and there is palpable
excitement and vigor about it. Some of the greatest experts in businesses that are
expanding quickly are drawn to that energy. Aside from the staggering growth rates, the
biggest argument for conducting business in the Philippines comes from Filipinos
themselves. They put in a lot of effort, and are tenacious, focused, and fiercely loyal.
Filipinos are enthusiastic, diligent, truthful, and helpful people by nature. We have the
tenacity and know what it takes to put in the effort necessary to better ourselves and
those around us. Filipino professionals often advance through their careers in a manner
that is well-defined by their age group. The elder generations have a strong sense of
loyalty to their employers, and they are content to work for many years before retiring at
65 or 70. The younger millennial and Gen Y generations are more open to trying new
things, taking chances, and relocating to new places occasionally every two to three
years. Additionally, the government offers favorable business tax rates to attract
investment and English is a widely spoken language in the Philippines, minimizing the
number of lost in translation concerns when working with MNCs.
As a result of its numerous contributions to the economies, trade, and politics of its
other ASEAN countries, the Philippines is a significant ASEAN member. Due to its
quickly expanding economy, the Philippines will gain influence and might in the next
years.