Though it has experienced many years of economic fallout, the Philippines is bouncing back in a big way. With shifts in trade, and government assistance to help US small businesses find suppliers, working with the Philippines is easier than ever.
The Philippines is considered by many to be a newly-industrialized country, and is projected to jump from 34th to the 20th largest economy in the world in coming years. For international small businesses, that means more opportunities for investment, more suppliers, and more expendable wealth.
Seeing this potential, the US has continually made trading strides with the Philippines. The US is the country’s second largest export partner, and has had a trade agreement in place since 1989. TIFA, the Trade and Investment Framework, has curbed many trade barriers and lowered the paperwork necessary for trade. This makes trade for the US small business easier, cheaper, and less time consuming.