What Happens During a Trade Mission in the Philippines?
Planning to invest in the Philippines? You’re on the right track. The Philippines is home to a skilled English-speaking and tech-savvy workforce, with key investor-friendly industries such as manufacturing, agribusiness, Business Process Outsourcing (BPO), and real estate. And that’s not to mention the Philippine government’s active policies that promote foreign investment, making it a hot spot for trade worldwide.
But before you jump into the vast Philippine market, one of the steps you should take is participating in a trade mission in the Philippines.
What is a Trade Mission?
More than just a business trip, trade missions open doors to global partnerships, economic growth, and cross-cultural collaboration. For a trade mission in the Philippines, this can open new investment opportunities in a variety of sectors. It will allow foreign companies strategic access to lively local locations, along with government contacts and the benefits they bring.
Key Activities during a Trade Mission in the Philippines
A trade mission will undoubtedly provide you with much-needed insights on the intricacies of company establishment in the Philippines, but what exactly do you do once you’ve arrived? Let’s break down the three key activities during a trade mission in the Philippines.
- Business-to-business (B2B) matchmaking
This is the main event, carefully arranged sessions where foreign companies are matched with local counterparts. Whether you’re looking for distributors, suppliers, or joint venture partners, these meetings are your chance to explore synergies and make long-lasting business connections.
- Site visits and tours
Physical locations, the places where business is done, are as important as the actual deals being made. They are a measure of the workplace’s safety and ability to maintain a consistent quality of products and services. And this can’t be gauged without setting foot in the country and directly looking at the available options.
Touring business hubs in Metro Manila or local manufacturing facilities in Davao will give you a first-hand look at the Philippines’ operational landscape. Knowing regional labor availability, infrastructure quality, and logistics is a critical step in planning a company establishment.
- Market exploration
Last but not least, trade missions will enable a clearer picture of the local market potential. You’d have sufficient exposure on the local stage, giving you the chance to showcase your company’s brand at dedicated expos. If all goes well, you might even generate substantial leads and secure contracts.
Essential Local Stakeholders in the Philippines
While on a trade mission in the Philippines, it’s only a matter of time before you meet with government officials to discuss trade policy, investment support, and economic cooperation. These engagements are a good opportunity for mutually beneficial deals. You’ll be briefed on regulatory frameworks and national-specific industry challenges, helping contextualize where your products or services fit in the local market.
There are three main government bodies that you will inevitably encounter when establishing a foreign company in the Philippines. They are:
DTI is the primary coordinator, promoter, facilitator, and government arm for all trade and investment projects in the country. The purpose of DTI is to ensure a more receptive market according to the standards of business conduct, allowing a quick resolution of consumer concerns and attaining global competitiveness through expanded exports.
A government agency linked to DTI, the purpose of PEZA is to attract foreign investment through incentives and benefits. PEZA does this by facilitating the creation of Economic Zones (ecozones). These zones house industrial estates, export processing areas, and IT parks in order to draw tech-driven and export-oriented industries.
One of the biggest benefits of PEZA is that you can apply for tax incentives if you establish your business in a PEZA ecozone. This is where you can put your trade mission to good use, setting an appointment with PEZA and scouting eligible ecozones.
Engaged in over USD 100 billion worth of bilateral trade, JFC is a coalition of seven international business groups from seven different countries. It consists of the American, Canadian, European, Japanese, and Korean Chambers of Commerce, along with the Philippine Association of Multinational Companies. The purpose of JFC is to support international trade and increase foreign investment for the Philippines and the other countries involved.
How Double M’s Trade Mission Support Service can help you
Whether you’re a startup aiming to scale or a multinational entering a new market, participating in a trade mission in the Philippines could be your gateway to success. Your business will be matched with local counterparts, building visible credibility, and fast-tracked for market entry. Now that you know what’s involved in a trade mission in the Philippines, the question is, how do you make it happen?
Through Double M, you’ll have complete access to a slew of relevant services that exist to support your efforts to establish a foreign company in the Philippines. With our Trade Mission Services, we’ll connect you with local stakeholders who are sure to give you valuable market insights and arrange visits to business sites.
All you need to do is contact us with your industry information plus company objectives, and we’ll be able to supply complete services. You’ll be introduced to notable government contacts, office locations, and industrial zones for practical considerations.
Realize your plan of Philippine market expansion now with Double M!