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The Philippines: A Booming Business and Travel Destination

The Philippines is one of the most exciting countries in the world right now, with a booming economy and a travel industry that is taking off. Whether you're interested in doing business in the Philippines, or just taking a vacation, there's a lot to know about this fascinating country.

In this article, we'll explore the Philippines' economy and business climate, and take a look at some of the best places to do business and invest in the country. We'll also discuss the Philippines' booming tourism industry, and show you some of the best places to visit in the Philippines. Finally, we'll take a look at the Philippine currency and how to exchange money in the Philippines.

The Philippines' Economy

The Philippines has seen strong economic growth in recent years, with an annual GDP growth rate of over 6% in 2016.1 This growth is being driven by a number of factors, including a young population, a growing middle class, and strong economic growth in key sectors such as business process outsourcing (BPO), agriculture, and manufacturing.2

The Philippines is also a member of the ASEAN Economic Community, and is actively seeking to attract foreign investment. The country has a number of economic incentives available for foreign investors, including tax breaks, duty-free imports, and easy access to land.3

The Philippines' Business Climate

The Philippines has a number of strengths as a destination for business investment. The country has a young, energetic workforce, with a median age of just 23.4 The Philippines is also a relatively low-cost location, with an annual labour cost of just $2,500 US.5

The Philippines also has a number of English-speaking workers, making it an ideal destination for businesses looking to outsource work. The country's BPO sector is booming, with over 1,000 BPO firms currently operating in the country.6

The Philippines' Tourism Industry

The Philippines is a popular travel destination, with over 7 million international visitors in 2016.7 The country's attractions include world-class beaches, lush tropical forests, and a rich culture and history.

The Philippines is also an affordable travel destination, with a wide range of budget-friendly accommodation options available. The country's transport infrastructure is also well developed, with a number of international airports and a comprehensive network of roads and railways.

Exchanging Money in the Philippines

The Philippine currency is the peso, which is divided into 100 centavos.8 The peso is available in banknotes of 20, 50, 100, 200, 500, and 1,000 pesos, and in coins of 1, 5, 10, 25, and 50 centavos, and 1, 2, 5, and 10 pesos.

The best way to exchange money in the Philippines is to use a currency exchange booth at an airport or hotel. These booths offer the best exchange rates, and most booths also offer commission-free transactions. It's also possible to exchange money at a bank, but bank rates are usually lower than exchange booth rates.


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