The pharmaceutical industry in the Philippines is growing in demand for affordable yet effective medicines. The country’s large population and continuous economic growth made it one of the most attractive pharmaceutical markets in the ASEAN region.
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In the Philippines, registered corporations are required to file taxes to two government bodies: 1) the Bureau of Internal Revenue (BIR) or the national taxation authority; and 2) the local government unit (LGU) where their business is located.
As an entrepreneur, ensuring that your company continues to grow is vital to a successful business venture.
In the Philippines, private businesses and employers are mandated by law to register their newly-hired employees to appropriate government agencies as part of their onboarding process.
To encourage small enterprises, the Philippine Congress has revised the Corporation Code to include a new legal entity — the One Person Corporation (OPC).
Foreign corporations that intend to set up a service center to perform income-generating business activities to their subsidiaries, branches, and affiliates around the world can set up a Regional Operating Headquarters (ROHQ) in the Philippines.
Foreign corporations seeking to set up a communications center to supervise, inspect, or coordinate their subsidiaries, branches, and affiliates around the world can set up a Regional or Area Headquarters (RHQ) in the Philippines.
Foreign corporations seeking to test their potential in the Philippine market before making any significant investments can establish a Representative Office.
As an employee, it is vital to be knowledgeable about the labor laws for holiday pay in the Philippines to ensure that you are receiving proper pay for rendered work during holidays.
Foreign Direct Investments (FDI) in the Philippines for 2021 have grown significantly in the past few years. Despite the unfortunate effects of the COVID-19 pandemic, the Philippines still remains an ideal market for foreign investments in Southeast Asia.