I will cut straight into why I decided to write this book and its not because I am an expert on the subject or pretend to be. But what I do have is experience on various businesses as well as spending time with people with other ideas that have developed over the last few years. Some successful some failures but all are Businesses in the Philippines. The most important factor in this book is its REAL there are other
E-books you will find written on line by a so called expert on the Philippines who actually resides in Australia not only are the books useless they are out of date at best.
This on the other hand you should hopefully find useful and an investment that you make choose to drop back into.
So here we go..
Thank you for buying Starting A Business In The Philippines
Realising your not in the West.
A big mistake that is done by virtually everyone is the conversion of home currencies to Pesos. An example is looking at a McDonald’s big Mac meal and thinking its less than £2.00 (as in the UK would cost £5). That £2.00 as we call it is half a days pay for most people in the Philippines not snack money that we are valuing it at. Best way to start thinking peso is to convert a monthly budget for expenses such as your bills and valuing it to around P15,000 as a single person or couple living within that budget within a more provincial area is possible. If in the city base your budget on around P25,000 – P30,000 depending on your rental costs and try sticking to it as you will mentally forget your other funds because you shouldn’t be touching it at all as you are now buying and paid your “allowance” in pesos.
Don’t get a white nose tax which is what we are generally charged in taxis and often on purchases. Which will mean learning the real values of things that your looking to deal in or use. What most foreigners do including myself is get partners or relatives deal with the bargaining. This is helpful to a point but only if you start reading your receipts to get an idea of the market value of goods. As its important your able to deal with things yourself as being able to barter doesn’t only improve your wallet but also gains you respect locally and depending what business your operating it pays to have friends at all levels of society. For example you want a regular supply of chicken for a new BBQ business your starting and don’t know where to get the best price. Talking to a fruit vendor explaining your thoughts they are likely to reply “the butchers get their meat from X who deliver daily or can be collected from Y” you get my point. The reason why this integration is important is your wanting to operate in the Philippines you need to be part of the community.