Secrets to doing business in the Philippines

I’ve spent nearly 2 years on forums about the Philippines both for Pinoy (Filipinos) and for expats and there is complete opposites of information due to the expats sites primarily negative feed on the Philippines and the Pinoy sites posting everything is great. So what is the truth? Somewhere in the middle. I’ve heard a lot of horror stories ranging from people forced out of hotels and resorts in the middle of the nights running for they’re life to businesses that are just unsuccessful. But your probably wondering why I have put nothing positive? Well the truth is the people doing well don’t like to admit the fact. They also aren’t heavy forum users but one thing is for sure there is a lot of them here making money everyday and living a good life. There are complications here like anywhere else in the world. Firstly corruption is a major issue having a restaurant may get you constant visits from local police for example. But its not just the Philippines operating in the UK with a business I had previously local council officials tried to blackmail me after I had gained several contracts from them. So be aware its just business the key to business anywhere in the world is contacts you can take the same basics from anywhere on the planet and its all pretty simple. Supply and demand, good relationships with officials, good business contacts and most importantly good business sense. Many of the failed businesses I’ve come across seem to fall into 2 categories the first is relying on someone else to do all the work. Basically the foreigner invested money in a family venture and just hoping for a good return. You wouldn’t do it in the West so don’t start doing it here.. Second category is the value of the Dollar.. here working in Pesos is the key.. a guy will work for between P150 – P300 a day and that’s the going rate. If you can make a profit above that each day then you are running a business. But if your expecting to make $500 a week from a venture your already making a mistake your in the wrong currency and your not looking at what the local market can sustain. There is big money opportunities available but for the majority its unreachable not only because of finances but also the networking issues. Importing goods could become a headache for example if you haven’t got friends within the Import/Export zones etc. But one business that can thrive is purely exporting back to your home country. I’m not going to list products because its pointless.. the truth is each region has something unique to offer. If it hasn’t maybe you have an idea that you can utilise the local skilled labour for. Either way it is possible to not only be a Millionaire in the Philippines but a $,£ or Euro Millionaire but the key to success is down to trial and error and a lot of hard work.