Can Foreigners Make Money in the Philippines?
Ask the Chinese !!
There are a lot of naysayers to the question, can foreigners make money in the Philippines, but to those I ask , what about the Chinese? Are they not foreigners too?
A simple look at the who’s who of wealthy businessmen today in the Philippines will yield more than a handful of prominent men and women who are of Chinese descent and risen to the top of the ranks in the Philippines business world.
The prime example is Henry Sy, head of the SM group of companies that is also listed as one of the worlds richest men. He started his empire from next to nothing and through hard work and intelligence has gained a pinnacle of success in this country that is extraordinary. He is hardly alone. Walking in his footsteps are Chinese Filipinos (Chinoys) Taipens such as Lucio Tan (Philipines Airlines, Philippine National Bank, fortune Tobacco and Tanduay Distilleries), Andrew Tan, (Megaworld Corp and Consolidated Distilleries), John Gokongwie (Robinson’s, Summit Media and Cebu Pacific), and Tony Tan Caktiong, (Jollibee). These examples are but just a few on the national level, then if you look around on your local scenes, I am sure that just like here in Dumaguete City, the shining examples of business success are most likely predominantly of Chinese origin.
Recognizing that the business world of the Philippines is populated by a staggering number of Chinese, us western businessmen and entrepreneurs have to ask the questions, what makes them so different? To be honest I do not know the answer to that question, but as an aspiring businessman of the Philippines myself, I am not content to sit by and complain. That will not get me anywhere, so instead I will study their paths to try and get my own insights on what it takes to achieve business success here in this country.
Yes there are huge obstacles restricting foreigner’s in business in the Philippines, but if we dare to look, we will regognize that success here is far from impossible. Just ask the Chinese! They are a perfect example of how foreigners make money in the Philippines!
Some of the Chinese that have had amazing success in the Filipino business world :