Despite a deep recession considered to be the steepest in the Southeast Asian Nations in 2020, the Philippines economy is expected to bounce back in 2021, thanks to its growth potential and COVID-19 vaccines controlling the outbreak.

While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures with  stimulus packages has provided support to vulnerable industries. Tax incentives are expected to create jobs, encourage foreign investment and generate growth in 2021. A larger budget for 2021 will also help  jump-start the economic recovery by prioritizing key infrastructure projects and strengthening the digital economy.

In this context, it is valid to be optimistic about the business growth in the country. However, it is also important to keep in mind that the risks of fraud and scams are still there, and that it is especially important to verify all companies and businesspeople in the Philippines before making any deals.

How to verify companies and individuals the right way?

Private detectives in the Philippines recommend as a first step to request as much information as you can from this potential business partner. Obtaining all possible information from the company and its representative -name, address, telephone, website, registration number, references- is crucial for a thorough investigation. The more information you have gathered from the person and company you are communicating with, the more the investigators can verify against public, government and media records in the Philippines. Spare no effort when it comes to a new business deal, because a thorough background check investigation of a company or an individual in the Philippines is worth the money.

Foreign investors have little to no chances of accessing the necessary evidence within Philippines authorities.  Professional investigators on the ground with experience and resources who speak the language and have contacts in the government offices can verify if a company is registered and in good standing, if the representative is who she or he claims to be, and if there are any criminal or court record cases that impact the business or individual’s reputation.

Hiring a professional investigator in Manila, Cebu or the city involved is an efficient way to obtain reliable evidence and reduce the risks of doing international business. The Philippines is unfortunately known to have a reputation of fraud and scams, and the context -no matter how optimistic- favors scammers. Everyone is trying to get back on their feet after 2020, and the whole world has its hopes up that 2021 is the year to recover all the losses. With that in mind, many people will rush into bad investment decisions, motivated by financial pressures or by the recovery hype.

The only way to truly mitigate risks is to make decisions that are based on information, and the information needs to come from reliable sources.

Contact Philippine PI™ if you are searching for investment and business opportunities in the Philippines this 2021 and need clear evidence to minimize you risk. We can help verify the company and the business contact you are dealing with, and keep you safe from fraudulent transactions.

C. Wright
© Philippine PI

© Copyright Philippine PI.  All Rights Reserved.  This content is the property of Philippine PI, LLC and is protected by United States of America and international copyright laws.