The Philippines is one of the fastest-growing economies in the world.
It is also one of the most rapidly urbanizing countries in Asia, with an average annual growth rate of 6.35% since 2015. This rapid growth is creating a lot of opportunities for businesses and entrepreneurs alike.
While there are many factors that will impact an entrepreneur’s decision to enter or exit any new market, here are some business trends in the Philippines that seem likely to continue over the next few years:
Delivery businesses in the Philippines boomed at the start of the COVID-19 pandemic and during its peak. Businesses were able to capitalize on the fact that people didn’t feel safe going out into public, which meant that they were willing to pay more for a delivery service than they would have otherwise.
Businesses like ToKtok and PickAroo, and mainstays like GrabFood and FoodPanda all took advantage of this opportunity. Even malls and pharmacies have their own delivery services now—such as Southstar Drug and Robinsons, who both have their own GoCart services.
This is a growing trend in the Philippines because more and more people are becoming aware of the fact that they can order food online and have it delivered to their doorsteps, which is beneficial for both customers and businesses.
Food Carts/Food Stalls
Food carts are one of the business trends in the Philippines because it’s not uncommon for people in Asia to eat out for most meals. Many Filipinos prefer eating meals at food carts or stalls because it’s cheaper than eating at restaurants or cafes.
These started appearing in malls and universities where students would sell snacks, sandwiches, and other food items. Some people even make it a side hustle, but most do it out of passion so that they can earn extra money in their spare time.
These mobile kitchens sell everything from traditional Filipino dishes like lechon (roasted pork), adobo (braised meat), and pancit canton (noodle dish), all made fresh in front of your eyes!
Eco-friendly or “Green” Products
A big percentage of consumers in the Philippines is becoming more environmentally conscious. More people are choosing to purchase eco-friendly or “green” products that are more sustainable and environmentally friendly. These include recycled/reused materials like bamboo and juice containers.
This trend also includes sustainable fashion brands like Zalora’s Green Style and Preloved Collection, which offers over 10,000 new preloved fashion pieces for all eco-conscious fashionistas.
While this trend may not be as prevalent in other Asian countries, it’s definitely something to keep an eye on, as it could spread to other markets as well.
Beauty and Wellness Business
The Philippines is known for people who are very conscious about their looks.
It is not uncommon to see women spending hours in salons getting their hair done, nails polished, or having a facial treatment done. Men are increasingly becoming more conscious of their appearance as well, in part because of Korean pop culture’s influence.
As a result, there is an increasing demand for beauty and wellness services in the Philippines. This is evident by the number of salons, spas, nail bars, and barbershops that have opened up in recent years. In fact, there’s also a growing trend for premium/sophisticated barber shops for men like Bossman and Bruno’s.
Water Refilling Station
The country has a big problem with water scarcity. There’s also a big issue with water potability, which makes it difficult to drink tap water straight from the faucet or even use it for cooking without filtering it first. This is where water refilling stations come in handy.
Water refilling station is a fast-growing business in the Philippines because of their convenience to people who need water on the go. You don’t have to go out of your way to buy bottled water anymore if you have one at home or at work.
These stations are also convenient because they come with filters that will ensure clean drinking water for everyone who uses them.
Bill Payment Centers
Bill payment centers are new business trends in the Philippines. They allow customers to pay bills and make transactions from different companies at once. The centers are usually located near malls and other public places, so it’s convenient for people to stop by.
Bayad Center is one of the most popular payment centers in the Philippines. It offers a wide range of services, including bill payments, rent payments, money transfers, and other financial services. Although BPCs are often associated with other necessary services, these centers can also be used by local governments, insurance companies, telecommunications providers, and more.
Their market potential is huge: there are more than 80 million Filipinos who have access to the internet and a smartphone. There are also over 42 million bank accounts in the country, which means that the BPC industry has a huge pool of potential customers it can target with its services.
Almost everyone in the Philippines owns a smartphone that they use every day. However, not all have unlimited internet or data plans.
That’s why the demand for mobile load credits is expected to increase in 2023 because of the growing popularity of online gaming and social media platforms, which require a certain amount of credits to play.
An E-Loading business is easy to start and can be done by a single person. Most people prefer this type of business because they do not have to rent or buy an actual store, which means they can save money on renting or buying real estate.
Laundry shops have become a popular business in the Philippines because of the increasing number of people who don’t have time to do their own laundry. It’s also convenient for them to just drop off their dirty clothes and pick up clean ones later on.
These shops provide laundry services for individuals who have dirty clothes that need to be washed, dried, ironed, or folded. There are different types of laundry services offered by these shops, such as handwashing, machine washing, dry cleaning, and tailoring services.
Milk Tea & Other Cold Beverage Stands/Cafes
Milk tea stands are very popular among Filipinos because it is an affordable way to hydrate and cool down during hot weather without spending too much money. A glass of milk tea usually costs about ₱40 per cup, although the price varies greatly).
Some milk tea cafes also offer delicious snacks such as waffles or rice cakes that can be eaten with a cold beverage. As a result, people are willing to spend hours at milk tea cafes because they offer more than just drinks—they provide a place for customers to relax and enjoy themselves.
In fact, there are many milk tea cafes around the country, especially in Metro Manila. According to GrabFood’s 2018 study, the Philippines ranked second in bubble tea consumption in Southeast Asia, and Filipinos consume an average of 5 cups of milk tea in one month.
Car Wash Business
There are many car wash businesses in the Philippines today, and they’re growing rapidly because of their convenience and affordability.
A car wash business can be started easily by purchasing a commercial car wash machine and hiring some employees to operate it while you focus on marketing your service through social media channels.
You can also use this trend by offering additional services such as waxing or polishing, which most people don’t usually do themselves at home anymore, so they’ll definitely appreciate having this done professionally instead.
While online education might not sound like it’s going to be very profitable, it actually has become a lucrative industry in the country right now.
In recent years, there’s been an increase in demand for online education services like tutoring and coaching services provided over Skype or Zoom video calls. This trend shows no signs of slowing down anytime soon—and if anything, it’ll continue growing as more people become comfortable with using technology for learning purposes. Moreover, online education is becoming popular because it’s also cheaper than going to a traditional university or college.
Digital Marketing Services (Gig Economy)
With the rise of the gig economy, there are many people who would like to become online marketers and entrepreneurs. The Philippines is one of the countries that have embraced this trend.
The Philippines has a large number of digital marketing professionals who work for themselves as freelancers and provide their services to clients all over the world. These professionals are often hired by companies that need help with their marketing campaigns or social media management.
Tip: With the rise of Artificial Intelligence (AI), it’s a good idea to invest in some AI business tools. For example, ChatGPT is a subscription-based SaaS that only costs $20. Personally, it has saved me over Php30,000 in content costs. Reach out to us if you’re a business owner and want to take advantage of ChatGPT.
This trend will continue as more Filipinos realize that they can make money from home through online jobs like these without having to invest in an office space.
Vlogging/Becoming an Influencer
Influencers are becoming increasingly popular in the Philippines, especially on Instagram and YouTube. Vloggers are making thousands of dollars per month—and some even millions—by sharing their lives with fans from all over the world.
However, in order to make money on these platforms, you need to have followers and subscribers who are interested in what you have to offer them. You can also monetize your videos by using ads on them or even selling products through your videos.
That’s why businesses also hire vloggers/influencers who will create content specifically for them and promote their brand through their videos and posts.
Buy & Sell
One of the most promising business trends in the Philippines is Buy and Sell. This is one of the most popular online businesses nowadays because it’s easy to start and requires little investment (at least initially).
You can buy anything from clothes to electronics on Facebook Marketplace, and e-commerce websites like OLX, and Carousell, then resell them again for a profit. The downside is that you have to do all the work yourself, but if you have time and dedication, this can be an excellent choice for anyone who wants to start their own business.
Microbusinesses and SMEs Will Define The Future
The Philippines has a lot of potential and opportunities. This is why many businesses that have been established in the Philippines over the years are still running smoothly today. It is growing rapidly, and many industries are being developed in the country.
So, if you want to start your own venture in the Philippines, then you should know what’s the right business for you because there are many benefits that you can get from doing so.