According to the assessment by the International Monetary Fund (IMF), the Philippines economy in general has shown positive signs of recovery after the COVID-19 pandemic. 2023 opens a good opportunity for both the Philippines economy in general and small enterprises in particular. If you are cherishing a business idea, you may boldly realize it in 2023. Or if you need to raise capital for your business, you may consider online loans at MoneyCat.
The Philippines economy has always been evaluated as one of the most dynamic economies in East Asia and the Pacific. Experiencing the COVID-19 pandemic, the Philippines economy has gradually recovered, stabilized and even showed positive signs. According to the International Monetary Fund (IMF), Philippines GDP growth is expected to accelerate to 7% by 2023.
The inflation rate has sharply increased in 2021, reaching 4.3% and surpassing the Central Bank’s cap by 4%, mainly due to higher prices of commodities and global supply factors. However, according to the IMF, inflation is expected to slow down and remain stable in 2023. Although the unemployment rate was heavily affected by the COVID-19 pandemic, it has partially recovered and decreased to 7.8%, the trend is predicted to continue to decrease to 5.9% in 2023.
The Philippines economy is showing positive signs of recovery
It can be seen that the Philippines economy is showing quite positive signs of recovery after the COVID-19 pandemic, and 2023 is a good opportunity if you want to start your business plan.
You may start a business with a capital of about ₱20,000. There are some good ideas for you, including trading fruits and vegetables, milk tea or masks. In fact, domestic fruit and vegetable suppliers are abundant in the Philippines, which serve as supply sources to develop an online vegetable and fruit store. Besides, milk tea is a popular drink of young Filipinos, opening an online milk tea shop is not new, but it is a safe plan to ensure your stable income. Masks have become an important and almost indispensable item today. The source of materials is quite simple and cheap, so you may realize this business idea with only about ₱20,000.
Start an online business from only ₱20,000 to ₱50,000
Besides, if you want to develop an explosive and daring business career, you may consider business ideas with a capital of about ₱50,000 as follows: selling cosmetics online, working as an online tutor, opening an online fashion shop online or vlogging. For cosmetics and clothing, you may consider selling secondhand products to save costs. Online tutoring or vlogging are both recently trending ideas that you can consider.
If you are in need of a fast approval online loan to quickly for your business, an online lender will be the solution for you. Because the paperwork, application procedures and approval waiting time are shortened and you do not need to mortgage or prove your property.
Normally, the process to apply for a loan, receive a loan and make repayments of financial institutions only includes four simple steps as follows:
Step 1: Fill in the necessary information completely and accurately that the website/lending application requires. Complete registration by confirming via OTP
Step 2: After completing the registration, there will be a confirmation call from the Call Center. If your online loan application is approved, you will immediately be notified via SMS
Step 3: The amount you applied for a loan will be disbursed in less than 24 hours.
Step 4: Pay the loan amount to that website/app in full and on time.
The online loan process at Money is not too different from the 04 steps above. However, it should be noted that you must be a Filipino citizen over 22 years old, have a stable source of income and have a legal ID to be eligible to apply for an online loan.
Simple online loan process at MoneyCat
MoneyCat’s online loan limit is up to ₱20,000, which is enough for you to realize your small online business ideas that we have suggested, or partially contribute to your capital source if you are pursuing a greater business idea. The loan repayment period is up to 6 months, you will have enough time to start a business, get revenue, profit and pay MoneyCat monthly without financial pressure.
The Philippines economy has seen positive signs of recovery. If you have a business plan, you can rest assured to do it in 2023. MoneyCat is ready to support you with a fast approval online loan if you are in need of additional capital for your business. MoneyCat is the leading 24/7 financial consulting and solution provider in the Philippines.