Business Ideas to Pursue in 2022 Based on PH Economic Recovery

The Philippines’ economic growth for 2021 and 2022 continues to show improvement. Despite the country’s sluggish recovery, analysts expect the PH economy to expand 5.3% this year up to 5.8% in 2022, according to the World Bank’s Philippines Economic Update. 

With this, many aspiring entrepreneurs and startups are considering to launch their business ideas soon. In case you’re unsure what kind of business to pursue in 2022, we’re here to help you narrow down your choices based on the economic forecasts and status of the country.

Infrastructure/Construction

Due to the steady progress of COVID-19 vaccination in the Philippines, which has led to greater public mobility and market confidence, the private consumption and government expenditure for infrastructure is gaining traction.

For infrastructure-related business ideas in 2022, you can open a hardware store and construction supply materials, heavy equipment rental trading and services for transportation system operations, become a provider of wireless networks (cable, satellite, etc.), invest in wind energy, o create sustainable solutions for waste management.

Food Trucks/Food Delivery

With the reopening of the Philippine economy and consumers on the hunt for something to eat, food will never go out of style. There are about 60% of consumers who still prefer delivery or pickup.

Considering health-related concerns brought by the COVID-19 pandemic, many consumers may opt for plant-based foods, fresh ingredients, or cultured meat. Meanwhile, frozen foods would likely continue to thrive in the market, thanks to various restaurants serving pizza, steak, sausages, and more.

Despite the decline in the birth rate this year, the Philippine population is expected to grow further, which means that more mouths need to be fed by 2022 and beyond. The government is expected to focus on food security in the long term as it remains the top priority of Filipino families.

Baby Store

As mentioned above, the overall population of the Philippines could possibly grow bigger. Aside from food security, baby clothes and goods are also important for every family.

Establishing your own baby store might be one of the best business ideas in 2022, perfect for new and seasoned entrepreneurs. Despite high demand, expect strong competition in this market and be prepared to conduct extensive research about the needs of your potential consumers, learn how to build your own brand, and choose the right designs to make your business thrive and stand out.

Repair of Motor Vehicles and Motorcycles

The Philippines’ gross domestic product increased 7.1% during the third quarter of 2021. One of the main contributors is the repair of motor vehicles and motorcycles, with 6.4% growth.

Aside from car washing, you can also incorporate wholesale and retail trade in this kind of business. It includes online car auctions, polishing of vehicles, and motor vehicle renting, among others.