Although, costs of raw materials, and thereby, inflating costs of setting up a business during an economic recovery, U says pros far outweigh the cons of putting up a business at this time.
"All things equal, better put up a business during an upturn instead of a downturn. That doesn't mean though that everybody will make sales . For one, it's very important to study the market," he says.
For Francisco, setting up a business in key industries could mean success to any businessman, regardless of the economy's condition.
"It's a good time to put in businesses for certain industries like food, services, infrastructure, and power. I guess the examples I gave are generally recession-resistant and necessities for us in the country," Francisco says.
U also says that entrepreneurs must look for business opportunities catering to call center agents.
Myrna Asuncion, assistant director for National Planning and Policy of the National Economic and Development Authority, says call center agents bigger disposable incomes than an average Filipino worker.
“They have higher entry pay than others. They also have a different culture in terms of buying new things. Maybe that’s because of the nature of their job – they are more exposed to new technology, new things and new gadgets,” she adds.
Besides call center agents, there are many available options for any entrepreneur.
After all, according to the National Statistics Office, the country’s population is projected to reach 92.3 million this year. This should make selling a product or a service quite easy.