Philippine Business Opportunities -
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Philippine Business Opportunities -
GMA’S State of the Nation Address,2001:GMA’S State of the Nation Address,2001:
“We will enhance the competitiveness of the “super-regions - North Luzon Triangle, Metro Luzon Beltway,
the Central Philippines, and the Cyber Corridor.”
• “. . .so, we have undertaken 5 strategies to attain competitiveness:
• Food affordability/availability• Power cost reduction• Modernize infrastructures• Mobilize, upgrade knowledge/technologies• Reduction of government red tape
“We will enhance the competitiveness of the “super-regions - North Luzon Triangle, Metro Luzon Beltway,
the Central Philippines, and the Cyber Corridor.”
• “. . .so, we have undertaken 5 strategies to attain competitiveness:
• Food affordability/availability• Power cost reduction• Modernize infrastructures• Mobilize, upgrade knowledge/technologies• Reduction of government red tape
RP’s FDI agenda beyond 2007RP’s FDI agenda beyond 2007
Increase FDI by USD 9 billion annually & create 1 million jobs in 6 major sectors:
ENERGY, POWER & BIOFUELS INFRASTRUCTURE –SUBIC, BATANGGAS
CORRIDORS HEALTHCARE, RETIREMENT & TOURISM IT/ITES MANUFACTURING MINING
Increase FDI by USD 9 billion annually & create 1 million jobs in 6 major sectors:
ENERGY, POWER & BIOFUELS INFRASTRUCTURE –SUBIC, BATANGGAS
CORRIDORS HEALTHCARE, RETIREMENT & TOURISM IT/ITES MANUFACTURING MINING
End result - for global business to appreciate RP business potentials -
End result - for global business to appreciate RP business potentials -
Services is major driver-component;a priority of the GMA Administration
Fiscal reforms are kicking in; We now have the funds to spend on
infrastructure, education, and programs to enhance our competitiveness
RP is still LOW-COSTMarket analysts and institutional investors
response: - “from cautiously bullish to very bullish”
Services is major driver-component;a priority of the GMA Administration
Fiscal reforms are kicking in; We now have the funds to spend on
infrastructure, education, and programs to enhance our competitiveness
RP is still LOW-COSTMarket analysts and institutional investors
response: - “from cautiously bullish to very bullish”
Domestic Stabilization- Macro Indicators
Domestic Stabilization- Macro Indicators
2004 2005 2006 2007 2008 2009 2010
Gross National Product 5.2-6.0
5.5-6.4
6.5-7.5
6.9-7.8
7.0-8.0
7.2-8.2
7.2-8.2
Gross Domestic Product 4.9-5.8
5.3-6.3
6.3-7.3
6.5-7.5
6.8-7.8
7.0-8.0
7.0-8.0
Fiscal Balance (% of GDP) -4.2 -3.6 -2.9 -2.0 -1.1 -0.2 0.0
Inflation Rate 4.0-5.04.0-5.0
4.0-5.0
3.0-4.0
3.0-4.0
3.0-4.0
3.0-4.0
Unemployment Rate 12.1 11.0 11.6 11.1 10.4 9.7 8.9
Poverty Incidence (families) %
25.69-26.04
24.35-
25.04
22.93-
23.95
21.61-
22.89
20.31-
21.84
19.04-
20.78
17.88-
19.81
Other Indicators Other Indicators
GDP 1st quarter: 5.5% (target for 2006: 5.5-6.2%)
Services: 6.2Industry: 5.5Agriculture: 3.8
Population growth rate: 2.36%
GDP 1st quarter: 5.5% (target for 2006: 5.5-6.2%)
Services: 6.2Industry: 5.5Agriculture: 3.8
Population growth rate: 2.36%
Source: United Nations Statistics Division
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GDP GROWTH TRENDGDP GROWTH TRENDAt Constant 1990 PricesAt Constant 1990 Prices
Fiscal and Macroeconomic stability
Fiscal and Macroeconomic stability
Fiscal targets and achievements: balanced budget by 2008; P974.1B total revenue
target for 06 Reduction of fiscal deficit: 2004: -4.2%; 2006: -2.1%
7-mo. deficit for 2006: P48.5; (in 2005: P82.6B): Jan-Jul 06 revenues: P544.7B Jan-Jul 06 expenses: P593.2B
Budget deficit P31.6B for 1st semester 2006 Overshot target deficit for 1st quarter by P58.9B Government revenues increased 25% for first 6 months
of 2006 Income tax take up 14% in first 6 months On target to meet year-end deficit of P125B or 2% of
GDP (from 3.5%)
Fiscal targets and achievements: balanced budget by 2008; P974.1B total revenue
target for 06 Reduction of fiscal deficit: 2004: -4.2%; 2006: -2.1%
7-mo. deficit for 2006: P48.5; (in 2005: P82.6B): Jan-Jul 06 revenues: P544.7B Jan-Jul 06 expenses: P593.2B
Budget deficit P31.6B for 1st semester 2006 Overshot target deficit for 1st quarter by P58.9B Government revenues increased 25% for first 6 months
of 2006 Income tax take up 14% in first 6 months On target to meet year-end deficit of P125B or 2% of
GDP (from 3.5%)
Fiscal reforms are In Fiscal reforms are In Gov’t expenditure management:
Passage of Government Procurement Law (2004) Government rationalization programme (2005-
present) Implementation of Organizational Performance
Indicator Framework for all government agencies and instrumentalities (2005-present)
Compensation reform (ongoing)
Gov’t expenditure management: Passage of Government Procurement Law (2004) Government rationalization programme (2005-
present) Implementation of Organizational Performance
Indicator Framework for all government agencies and instrumentalities (2005-present)
Compensation reform (ongoing)
BALANCED BUDGET BY 2008BALANCED BUDGET BY 2008P Billion
NG fiscal balance accelerates to 2008 as revenue collection improves on account of the RVAT and tax administration measures
REDUCTION OF NGOVT DEBTto 46% of GDP in 2010
REDUCTION OF NGOVT DEBTto 46% of GDP in 2010
% of GDP
91-Day T-bill Rate falls to 4.86%91-Day T-bill Rate falls to 4.86%
Arroyo Legacy
LOW INTEREST RATES
FISCAL-DRIVEN EXCHANGE RATE
Deficit worsens 1.9 to 4.1%
Fiscal Reforms
Deficit hits 5.3%
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Jan-Jul 05 Jan-Jul 06
In B
illi
on
Pes
os
In B
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Pes
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NET FOREIGN BUYINGgrew by 72% in the first seven months of 2006
72%
““More and more foreign investors are entrusting their money to us (RP More and more foreign investors are entrusting their money to us (RP stock market). . . a clear vote of confidence in the country’s future.” - stock market). . . a clear vote of confidence in the country’s future.” -
Philippine Stock ExchangePhilippine Stock Exchange
Overall In, Prod and Global competitiveness
Overall In, Prod and Global competitiveness
Trade balance: (US$1.28) Total imports: US$19.97B (Jan-May 2006) Total exports: US$18.69B (Jan-May 2006)
Overseas Filipino remittances: US$10.3B (2005) Portfolio investments: US$106.3M (June 2006)
72% increase in foreign purchases Current account surplus: US$1.2B in 1st Q 2006 Revenues from Outsourcing (est 2006): $1.2B
Trade balance: (US$1.28) Total imports: US$19.97B (Jan-May 2006) Total exports: US$18.69B (Jan-May 2006)
Overseas Filipino remittances: US$10.3B (2005) Portfolio investments: US$106.3M (June 2006)
72% increase in foreign purchases Current account surplus: US$1.2B in 1st Q 2006 Revenues from Outsourcing (est 2006): $1.2B
Boosting In, Prod and global competitiveness
Boosting In, Prod and global competitiveness
Generated financial support from US, Millennium Challenge Account, APEC for anti-corruption and governance reforms
Positive global market perception on reform process: UBS Warburg study: fiscal reforms attract renewed interest;
bullish on RP S&P: RP to outperform its fiscal projection for 2006
FDI Q1 2006: P63.5B (P31.5 Q105) P59.6B in manufacturing: (94% of total approved FDIs) SBMA: P51.4B (81%) No. 1 investor: Korea at P51.7B (81%); USA: P 6.4B
(10%) Projected employment: 32,434 (98% increase)
Boost investments, productivity and global competitiveness
Boost investments, productivity and global competitiveness
Core inflation: 7.1%Rise in petroleum and energy costs… … but cheaper imports, sound wage
regulation, and restrained public expenditures
But RP is still LOW-COSTManila cheapest place to live; but low
income (wages) -Union Bank of Switzerland
Core inflation: 7.1%Rise in petroleum and energy costs… … but cheaper imports, sound wage
regulation, and restrained public expenditures
But RP is still LOW-COSTManila cheapest place to live; but low
income (wages) -Union Bank of Switzerland
Manila Among Top Ten Cheapest Cities
Manila Among Top Ten Cheapest Cities
Source: Prices and Earnings: A comparison of purchasing power around the globe (UBS 2006)
Methodology:Cost of weighted shopping basketcontaining 122 goods and Services (left column: gross; right column: net; New York=100)
Manila Among Top Ten Lowest Wages
Manila Among Top Ten Lowest Wages
Source: Prices and Earnings: A comparison of purchasing power around the
globe (UBS 2006)
Methodology:Effective hourly wages for 14 professions, weighted according to distribution, net taxes and social security (left column: gross; right column: net; New York=100)
Philippine Stock Exchange Index, 1989-PresentPhilippine Stock Exchange Index, 1989-Present
Other perks-- strategic locationOther perks-- strategic location
Located in the fastest growing outpost of high-tech economy
Gateway of international shipping and airlinesCritical entry point to the $500M ASEAN
marketAccessible by air within 4 hours from every
Asian capitalFrom 7-15 hrs time zone difference from
major markets allow for optimal operating turnaround; max 12-14 hours
Located in the fastest growing outpost of high-tech economy
Gateway of international shipping and airlinesCritical entry point to the $500M ASEAN
marketAccessible by air within 4 hours from every
Asian capitalFrom 7-15 hrs time zone difference from
major markets allow for optimal operating turnaround; max 12-14 hours
Other perks-- business efficiencyOther perks-- business efficiency
Big numbers of leading high-tech electronic and semiconductor export-- 67% of manufacturing exports
Big numbers of leading MNCs engaged in motor vehicle, distribution and logistics, telecoms, banking, professional services, outsourcing activities
Philippines - 4th most attractive relocation for production of semiconductors and electronics
Big numbers of leading high-tech electronic and semiconductor export-- 67% of manufacturing exports
Big numbers of leading MNCs engaged in motor vehicle, distribution and logistics, telecoms, banking, professional services, outsourcing activities
Philippines - 4th most attractive relocation for production of semiconductors and electronics
Other perks-- investment incentivesOther perks-- investment incentives
4-8 years Income Tax Holiday Special 5% tax rate after lapse of ITH for IT park
locators Tax and duty exemption on imported capital
equipment for IT park locators Unrestricted use of consigned equipment Deduction for labor expenses up to 150% Deduction for training expenses up to 150%
Exemption from wharf duties
4-8 years Income Tax Holiday Special 5% tax rate after lapse of ITH for IT park
locators Tax and duty exemption on imported capital
equipment for IT park locators Unrestricted use of consigned equipment Deduction for labor expenses up to 150% Deduction for training expenses up to 150%
Exemption from wharf duties
Advantages of Philippine human capital:
Advantages of Philippine human capital:
Skilled labor force of 29 million; low attrition rate 400,000 fresh college graduates every year in
business, engineering, and medicine – with English proficiency and at 94 % literacy rates
Competent senior managers Western-patterned educational system Strong work ethic, customer-oriented mindset,
easily trainable with a natural inclination for innovative and creative thinking
Superior, competitive educational infrastructure Adherence to global standards
Skilled labor force of 29 million; low attrition rate 400,000 fresh college graduates every year in
business, engineering, and medicine – with English proficiency and at 94 % literacy rates
Competent senior managers Western-patterned educational system Strong work ethic, customer-oriented mindset,
easily trainable with a natural inclination for innovative and creative thinking
Superior, competitive educational infrastructure Adherence to global standards
Services - BPO/KPOServices - BPO/KPO Employment, revenues, investments in RP services
sector to rise 42% in 2006 Outsourcing jobs to rise 44% Outsourcing Investments to rise 42% Outsourcing revenues to rise 52% Close to 120 outsourcing companies in RP No. of Service Providers: 62 Total full time employees: 225,000
Employment, revenues, investments in RP services sector to rise 42% in 2006
Outsourcing jobs to rise 44% Outsourcing Investments to rise 42% Outsourcing revenues to rise 52% Close to 120 outsourcing companies in RP No. of Service Providers: 62 Total full time employees: 225,000
Services (Accountancy)Services (Accountancy)
No of service providers: 60++ Total employees: 22,500 Filipino Registered CPAS: 113,300 (2005) Projected growth for 2006: 42% Key players: AIG, JP Morgan, Citibank, Accenture,
Thomson Financial, Shell, HSBC, HP, Alitalia, Chevron Texaco
No of service providers: 60++ Total employees: 22,500 Filipino Registered CPAS: 113,300 (2005) Projected growth for 2006: 42% Key players: AIG, JP Morgan, Citibank, Accenture,
Thomson Financial, Shell, HSBC, HP, Alitalia, Chevron Texaco
RP is LOW-COSTRP is LOW-COST
RP is still LOW-COST and increases are moderate:
core inflation at 7.1% wage inflation at 8% Low attrition pegged at 35% Average prime interest rates 2005: 8.5%
RP is still LOW-COST and increases are moderate:
core inflation at 7.1% wage inflation at 8% Low attrition pegged at 35% Average prime interest rates 2005: 8.5%
Reliable Infrastructure Support
• REAL-ESTATELow rates with liberal lease agreement termsMostly administered by international property
management companies• POWER
Stable with excess capacity over current demand
• TELECOMSDeregulated telecoms industry
East Asia80 Gbps North AsiaMalaysia
Singapore
C2C 160 GbpsNorth Asia
GPT 280 Mbps
North AmericaPacific
North AsiaEurope
APCN-1
5 Gbps
North AmericaPacificAsiaEurope
BMP560 Mbps
South East AsiaMiddle East
G-P5 Gbps
North AmericaPacificNorth AsiaEurope
SEA-ME-W
E 3
10 G
bps
PacificAsiaEurope
Philippines,Asia Pacificand Hawaii
AP
CN
-280
Gbp
s
North AmericaPacificNorth AsiaEurope
ACeS
Agila II
South andSE Asia
International Connectivity
Business opportunities are enhanced by ICT infrastructureBusiness opportunities are enhanced by ICT infrastructure
President’s priority initiative is to strengthen the “Cyber Services Corridor”
Clark Special Economic Zone to be transformed into a U$2B wifi
hot-spot zoneSM Group to complete P1.5B OneEcom
Center by July 2007 to address the ICT needs of BPO companies
President’s priority initiative is to strengthen the “Cyber Services Corridor”
Clark Special Economic Zone to be transformed into a U$2B wifi
hot-spot zoneSM Group to complete P1.5B OneEcom
Center by July 2007 to address the ICT needs of BPO companies
Verdict on RP business potentials: Very bullish
Verdict on RP business potentials: Very bullish
AT Kearney survey: 4th best outsourcing location UBS Warburg research survey: Fiscal reforms make RP attractive;
bullish on RP McKinsey & Co survey: RP among top 5 Outsourcing destinations S&P: RP to outperform its fiscal projection for 2006 META Survey: Filipino workers consistently one of the world’s
most competent GAAP Survey: Filipino accountants best in the world Phil Services Coalition study: RP poised to be more aggressive in
services market BPAP: Outsourcing to grow 42% in 2006
AT Kearney survey: 4th best outsourcing location UBS Warburg research survey: Fiscal reforms make RP attractive;
bullish on RP McKinsey & Co survey: RP among top 5 Outsourcing destinations S&P: RP to outperform its fiscal projection for 2006 META Survey: Filipino workers consistently one of the world’s
most competent GAAP Survey: Filipino accountants best in the world Phil Services Coalition study: RP poised to be more aggressive in
services market BPAP: Outsourcing to grow 42% in 2006
INVESTORS ARE UPBEAT ON THE PHILIPPINES
Goldman SachsGoldman Sachs
Our bullish Philippines view is centered on the belief that the economy is still Our bullish Philippines view is centered on the belief that the economy is still in the early stages of a cyclical asset price reflation cycle. in the early stages of a cyclical asset price reflation cycle. Our bullish Philippines view is centered on the belief that the economy is still Our bullish Philippines view is centered on the belief that the economy is still in the early stages of a cyclical asset price reflation cycle. in the early stages of a cyclical asset price reflation cycle.
Adam Le Mesuriar
With the strong macroeconomic story continuing to unfold throughout this With the strong macroeconomic story continuing to unfold throughout this year, we think that there is more upside for the Philippine debt.year, we think that there is more upside for the Philippine debt.
Merrill LynchMerrill Lynch
Fitch Ratings Fitch Ratings
Raised RP country rating from BB to BB+. Bullish Raised RP country rating from BB to BB+. Bullish investor sentiment should provide the backdrop that investor sentiment should provide the backdrop that would signal a possible upgrade in the country’s would signal a possible upgrade in the country’s sovereign ratings. sovereign ratings.
Raised RP country rating from BB to BB+. Bullish Raised RP country rating from BB to BB+. Bullish investor sentiment should provide the backdrop that investor sentiment should provide the backdrop that would signal a possible upgrade in the country’s would signal a possible upgrade in the country’s sovereign ratings. sovereign ratings.
RP may beat its revenue and budget deficit-reduction targets this year after raising and expanding its value-added tax. . . . at this stage the expanded value- added tax is delivering the goods together with tightening up of administrative and enforcement measures…The government's revenue and deficit targets are realistic. . . . . .there's probably some upside as well.
S&PS&P
ING BankING Bank
RP likely to get another upgrade of its credit rating RP likely to get another upgrade of its credit rating outlook this year as a result of its improving fiscal outlook this year as a result of its improving fiscal condition. condition.
Moody’s will raise its outlook on the Philippines to Moody’s will raise its outlook on the Philippines to stable before the year ends… and might also raise stable before the year ends… and might also raise their credit outlook to positive if the government their credit outlook to positive if the government continues its trend of outperforming its targets. . . . continues its trend of outperforming its targets. . . . investors will continue to be buying Philippine assets.investors will continue to be buying Philippine assets. We expect strong fundamentals and a stable external We expect strong fundamentals and a stable external environment to support Philippine financial markets.environment to support Philippine financial markets.
RP likely to get another upgrade of its credit rating RP likely to get another upgrade of its credit rating outlook this year as a result of its improving fiscal outlook this year as a result of its improving fiscal condition. condition.
Moody’s will raise its outlook on the Philippines to Moody’s will raise its outlook on the Philippines to stable before the year ends… and might also raise stable before the year ends… and might also raise their credit outlook to positive if the government their credit outlook to positive if the government continues its trend of outperforming its targets. . . . continues its trend of outperforming its targets. . . . investors will continue to be buying Philippine assets.investors will continue to be buying Philippine assets. We expect strong fundamentals and a stable external We expect strong fundamentals and a stable external environment to support Philippine financial markets.environment to support Philippine financial markets.
Paul Joseph Garcia
QUALITY LOCATION AND PRESENCE OF MAJOR GLOBAL PLAYERS
QUALITY LOCATION AND PRESENCE OF MAJOR GLOBAL PLAYERS
A.T. Kearney says… A.T. Kearney says…
The Swiss Int’l Institute for Management Dev’t says… The Swiss Int’l Institute for
Management Dev’t says… In 2004, among 60 countries in the Asia
Pacific, the Philippines ranks: No 1 - Availability of skilled workers No 3 - Availability of senior managers No 4 - Availability of IT professionals No 10 - Availability of accounting and financial
skills No 10 - Availability of expatriate middle
management No 12 - Availability of qualified engineers
In 2004, among 60 countries in the Asia Pacific, the Philippines ranks: No 1 - Availability of skilled workers No 3 - Availability of senior managers No 4 - Availability of IT professionals No 10 - Availability of accounting and financial
skills No 10 - Availability of expatriate middle
management No 12 - Availability of qualified engineers
What others say about RP … What others say about RP …
• “… we’ve been here for 27 years. In spite of the ups and downs, our Philippine operations continue to be very competitive. We take pride in being the country’s top export performer in the last five years, mainly because of a resilient, dedicated, multi-skilled, and English-speaking workforce…”
• … supportive Government… the President is pushing for Information and Communication Technology (ICT) as a primary growth engine of the economy…”
• “… we’ve been here for 27 years. In spite of the ups and downs, our Philippine operations continue to be very competitive. We take pride in being the country’s top export performer in the last five years, mainly because of a resilient, dedicated, multi-skilled, and English-speaking workforce…”
• … supportive Government… the President is pushing for Information and Communication Technology (ICT) as a primary growth engine of the economy…”
Robin MartinGM, Intel Phils.
. . .and still others say … . . .and still others say …
“The people of the Philippines are a unique people, which is why they fit into the SYKES Global Team so well. They are not only professional, dedicated, and team-oriented but also communicative and responsive – qualities essential to the success of a global company. They are civic-minded, fun-spirited, talented and highly educated – 99.9% of our SYKES Manila employees hold bachelor degrees or higher.
“The people of the Philippines are a unique people, which is why they fit into the SYKES Global Team so well. They are not only professional, dedicated, and team-oriented but also communicative and responsive – qualities essential to the success of a global company. They are civic-minded, fun-spirited, talented and highly educated – 99.9% of our SYKES Manila employees hold bachelor degrees or higher.
John Sykes, CEO Sykes Corp.
. . . still others say about RP …
. . . still others say about RP …
“… conveniently located in the middle of the Asian area, politically stable, with good communication facilities, and the English language being widely spoken…
…low cost of manpower, and a good attitude of the people to be trained and to produce a good output….”
“… conveniently located in the middle of the Asian area, politically stable, with good communication facilities, and the English language being widely spoken…
…low cost of manpower, and a good attitude of the people to be trained and to produce a good output….”
LUIGI BENEDETTIDirector
Alitalia Far East
. . . and still others say that RP …
. . . and still others say that RP …
“... recent international studies reveal that Filipino employees are rated very highly in terms of skill, flexibility, adaptability, cost and ability to speak English compared to other countries in Asia. Ten years ago, there were no centralized services in the Philippines. Today, some 14 companies have moved critical services into centralized operations in the Philippines. The pace can only accelerate…an ideal business location.”
“... recent international studies reveal that Filipino employees are rated very highly in terms of skill, flexibility, adaptability, cost and ability to speak English compared to other countries in Asia. Ten years ago, there were no centralized services in the Philippines. Today, some 14 companies have moved critical services into centralized operations in the Philippines. The pace can only accelerate…an ideal business location.”
Catherine WeirCountry Corporate Officer
Citibank NA
And what else … And what else …
“…we opened the Philippine center to ensure that our members everywhere continue to receive the highest level of customer service …
…we have seen outstanding results, achieving and surpassing expectations through an incredible workforce and facilities…”
“…we opened the Philippine center to ensure that our members everywhere continue to receive the highest level of customer service …
…we have seen outstanding results, achieving and surpassing expectations through an incredible workforce and facilities…”
Kirsten PowersCorporate Communication
AOL.com
others say about RP …
others say about RP …
“Lexmark International (Philippines) Inc. has been successful because of the talent and extra effort of the highly educated, English-speaking Filipino employees. The Philippine Team won the Lexmark “Triple Crown Award” for bringing the new plant on-line ahead of schedule, within budget and exceeding the product shipment plan by 300% in 1999.
In 2000, the Philippine plant delivered the best Lexmark CPD plant performance in areas of cost, productivity, quality and safety. This outstanding performance is the driving reason for Lexmark’s consideration of the Philippines for future expansion.”
“Lexmark International (Philippines) Inc. has been successful because of the talent and extra effort of the highly educated, English-speaking Filipino employees. The Philippine Team won the Lexmark “Triple Crown Award” for bringing the new plant on-line ahead of schedule, within budget and exceeding the product shipment plan by 300% in 1999.
In 2000, the Philippine plant delivered the best Lexmark CPD plant performance in areas of cost, productivity, quality and safety. This outstanding performance is the driving reason for Lexmark’s consideration of the Philippines for future expansion.”
Glen WestermanPresident and CEO
Lexmark Int’l
Here’s what others say about RP … Here’s what others say about RP …
“The strength of the Philippines is the Filipinos - - Our expat requirements are much lower than we anticipated during our investment planning.
We have already sent several Filipinos to other locations around the world to provide expertise from what they learned during our launch here. ”
“The strength of the Philippines is the Filipinos - - Our expat requirements are much lower than we anticipated during our investment planning.
We have already sent several Filipinos to other locations around the world to provide expertise from what they learned during our launch here. ”
Terry J EmrickPresident
Ford Group Phils.
Assessing RP business potential:
Assessing RP business potential:
DOMESTIC STABILIZATION REFORMS
SERVICES/ICT INFRASTRUCTURE
BUSINESS PERKS
COMPETITIVENESS
MACRO INDICATORS
PROFITABLE PHIL PARTNERSHIP
“Partnership with the Philippines now - is Profitable” “Partnership with the Philippines now - is Profitable” Fiscal reforms
+Sound macro-management = gov’t spending in public investment and infrastructure
Increased gov’t spending + political commitment – political risk = investor confidence
Investor confidence + remittances = private investment (FDI+portfolio)
Increased gov’t spending in infrastructure and ICT - corruption - red tape = business efficiency
Business efficiency + labor productivity = competitiveness
End of Presentation
Fiscal reforms+Sound macro-management = gov’t spending in public
investment and infrastructure Increased gov’t spending
+ political commitment – political risk = investor confidence Investor confidence
+ remittances = private investment (FDI+portfolio) Increased gov’t spending in infrastructure
and ICT - corruption - red tape = business efficiency Business efficiency
+ labor productivity = competitiveness
End of Presentation
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