Doing business in the Philippines, the strongest economy in Asia
by Rommel Conclara, ABS-CBN News
Philippine officials were recently in San Francisco, looking to court US companies to the Philippines.
Officials hoped that companies would be persuaded because of the strong Philippine economy — which economists say is the strongest in all of Asia.
“The number one consideration is the GDP,” said Undersecretary Nora Terrado, of the PH Dept. of Trade and Industry. “The last seven years, our average growth is 6.3%. That’s the highest since 1978.”
“Last year we grew 6.8% — that’s the highest among selected economies that we compete with,” she added. “The businesses in the US can take advantage of the very robust consumption economy, and for which an investment-led proposition will be good for businesses there.”
In 2003, John Chess of KMC Solutions USA was one of the first to address clinical health care services for US companies from the Philippines.
Chess he says he is proud of the success he received from working in the Philippines.
“The results speak for themselves. There are so many large US healthcare companies that have established very significant operations in the Philippines, that I think it’s a wave or a tide that is turning that most companies,” he says. “Tf they’re going to compete in the industry today, and deal with the new administration’s squeeze on profits, they’re going to have to do that.”
At the moment, Philippine officials look to upgrade their skills to better equip themselves against the rapidly-evolving technology new companies are using everyday.
“It needs to go into higher value services, so that automation or all this digital transformation happening in our global market; we can actually survive,” said Cristina Coronel of Healthcare Info Management Association of the Philippines (HIMAP).
Philippine officials say San Francisco was the fourth city they visited on this roadshow, and plans to outreach to more cities — so that other companies can be informed about doing business in the Philippines.