Event report
Past Event | Breakfast talk: Doing Business in the Philippines
Thank you to our esteemed speakers Bernard Aw, Chief Economist APAC at COFACE, Jude B. Ocampo, Partner at OS Law, Gregory Chow, Operations Director Asia at SYSTRA and Zenon Dimaranan, Head of Key Accounts at ENGIE Services Philippines and to Gregoire Virat, Partner at Eurogroup Consulting for facilitating this panel discussion exploring the opportunities and practical considerations of doing business in the Philippines.
This session discussed the macroeconomic landscape and growing sectors of the Philippines, its opportunities and challenges and the legal framework and processes to set-up a business in the country.
Here are the key takeaways from the discussion:
Opportunities:
-
Fast-growing economy: The Philippines is the fastest-growing economy in Southeast Asia, with a projected growth of 5.6% in 2023 and similar expectations for 2024.
-
Young and skilled workforce: The Philippines has a large and young population with a high number of college graduates (including English speakers) entering the workforce every year.
-
Low operational costs: Compared to other Southeast Asian countries, the Philippines offers a lower cost base for businesses.
-
Government investment in infrastructure: The government has launched ambitious infrastructure development programs ("Build! Build! Build!" and "Build Better More") focusing on energy, transportation, and other sectors.
-
Openness to foreign investment: The Philippines has relaxed foreign ownership restrictions in several sectors, including renewable energy.
Challenges:
-
Competition: Attracting talent and foreign investment can be challenging due to competition from other countries.
-
Bureaucracy: Navigating public agency procedures can be complex.
-
Inadequate infrastructure: Existing infrastructure is insufficient to fully support economic growth.
-
Exposure to natural disasters: The Philippines is prone to typhoons and earthquakes.
-
Lack of standardized regulations: Some regulations may not be fully updated or internationally aligned.
Overall, the Philippines may be a good location for businesses in sectors like data centers, real estate, offshoring, and renewable energy.
For more information on the Breakfast Talk, please feel free to contact Alexia Duvernoy aduvernoy@fccsingapore.com
