While the Philippines has exceeded all expectations to become a global center of growth, there are “deep concerns about the Philippine economy.”
“Unless new growth industries can be found and developed immediately, the Philippine economic miracle could be finished in the next three years,” organizers of the Asia CEO Awards said.
These concerns include populist politicians who have suddenly burst onto the world stage. “Blaming ‘foreigners’ for job losses and everything else, they are frothing-at-the-mouth for far-reaching trade restrictions,” the statement said.
It also noted that the number of new locators in key growth sectors like Business Process Outsourcing has dramatically slowed to a trickle.
Tata Consultancy Services Country Manager Vikram Singh said that the Philippines should strike a balance between technology disruption that is happening in various industries and their supply chain. He cited the sector of telecommunications where consumers now go for data. “Companies should leverage on the disruption by technologies to spur new growth industries,” Singh emphasized.
“Manufacturing, long hyped as the country’s next big thing, has so far failed to live up to expectations. While tourism, another big potential opportunity, is being severely hampered by deficient infrastructure and high costs compared to other destinations,” the Asia CEO Awards statement added.
Taking the lead in ASEAN
While the Philippines is boosted as a business destination, Regus Regional Head Philippine Country Manager noted that “Filipinos tend to be cynical about the Philippines. We (Philippines) are taking the lead in ASEAN and in the world, so it is important that we remind ourselves about the Philippine successes. The Philippines is a market platform for organizations in the ASEAN,” he said.
The Philippine economy is predicted to be in Top 16 around the world in the next 20 years. “We must grow from 8% to 9% every year to hit that 2040 prediction,” PwC Chairman and Senior Partner Alexander Cabrera mentioned.
According to Cabrera, new growth industries must come from agriculture, mining, and manufacturing that will make the Philippines more attractive to investors.
Asia CEO Awards
The Asia CEO Awards is promoting the Philippines as a global center of growth on its 8th run. It is touted as the largest event of its kind in Southeast Asia.
On October 17, 2017, it will award the following categories: TCS Executive Leadership Team of the Year, White and Case Top Employer of the Year, Smart Enterprise Global Filipino Executive of the Year, JLL Expatriate Executive of the Year, ADEC Innovations Green Company of the Year, LBC Business Solutions SME Company of the Year, ICM CSR Company of the Year, Sitel Service Excellence Company of the Year, Healthway Wellness Company of the Year, Meralco Biz Partners Entrepreneur of the Year, Regus ASEAN Company of the Year, SPi Global Technology Company of the Year, I-Remit Heart of OFWs Company, Luneta Advertising Most Innovative Company of the Year and Young Leader of the Year.
The deadline for nominations is on August 28, 2017.
– Caesar Vallejos