Good Tidings Philippines

Baguio Skyline
Good day! I believe it’s a very good day for almost everything, especially for our country. I have read a couple of good news stories in our national paper. Noticeable among these is the news referring to the apparent confidence that some multinational corporations placed in the Philippine economy. This is a far cry from the news about Italian credit downgrade by credit-rating agency Standards and Poor’s that sent indices in the Eurozone stumbling yesterday. All in all, this would send shivers worldwide in as economies are threading a precarious economic path these days. But, let me go back to the Philippines first. 

The Philippine president is in the US for a working visit and according to the news, several American executives paid the president of the Philippines a courtesy call, “expressing enthusiasm in his effort to create a new business environment” and signifying their respective companies’ intention to expand presence in the country. Jeffrey Fox, president and CEO of the Cincinnati-based Convergys Corporation, indicated its long-term commitment to the Philippines. Convergys Corporation has a strong presence in the country in the business process-outsourcing sector. [1]

The BPO sectors have been strongly supplementing the much-needed work opportunities for younger generations, thus boosting their purchasing power. More than that, business process outsourcing is touted for its “multiplier effect”, creating more direct and indirect jobs than any other sector of the economy. It is not a wonder then that food establishments, department stores boutiques, banks and pharmacies sprouted around contact and delivery centers. IT parks are our equivalent of what was then a booming mining town. [2]

Representatives of the PepsiCo revealed a planned investment in the coconut industry over the next 15 years. The investment, pegged at $15 million, envisions to uplift the ailing coconut industry, as PepsiCo is interested not only in harvesting coconut water but also in planting coconut trees. It was revealed that there is a huge market for coconut water worldwide. The coconut is known to be the tree of life, which every part has its own use, but the industry itself is in dire need of the much-need infusion for it to survive. [3]

I am quite elated at the prospects of these two major investments as it reflects strong and positive sentiments towards what we have been doing in the Philippines for the past couple of years. To welcome these investors, the government must be able to further improve our business environment to make it more attractive to other investors. Economic centers must be opened in the countryside and must not be concentrated in the urban centers of Manila or Cebu. In this manner, economic activity is felt even those in the far flung areas of the country. This is the reason why an end to the long-standing strife in Mindanao is all the more necessary. 


All Rights Reserved
Copyright © 2011 by Leonel Agir

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