The benefits that reforms have brought to the Philippines in the form of rising domestic demand and new investment will be given wide-ranging coverage in a forthcoming report to be published by the global publishing, research and consultancy firm Oxford Business Group (OBG).
“The Report: The Philippines 2014” will discuss how the country can build on the growth achieved so far in business process outsourcing (BPO), particularly in value-added segments such as technical services. It also mulls the challenges the country faces, led by a lack of infrastructure, and the risk that demand from its main export markets could ease.
It will be produced with research assistance from the Bangko Sentral ng Pilipinas, Philippine Chamber of Commerce and Industry, Makati Business Club (MBC), Punongbayan and Araullo and SyCip Salazar Hernandez and Gatmaitan.
OBG has signed a memorandum of understanding on research facilities with the Philippine Chamber of Commerce and Industry (PCCI) and MBC in preparation for the group’s new project. Under the MOU, OBG will have access to both organizations’ resources, which will be used in the compilation of data for “The Report: The Philippines 2014.”
OBG’s regional editor Paulius Kuncinas said that while the Philippines continues to attract international investors in manufacturing, tourism, BPO and service sectors, the country needs to sharpen its focus on expanding other strategic sectors of the economy. “To move forward, the Philippines needs investors in other areas, such as agribusiness, logistics, mining, as well as infrastructure,” he said.
The president of the PCCI, lawyer Miguel Varela, added that OBG’s forthcoming report, which marks the group’s fifth publication on the country, comes as the Philippines steps up its efforts to make the transformation into a modern and prosperous economy. “Our domestic policies should promote economic growth by thinking regional and international than an insular market. If we want to stay highly competitive and attract more FDI’s [foreign direct investments], we need to change our mindset and gear our investment incentives toward international markets,” he added.
With the next five years seen as signalling a key phase in the Philippines’ development, Peter Perfecto, executive director of the MBC, acknowledged that collaborating with organisations such as OBG had played a pivotal part in helping them relay investment-related and country information to the wider business community.
“The working partnership with Oxford Business Group has allowed us to utilize its expertise in delivering services to investors,” he said.
Lauren Denny, OBG country director, welcomed both the PCCI and MBC on board, saying that the team was delighted to be fostering links with two key partners during what is undoubtedly an important year for the Philippines.
“Our 2014 report is particularly timely, given that Manila will be given a golden opportunity to raise its profile on the global stage next year when it hosts the World Economic Forum’s East Asia Summit for the first time,” she said.
Oxford Business Group is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Asia, Africa, the Middle East and Latin America.