US-BASED infrastructure solutions provider Panduit aims to double its market reach in the Philippines given the projected infrastructure and urbanization efforts in the country in the coming years.
“We basically are looking at probably doubling our business in the Philippines in five years. We are already [doing good]in the Philippine industry, so to double that, we need to create new markets,” Harry Woo, managing director and senior vice president at Asia Pacific Panduit, told reporters at a media briefing in Pasay City on Monday.
Woo said they are looking at possible opportunities presented by the Belt and Road initiative of China and the Asian Infrastructure Investment Bank (AIIB).
“China and the AIIB will build the Belt and Road from Asia to Europe. One of the big destinations will be the Philippines,” he said, noting that infrastructures such as high-speed railways, metro or subway systems, and airports will be constructed under the project.
They also expect the Belt and Road initiative would invest in building infrastructures for power generation, particularly in renewable energy. “Bringing in renewable energy would probably need some foreign investment, because that part is something new to the Philippines,” he said.
Panduit is also looking at the opportunities presented by urbanization.
“There are more and more people who move into the city, or the town becomes a city, the city becomes a mega-city, because now you have the infrastructure and space. That will develop the next generation of growth leaders for the Philippines. We have seen that in China, that’s how we built our business in China, we believe the Philippines can go through the same phase,” he explained.
Panduit is a solutions provider focusing on connecting, managing and automating physical infrastructures.