CANBERRA (29 October 2020) – Trade and Investment Secretary Ramon Lopez invited businesses in Australia and New Zealand to expand their operations as the global economy stages its recovery from the pandemic and make it happen in the Philippines.
The Secretary led the online launch of the new investment campaign, “Make It Happen in the Philippines”, to prospective investors in Australia and New Zealand on 28 October 2020. Secretary Lopez said that the Philippines is working on a V-shaped recovery noting the World Bank 2021 growth forecast of 6.2% and IMF growth forecast of 6.8%. The Secretary referred to the improved ranking of the Philippines in the Global Innovation Index hitting the top 50 this year from 73 in 2018.
He discussed opportunities in the Information Technology – Business Process Management (IT-BPM) sector. The Secretary said, “Philippines’ IT-BPM is the second largest in the world and is a cost-competitive option for business.” He added, “the Philippines has a strong track record in supporting global operations”.
The Secretary said that the Philippine advantage includes a large domestic market with rising income, competitive salary and steady wage increase, access to key markets and low labor attrition. Secretary Lopez also discussed opportunities in electronics, automotive, aerospace and copper.
Philippine Ambassador to Australia Ma. Hellen B. De La Vega said, “the Philippines, with its strong and decisive leadership, has demonstrated that it can pursue difficult reforms and commit to long-term objectives to ensure good governance and provide the enabling environment for business to thrive.”
Mr. Scott Stavretis, CEO of Acquire BPO, shared his experience operating in the Philippines for the last 15 years and the consistency of government schemes and tax incentives. Mr. Anthony Karam, Executive Chairman of TMA Group of Companies, described its Philippines base as its central hub and added that the Philippines has been very favorable for its operations and in consolidating support services.
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