Philippine Trade & Investment Centre (PTIC)-Singapore Commercial Counsellor Glenn Peñaranda presented anew Philippine business opportunities in another seminar organized by The Global Filipino Investors (TGFI).
Food & Agribusiness He highlighted that Agriculture/Agribusiness and Fisheries is one of the preferred investment sectors in the Philippines Investment Priorities Plan (IPP) and that its sustained growth is vital in promoting inclusive economic growth. Food is the biggest part of the Filipino household consumption, with eating behavior evolving to fresh and non-processed. As a consumer market, the country offers a population of 100 million with rising incomes and sustained remittances from eight million Filipinos working abroad that further boost consumer spending. He also shared the continued foreign interest in sourcing food from the Philippines and the challenge in food production and supply to meet the ever growing demand from overseas. In 2014, food trade between the Philippines and Singapore increased by 25 percent, totaling US$137 million. Processed, fresh, beverage and marine categories are the top exports to Singapore. The market in Singapore includes the affluent and quality-conscious Singaporean consumer, the increasingly growing Singapore food service industry, the large Filipino community, the ship chandling industry and the neighboring regions.
Franchising Franchising has also been a successful business model in the Philippines, a major contributor to the country’s economic performance with a growth rate of 25 percent. Not surprisingly, food also tops the list. In the Philippines and the region, food quality, safety and halal certification, scalability, quality and customer service are critical. Franchising in the food and beverage sector is booming but the services area is under-tapped.
Beyond Manila While Manila continue to be the center of economic activity of the country, investors can also look beyond the National Capital Region to tap emerging areas such as Cebu and Bacolod in Visayas.
Other Investment Sectors The other key industries are manufacturing; services; economic and low-cost housing; hospitals; energy; public infrastructure and logistics; and public private partnership (PPP) projects. In Singapore, the Philippines is promoting processed food, IT-BPM, Engineering services particularly in the maintenance, repair, and overhaul services (MRO), infrastructure and PPP.
The Department of Trade and Industry (DTI) through the PTIC offices in major markets worldwide can assist companies who plan to expand their footprint overseas in search of potential partners. In the Philippines, negosyo or business centers have been launched nationwide this year to provide services to support micro, small and medium enterprises. Information about these centers can be accessed at the DTI website: www.dti.gov.ph.
Attended by over 400 Filipinos working in various industries in the city-state, seminar was organized by TGFI, a community geared to promote financial literacy to improve the financial well-being of Filipinos.
Glenn Peñaranda, PTIC-Singapore Commercial Counsellor, speaks at the “Business Opportunities in the Philippines” seminar in Singapore