Upbeat
No. 11.27.13 No. 2122 10.30.2008
Foreign firms expanding PHL operations After the Department of Trade and Industry's (DTI) successful trade and investment missions in the past months, multinational companies in the Philippines are planning to expand their operations. DTI Secretary Gregory L. Domingo said that a Londonbased business that has an office in the country wants to increase its investment and manpower here. Also, a British business process outsourcing (BPO) firm had recently transferred the “logistics management for the deliveries of their products” here in the Philippines from the United Kingdom.
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According to Domingo, the firm’s move proved to be a good decision as they have exceeded their performance targets.
A Singaporean firm also wants to increase its operations by adding 5,000 personnel on its business in the country. On the other hand, an international real estate firm has gotten about 30 inquiries, well beyond the company’s expectations of about five to eight inquiries. “The investor interest level in the Philippines is high – the highest in my career in DTI,” Domingo said. “Over the past weeks, we were in at least seven investment fora and roundtable discussions with high-level business executives. The strong attendance to these discussions is a very strong statement on the Philippines," he added. The DTI’s efforts to promote the Philippines as an investment venue have gained good results. According to Bangko Sentral ng Pilipinas’ (BSP) report, foreign direct investments (FDIs) increased by 123% year-on-year to USD 143M in August. “Parent companies abroad continued to lend to their local subsidiaries and affiliates to fund existing operations and expand their businesses in the country,” BSP added. More multinational firms also chose to reinvest the earnings of their local affiliate to further expand their local operations instead of taking their profits back to their main offices.