Hong Kong – The Philippines is seen as a potential manufacturing hub for Hong Kong businesses, especially in the manufacturing industry, during the “Expanding Your Business Operations to the Philippines” Seminar organized by the Hong Kong Productivity Council (HKPC) for the local business sector at SME One.
In his welcome remarks, HKPC General Manager for Smart Manufacturing and Mainland Business Jeffrey Sit emphasized that the Philippines is a market full of opportunities, and an excellent place to invest in.
“Our country’s solid macroeconomic fundamentals which resulted in a 6.2 percent GDP growth in 2018, its young, highly educated and predominantly English-speaking population, and strategic location make the country the best location to move your manufacturing hub,” highlighted Acting Head of Post Germinia V. Aguilar-Usudan during her talk on the latest economic developments and business opportunities in the Philippines.
Acting Head of Post Aguilar-Usudan also noted that President Rodrigo R. Duterte’s massive “Build, Build, Build” infrastructure program and the current investment priorities are two of the country’s major economic drivers.
The Seminar also featured Philippine Economic Zone Authority (PEZA) Director General Charito B. Plaza as special guest speaker, who presented on the incentives and various business opportunities in the Philippines’ close to 400 economic zones. She also promoted the development of tourism-based and environmentally-friendly economic zones.
Other speakers were Hong Kong Chamber of Commerce in the Philippines President Frank Co Kin Hung, who called on his fellow Hong Kong businessmen to invest in industries in the Philippines; and AyalaLand’s Laguna Technopark Inc. investor Jeson S. Kiokan, who discussed the advantages of setting up industrial manufacturing in the Philippines.
Bank of China-Manila Head of Commercial Banking Don D. Capistrano, and PwC Philippines-Isla Lipana & Co Managing Partner Atty. Maria Lourdes P. Lim, respectively presented the banking perspective in investing in the Philippines and the tax opportunities and challenges, including the Philippines’ Tax Reform for Acceleration and Inclusion (TRAIN) law.
HKPC also provided an introduction of its support services including the “Branding, Upgrading and Domestic Sales” (BUD) Fund which Hong Kong companies can apply for, including business expansion to ASEAN countries.
The “Expanding Your Business Operations to the Philippines” Seminar is part of HKPC’s ASEAN series in partnership with Bank of China, which also previously featured Thailand, Vietnam and Malaysia.
The Council was established in 1967 as a statutory body and governed by the HKPC Ordinance, to provide services to upgrade the manufacturing capacity of companies, including technological development, environmental compliance and management systems.