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Chapter | Construction & Real Estate from The Report: Philippines 2019

The Philippines’ construction industry is entering a period of strong growth, supported by government spending led by President Rodrigo Duterte’s signature Build, Build, Build (BBB) infrastructure programme. BBB is leading to ancillary construction and development around airports and seaports, especially residential and retail projects, providing the momentum stakeholders need to confidently plan for the future. The Philippines’ real estate sector has enjoyed robust growth in recent years, fuelled by remittances, rapid economic expansion and a comprehensive public infrastructure programme that has opened up new opportunities beyond Metro Manila and the affluent business districts of the capital. Actions set to further strengthen activity in the sector include reforms to the tax system and the establishment of a new regulator. This chapter also contains interviews with Jose Leviste Jr, Chairman, Atlantic, Gulf & Pacific; and Robbie Antonio, Founder, Revolution Precrafted Properties.

Chapter | Transport & Infrastructure from The Report: Philippines 2019

On the back of the government’s Build, Build, Build initiative, various infrastructure projects have been implemented across the country to ease the flow of goods and people, as well as make the country an attractive place to live and work. Dubbed “Dutertenomics”, President Rodrigo Duterte’s prioritisation of infrastructure is intended to usher in a golden age of development for the Philippines. Indeed, infrastructure was a cornerstone of the election campaign that brought him into office in 2016. The administration is holding true to its promise, and in a bid to foster economic growth and alleviate congestion, the state is making major strides towards an efficient transport ecosystem. This chapter also contains interviews with Arthur P Tugade, Secretary of the Department of Transportation; and Eddie Monreal, General Manager, Manila International Airport Authority.

Chapter | Tourism from The Report: Philippines 2019

Tourism in the Philippines has seen considerable growth in recent years, with over 7000 islands and an abundance of rich cultural traditions making the archipelago a regionally competitive destination. The closure of popular destination Boracay for six months in 2018 shone a light on other destinations and allowed the sector to diversify its offerings to cater to a wider array of tourists, as well as boost the country’s reputation for being sustainable and environmentally aware. The government’s goal of attracting 12m tourists per year by 2022 will be aided by the emergence of new coastal and island destinations, combined with the growth of medical tourism, cruise tourism, and the meetings, incentives, conferences and exhibitions segment. This chapter also contains interviews with Alan Peter Cayetano, Chairman, Philippines South-east Asian Games Organising Committee; and Pocholo D Paragas, COO, Tourism Infrastructure and Enterprise Zone Authority.

Chapter | Industry & Retail from The Report: Philippines 2019

Industrial expansion has played a leading role in the Philippines’ economic progress, with industry’s value added doubling between the 1980s and early 2000s. From a manufacturing standpoint, a number of inherent advantages make the country an enticing production base and consumer market, including its strategic location, large population, and burgeoning middle class. However, congested transport networks and the relatively high cost of power have restricted progress. Favourable macroeconomic conditions – lower inflation and increased purchasing power – have bol-stered consumer confidence in the Philippines. Like¬wise, enhanced business strategies and new product lines have played a key role in expanding the retail sec¬tor in recent years, as has the continued development of e-commerce and smartphone penetration. This chapter also contains interviews with Satoru Suzuki, President, Toyota Motor Philippines; Gerard Brimo, Chairman and CEO, Nickel Asia Corporation, and Chairman, Cham¬ber of Mines; and John Murphy, CFO and Former Presi¬dent for Asia Pacific, Coca-Cola Company.

Chapter | Energy from The Report: Philippines 2019

The Philippines’ rapid development has outpaced the capacity of the energy sector to meet surging demand. In response, long-term policies have been implemented to promote upstream investment, diversify energy sources and drive down the cost of electricity. Notable projects include the construction of the country’s first liquefied natural gas import terminal and regasification facility, as well as the Visayas-Mindanao Interconnection Project, which should improve the reliability and efficiency of energy supply. Moreover, while disputes with China over sovereignty in the South China Sea – also known as the West Philippine Sea – have hindered upstream development, recent agreements on exploration and development activities in these areas could offset declining reserves at the Malampaya gas field, the Philippines’ primary domestic source of gas. This chapter also contains interviews with Erramon Aboitiz, CEO and President, Aboitiz Equity Ventures and Aboitiz Power Cor¬poration; and Dennis A Uy, president and CEO, Phoenix Petroleum.

Chapter | Insurance from The Report: Philippines 2019

This is an important period of transition for the Philippine insurance sector, as stakeholders attempt to meet a range of new regulatory requirements designed to expand the industry’s depth and reach. There has been strong growth in profitability and gross written premium in recent years, generated by a wide range of insurance types and entities. Indeed, one of the main characteristics of the Philippine market is that it includes not only conventional life and non-life insurance, but also composite companies, pre-need outfits, mutual benefit associations, health maintenance organisations, and micro- and macro-insurers. All segments are likely to benefit from continued efforts to strengthen the market by the sector regulator, the Insurance Commission. Moves towards establishing a more comprehensive disaster and emergency fund are also expected to improve market standing and spread risk in the years ahead. This chapter also contains an interview with Rahul Hora, CEO, AXA Philippines.