From The COO South East Asia
The Philippines continues to be one of the fastest growing large economies in South East Asia with projected GDP growth of 6.6% this year according to the World Bank. However, this figure is down from earlier estimates of 6.9%, impacted by a slower-than-expected start to major infrastructure investment projects from the government. The President's "Build, Build, Build" initiative should directly tackle this, but actual implementation continues to be a challenge. Despite this, the construction industry continues to be strong, creating lots of opportunities for companies connected to this boom, from cement companies to equipment providers to utilities companies.
Elsewhere, mining has been affected by earlier changes to government restrictions but a reversal of this is underway which will give mining companies and related industries a chance to regain lost ground. Other areas to focus on are hospitality, propelled by strong and consistent growth in tourism, as well as the growing credibility of renewal energy. Mirroring global challenges, it's still a relatively small slice of the utilities market but companies are seeing its strategic significance and investment is growing in this area.
In response to the range of challenges and opportunities our clients face, Renoir has worked directly with clients on the ground to deliver revenue growth and cost optimisation gains while implementing their long-term strategy. Read on to find out how we do just that for clients across the spectrum of key industries in the Philippines.