European businessmen see RP rebound in 2010

European businessmen and investors are “cautiously optimistic” that the Philippine economy will rebound by next year as the agri-business, business process outsourcing (BPO), electronics, property development, retail and tourism sectors show growth potentials. “We are looking at 2010 with guarded optimism,” Henry Schumacher, European Chamber of Commerce of the Philippines (ECCP) executive vice president, said at a recent forum titled “Economic Outlook 2010: The Philippine Business Environment in Light of Developments in the World Economy.”

During the forum, industry leaders of the six sectors presented their respective projections for next year.

Mariz Agbon, Philippine Agricultural Development and Commercial Corp. president, said investors from Bahrain, Kuwait, Saudi Arabia, Qatar and South Korea are interested to infuse money into the country’s agriculture sector.

He added that 1.6 million hectares of agricultural land—out of the government’s target of two million hectares by next year—is now available.

The BPO industry, on the other hand, will continue to be a growth driver as it is expected to generate $9.5 billion of revenues next year and would further grow to $12 billion by 2011, Oscar Sañez, Business Process Association of the Philippines (BPAP) president and chief executive officer, said.

He said big-ticket outsourcing investments are also now being brought to the countryside. Non-voice and back-office services—such as corporate services, creative services, design, finance and publishing—will continue to complement the traditionally strong voice segment, Sañez added.

Arthur Young, Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) chairman, said the sector projects a double-digit growth next year while export revenues may reach up to $30 billion.

“The uptick in consumer spending in the US, and increase in the purchase of hybrid cars, smart phones, PDAs, laptops, flat panels and medical equipment in fast-growing markets such as China and India are good reasons to be optimistic,” he said. –Ben Arnold O. de Vera, Manila Times