Indian Prime Minister Narendra Modi commend the Philippines as a services powerhouse at the Association of Southeast Asian Nations Business Investment Summit (ABIS) 2017 in Parañaque City.
“The Philippines is a services powerhouse, just as India is. And, just as India, here in [the] Philippines also, the government wants to see change, bring about inclusive growth, develop infrastructure, and fight corruption,” the Prime Minister said during the second day of the said conference which was held from November 12-14.
Modi also said that he was not surprised to know that a lot of Indian IT companies are investing in the Philippines.
ABIS 2017 is organized to serve as a platform for conversations among regional and global stakeholders in the ASEAN economic community which brings attention to the business, investment opportunities, issues, and directions in Southeast Asian nations. — via Rappler
Technology startups can create a window of opportunity for local graduates and outsourcing employees amidst the slowdown in the IT-BPM sector, according to Gregg Victor Gabison, president of the Cebu IT-BPM Organization (CIB.O).
During the sidelines of CIB.O’s Transformation Celebration in Mandaue City, Gabison said that entrepreneurship in the IT sector can solve the economic decline in the said sector.
“Startups are gaining ground. More incubation centers will be built, and that’s one area (that they can venture in.) The entrepreneurial game is gaining ground,” Gabison said.
Cebu IT-BPM showed signs of resiliency in recent years despite of the slowdown, Gabison said. He also added that regardless of some companies that have stopped operations, new ones are coming in which “has kept Cebu afloat for so many years.”
Instead of concentrating on talent acquisition alone, CIB.O also tries to focus on investment promotions as an effort to attract more investments to Cebu.
Local graduates are now more exposed to research and development, instead of the usual technology support jobs which makes them more employable locally and overseas, and equips them to start their own companies, Gabison noted.
“In terms of tech support, we might have declined, but for production of innovative ideas, or IT creation, we have actually skilled up,” Gabison said. — via SunStar Cebu
Slow internet connection, along with the country’s underdeveloped infrastructure, still remains a challenge in the Philippines despite of its faster economic growth.
The Organization for Economic Cooperation and Development (OECD) expects the Philippines to post faster growth in the next five years.
“Average growth from 2018 to 2022 is expected to reach 6.4 percent, about 50 basis points higher than [the average of 5.9 percent] from 2011 to 2015,” the OECD cited in its report “Economic Outlook for Southeast Asia, China and India 2018: Fostering Growth Through Digitalization,” which was launched on the sidelines of the ASEAN Business and Investment Summit 2017 held in Parañaque.
The intergovernmental economic organization, however, pointed out that in order to maintain the country’s economic growth, the government needs to address the existing gap in infrastructure.
“While improvements have been made in recent years, additional capital and efficient investments will be needed to keep up with demand for infrastructure development in the fast-growing economy,” the OECD noted.
The organization also stated that the price of internet in the country remains relatively high.
“Slow internet speeds and challenges in online payment affect e-commerce and digital economy more generally in the Philippines.” — via Inquirer.net
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