October 28, 2008

The seminar on Business Opportunities in the Philippines held at the Hague Chamber of Commerce last October 22, 2008 highlighted recent economic developments in the Philippines as well as various business opportunities in the country.

H.E. Romeo A. Arguelles, Philippine Ambassador to the Netherlands, noted in his welcome remarks that the ongoing financial crisis in the US affected the rest of the world including the Philippines. However, he cited the Philippine economy’s resilience with the increase in exports and surge in investments.

Commercial Attaché Alma Argayoso emphasized and assured entrepreneurs who were present during the seminar that the Philippine economy is sound and that efforts are being done to keep the economy stable in spite of the credit crunch in the US.

Argayoso stressed that the Philippines have adequate domestic liquidity and continuous flow of remittances from Overseas Filipino Workers and foreign parent firms of calls centers in the Philippines. She further said that the country’s domestic banks have very limited exposure to Lehman Brothers and that some local companies who were exposed to the turn of events in the US are financially strong and conservative in their financial dealings.

Argayoso noted that the financial crisis is seen in a positive light in the Philippines because troubled companies in the US will be looking for safer places to invest and the Philippines is more than welcome to receive them.

Senator Ir Rein Willems, a member of the Dutch parliament (CDA) and former President of Shell Philippines in 1993-1997 and Shell Netherlands in 2003-2007, gave an inspirational talk and shared his experiences in doing business in the Philippines.

Mr. Simon Groot, Chairman of East West Seed Group with operations in the Philippines for more than 20 years now, discussed opportunities in the agriculture sector and stressed the importance of looking for a good partner in the Philippines.

Representatives from forty one Dutch companies, SMEs, and Dutch organizations listened intently to the presentations and were delighted with the tips and expert advice shared by the guest speakers. The participants were pleased to hear from the two respected Dutch entrepreneurs that doing business in the Philippines is a possibility they could explore with the positive and consistent support of the Philippine government.

An audio-visual presentation prepared by the Investor’s Relations Office was also shown during the seminar which featured testimonials of entrepreneurs doing business in the Philippines.

The seminar was second of a series of seminars organized by the Embassy in cooperation with the Chambers of Commerce of Rotterdam, The Hague and Tilburg. The third and last seminar for the year will be held at the Tilburg Chamber of Commerce on November 13, 2008.