MANILA, Philippines - Genting Hong Kong and its local partner Alliance Global Group (AGI) will invest another $1.2 billion in the Philippines in the next three years, encouraged by favorable macroeconomic fundamentals, government’s reforms and educated workforce.
David Chua, president of Genting Hong Kong, revealed the additional investment during the just conclude Philippine Business Conference. He said that the amount would be poured into its Resorts World Bayshore in the Pagcor Entertainment complex in Pasay City.
He said the amount is on top of the $800 million his company and AGI have jointly invested in Resorts World Manila.
Chua, who had invested in the country four years ago, believes that the Philippines has already hit its “inflection point”.
“The Philippines is the right place, the Filipinos are the right people and now is the right time to be here and to invest,” he stressed, adding “as many of you know, investing in emerging markets is all about investing at the inflection point.”
Chua is optimistic over business prospects here, citing favorable fundamentals characterized by low inflation, improved credit rating, strong currency and an emerging middleclass.
He also underscored the importance of Philippine government reforms, believing that changes in eradicating the inefficiencies and rampant corruption usually set the scene for the next stage of growth and development.
Apart from their investments in integrated resorts, Chua said that his company would relocate its regional operating headquarters from Kuala Lumpur in Malaysia to Manila.
He said his company has also set up a training academy and a call center which services not only its cruise businesses, but also sister companies such as Resorts World Sentosa.
Chua said the Philippines, with a population close to 94 million and a large, young, highly educated and talented workforce, clearly has the ‘right people’.
“The Philippines is uniquely positioned as it is traditionally an exporter of human capital especially knowledge workers. Unlike Singapore and Hong Kong who have had to import skilled workers, the Philippines hitting her inflection point need only to bring back home the OFWs (overseas Filipino workers),” he added. – PHILEXPORT News and Features