MANILA, Philippines - In light of the World Bank recently announcing that the Philippines is poised to be “the next Asian tiger economy,†many have been examining the prospects of the country finally emerging from the economic doldrums. What has hardly been discussed, however, are the possible dangers facing Filipino companies during this “ascension†to tiger status.
Economic policies that have been instituted over the past decade have helped stir the Philippines from a long economic slumber that has seen this once-prosperous nation suffer since the late 1960s. Matoo Konishi, World Bank country director, noted that there is a consensus that “the Philippines is no longer the sick man of Asia, but a rising tiger.†Indeed, after several changes in leadership, several alterations in management, and several failed attempts at jumpstarting, the Philippine economy finally seems to be on an upward track thanks to a 6.6 percent GDP growth in 2012 that exceeded all targets.
Traps for tigers?
As optimistic as we are though because of this new status conferred upon the country, it does not come without its dangers and pitfalls. Though a lot of Filipino companies are now exploring entering the global market and establishing roots abroad, the reverse also applies. At the recently concluded Philippine Development Forum, Konishi enumerated the recommendations of stakeholders in several areas. In the area of economic development, the stakeholders stressed the need to simplify business regulations even as more foreign-owned corporations enter the Filipino market.
What this implies is that more than ever before, foreign-owned corporations are being welcomed locally as Filipino consumers try out brands and services that they had never had access to before. The challenge then for local companies is to step up their respective games, meet the new contenders head-on in the marketplace, and engage the consumers with exciting marketing campaigns that will keep them coming back for more. To do so, these companies need the requisite knowledge and experience of individuals who aren’t just marketing experts but people who want to impart that knowledge to help the country’s economic revival.
Will you eat or be eaten?
This year, the Philippine Marketing Association’s (PMA) National Marketing Conference will be held on June 27 and 28, 2013 at Marriott Hotel Manila with a theme of “Roar of the Tiger: Will your brand roar in the rising Asian economy?†Talks and case studies to be discussed will cover a wide range of topics, with a slant toward the aforementioned status of the Philippines as the next Asian tiger, and the significance of the post of chief marketing officer in making it happen for individual corporations.
With a keen eye toward truly securing the Philippines’ tiger economy status, the National Marketing Conference will be headlined by top marketers, executives, and people-in-the-know. As optimistic as most currently are because of the country’s expected rise to tiger economy status, the downsides of that same rise need to be learned in order to avoid being swallowed by expected economic adversaries. For even as the country’s profile rises on a global level, awareness of any challenges to be faced or threats that loom on the horizon are paramount so that our local tigers won’t be swallowed by their rivals. Instead, the world shall hear their collective roar.
The Philippine Marketing Association has long been the country’s leading organization in promoting marketing as a science and profession. With a theme of “Roar of the Tiger†for this year’s National Marketing Conference, the PMA fully endorses the country’s expected rise as the next Asian tiger economy.