Multinational firms engaged in pharmaceuticals and logistics are keen on further expanding their operations in the Philippines, according to the Department of Trade (DTI).
Citing discussions between Philippine trade officials and company executives based in China held on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit last week, Trade Secretary Gregory L. Domingo reported that Johnson & Johnson would be putting up a business process outsourcing (BPO) facility in the Philippines, which would generate 500 new jobs for the country.
The facility, the investment for which Domingo declined to disclose, would cater to the back office operations of the multinational medical devices, pharmaceutical and consumer packaged goods manufacturer.
“Johnson & Johnson is also mulling the possibility of introducing to the Philippines antituberculosis vaccine that is already available in other countries,” Domingo added.
Multinational pharmaceutical firm Sanofi also hopes to bring over different vaccines that are not yet available in the Philippines, thus further expanding its product offering to the domestic market.
A big global logistics firm that is already operating in the country meanwhile has the Philippines on its radar for possible expansion in the region.
“There is an expression of general interest, but there are no specific commitments. This company, however, recognizes the huge growth in Asia and so there is likely an ongoing evaluation not only of the [prospects in] the Philippines, but also of their presence in the whole region,” Domingo explained.
The trade chief further revealed that the Philippine delegation to the Apec summit also met with officials of Moody’s Investors Service, who said that the Philippines continued to hold a favorable position, as it did when the credit ratings agency gave the country a ratings upgrade last year. Amy R. Remo