Expand abroad, ING urges local firms | Inquirer Business

Expand abroad, ING urges local firms

/ 10:29 PM November 16, 2011

More Philippine corporations should look at expansion opportunities abroad to make the most of their strong balance sheet, according to the head of ING’s Asian corporate finance unit.

Except for a few players, most Philippine corporations tend to be generally cautious as they are reminded of the adverse impact of the Asian currency crisis of 1997, said Manuel Salak III, Singapore-based ING managing director for clients and corporate finance for Asia.

On the positive side, such caution has produced a throng of stable companies with huge cash balances that are well prepared to deal with volatile global markets.

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But caution, he said, was a “double-edged” sword as this had likewise prevented many corporations from “trying to take themselves to the next level.” As such, he said there were not too many corporate deals in the Philippines compared with other markets.

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“What the Philippines needs to do is to be more outbound,” he said. “While good balance sheet and credit standing are very good, they need to be very global in perspective.”

Salak cited companies like International Container Terminal Services Inc., JG Summit, San Miguel Corp., Jollibee Foods Corp. and Integrated Microelectronics Inc. as among the few companies making good inroads into overseas markets.

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TAGS: Business, companies, overseas expansion, Philippines

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