We are delighted to announce that the 2022-2023 IFP location will be the Philippines!
The Philippines is one of the most dynamic economies in the South East Asia Pacific region. Its economy is characterized by increasing urbanization, a growing middle class, and a large and young population in recent years. Having sustained average annual growth of 6.4% between 2010-2019 from an average of 4.5% between 2000-2009, the Philippines continues to promise exciting business opportunities for companies looking to expand into Southeast Asia. With the Netherlands being a consistent top source of the Philippines' foreign direct investment, many Dutch companies are already successfully active in the Philippines.
Maritime and Logistics
The Philippines is located among major international shipping lines crossing the Pacific Ocean. Due to the growing economy, the government is prioritizing an upgrade of its maritime industry. Innovation projects are spread over multiple industry aspects like port construction, dredging, infrastructure, warehousing, and maritime technology. Since the Netherlands has a long history in the maritime industry and everything related to waterworks, it provides great opportunities for Dutch companies to be part of the growing Philippine market.
The growing population and economy of the Philippines strongly increase the demand for electricity. At this moment, the energy sector still depends for a large part on imports of fossil fuels, but the Philippine government is taking steps towards a sustainable energy market. Dutch companies can help out by providing the necessary equipment for renewable energy that benefits future generations.
The Philippines has a large demand for consumer-oriented food & beverage products due to its young and increasing population. With spendable incomes consistently rising in recent years, the Agri-Food industry is ever-expanding. This is where Dutch innovation and equipment can help this industry continue to grow.
IT & Tech
In recent decades IT-business process outsourcing (IT-BPO) has become a major component due to its large workforce and a population with a high standard of English language skills. It is predicted that the increasing welfare will continue to expand the ICT sector in the coming years. This perspective brings out a lot of new opportunities in digitalization, cybersecurity solutions, and smart technology on which can be anticipated.
The culture of the Philippines is characterized by diversity where East meets West. It is a mixture of traditional Filipino and Catholic Spanish, which in turn has been influenced by other Western influences as well. This unique culture is a result of the Spanish conquistadors who ruled the Philippines from the sixteenth century to the nineteenth century, after which the United States colonized it until 1946. Because of these ties to the Spanish and American cultures, Filipinos are very welcoming to Western travelers and businesses. In general, the country is oriented towards Western countries, as well as towards other Asian economies.