MANILA, Philippines – Finance Secretary Carlos G. Dominguez III expressed confidence that the country's strong…
A global consultancy firm grows in the Philippines among solid fundamentals
Despite the current state of the world economy, a major consulting firm feels that the Philippines still has enormous business potential.
On Thursday, Bain & Company formally opened its first office in the nation. It is situated in Taguig’s Bonifacio Global City.
Despite the economic challenges that the global and domestic markets are facing as a result of the pandemic, geopolitical tensions, rising oil prices, and weakening local currency, Bain & Company Philippines partner and office head Patricia Buenaventura Nichol stated in a press conference that the country maintains strong economic fundamentals and remains an attractive market for businesses to establish and expand their operations.
“The fundamentals of the Philippines are sound. We have a sizable economy now, ranking third in Southeast Asia. We have the second-largest population in the world. We can only speak English. We also have strong growth fundamentals in the Philippines, so when you consider the potential possibility there, “added Nichol.
For the previous 25 years, Bain & Company’s offices in Singapore and Hong Kong have provided services to Philippine-based companies from various industries without having a physical presence here.
“There are stages of development of markets, and I see compared to 30 years ago, the market is actually much more open, ready, and mature in terms of the type of consulting services we can provide… which come with a certain level of development of the markets,” said Jean-Pierre Felenbok, chairman of Bain & Company Philippines.
Wade Cruse, managing director of Bain & Company, noted that the company’s expansion in Southeast Asia over the next five years will be significantly aided by its operations in the Philippines.
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