Why Should FilAms Invest in the Philippines?

By: Lou Maningas Cabalona

 

Last October, through Young Business United and the Federation of Philippine American Chambers of Commerce, I was invited to attend the 42nd Philippine Business Conference and Expo in Manila.

Though my passion and career is in the arts and information technology, I have recently been thinking – as I am sure many my age has – about owning a business. I imagine it would be neat if it had something to do with music or arts education through technology. And — I know it sounds corny – but as a Pinoy at heart, if it brought dollars to the homeland or helped create jobs in the Philippines, it would be even sweeter!

For that reason and despite numerous schedule conflicts plus the slim odds of being able to fly to Manila a second time this year, I kept hoping until the last minute everything would fall into place!

And I am glad it did.

The PBC was a jam-packed three days. The first day gave me and other FilAm young leaders a chance to meet, network, and learn from the inspirational movers and shakers of Filipino American businesses in the USA, including Midwest-based businesswoman and FPACC Treasurer Cynthia Flores who manages a number of Healthcare and Realty-oriented businesses in the area.

The second and third day included a series of investment oriented plenaries led by many industry experts and government leaders in front of a bigger contingency of over a 1000 businessmen and entrepreneurs at the Marriot Convention Center in Pasay. There were sessions for business matching opportunities. The conference also offered an extensive expo of investable products and potential businesses (Think, Lugao – Filipino porridge – franchise in Chicago!)

To culminate the event, we had no less than the President Rodrigo Duterte assuring attendees that the business climate of the Philippines is thriving now more than ever.

But nothing opened my eyes more to the potential of young Filipino Americans finding their business-calling in the Philippines than in meeting folks who actually did.

From builders of technology-based start-up companies to manufacturers of agricultural-based products, I asked these young trailblazers what advice they would give Filipino Americans who are interested in investing or starting businesses in the Philippines.

Israel Keys, CEO of BloomSolutions, a Manila based Financial Tech startup, believes “There are a lot of opportunities for creating value and building a business here”. His advice. “Come and spend some time here. Look for problems that you think you can solve. Find local partners and build!”

“While the Philippines has been in the news lately for all the wrong reasons, it is business as usual here and this is still the right time to open up businesses.” Business Consultant and Educator, Marco Aventajado, counsels folks not to be deterred by what they hear but adds, “Be wary who you let handle your money. Hire professionals, (it) might be more cost-effective in the long run”

Both Keys and Aventajado lived and finished their degrees in the US before deciding to move to Manila.

They are part of a growing segment of FilAms who have chosen to come back “home”.

Andrew Garcia, Managing Director for Bleeding Heart Rum Company, attempts to describe why. “There seems to be a spark in the Philippines that is stimulating growth and fueling jobs, and over the past few years there has been growing demand for new ideas and products. From hospitality to BPO, craft goods to tech startups, there is a vibrant opportunity to be had in our growing country”

And there is room for everyone. Bleeding Heart Rum Company Brand Manager Cristhel Molina, happily adds, “The Philippines is currently the second fastest growing economy in Asia, next to China, although most of the country’s economic growth is attributed to Small-to-Medium Enterprises, (thus) making the country an ideal environment for entrepreneurship.”

For those who are not yet ready to take the plunge into owning a business, “Investing in the Philippines, especially in Real Estate is a great opportunity for foreigners and Filipinos abroad,” according to Marielle Infantado – Kelly who is currently working with husband Jarred Kelly on marketing, managed condominium investments in Boracay, Palawan, Batangas Beach and Tagaytay. She adds, “The prices of real estate properties in the Philippines are also relatively low compared to those located in US and even among its counterparts in the Asian Region. Which is why investing in the Philippines is attractive because their values are expected Lto appreciate in years to come.”

For some others and perhaps myself, it may take some time to figure out WHAT to invest in or HOW. At the same time, It is remarkable to learn, that some young professionals I’ve met — whether they are from the USA or the Philippines or both — couldn’t be more clear about their WHY.

Arnel San Pedro who works as Director of Event Production in Miami Beach, Florida, attended the PBC and YBU Meetings. He shares, “it is time to pay it forward and give back to our roots. We should take the best and most applicable practices and processes learned from our current society and adapt them to the Philippines in the most beneficial way. It could be to introduce a new ecological initiative or to offer an operational efficiency technique or even to promote a human rights/social issue. In addition, as Americans, there are plenty of opportunities to be made in the booming markets of arts & entertainment, culture/subculture, tourism, health/fitness and technology.”

Writer and English Teacher, Javier San Andres who considers both Denver, Colorado and Antipolo, Rizal his home, says, “Not only is investing or starting a business in the Philippines an opportunity to earn profits, it is an opportunity to create jobs for our sisters and brothers back home, contribute to the national economy, and encourage more overseas Filipinos to do the same. If you would also like to rediscover your roots in our beautiful archipelago, while giving back to it, invest or start a business here!”

Makati-native Erica Larkins, Brand Executive for Don Papa Rum, shares, “Researches show that majority of the OFW’s would rather be back home in the Philippines with their kids and wives but feel obligated to work abroad to give their family a better life. I believe small steps such as investing in your own country is a big stepping stone to seeing the Philippines progress and (help make it) a much better place to live in, and even work in.”

Whatever your motivation is, know that as both Filipinos and Americans, we have an advantage.

According to Garcia, we should “Bring (our) knowledge, experience and innovations home (from the US), but never forget that adapting to a local Filipino context is key.”

We’re already halfway there!Molina sums it up beautifully, saying “Filipinos overseas have the opportunity to observe market trends outside of the Philippines. Taking this into consideration, Filipinos abroad can be innovators in the current entrepreneurial landscape of the Philippines. Furthermore, the challenges of sustainability in the Philippines for them are easier to overcome because of their familiarity with the culture, language, and can contribute overall to the creation of more jobs for their fellow countrymen.” ————

YBU Meeting with VP Robredo (from L-R) – Javier San Andres, Lakhi Siap, Louella Cabalona, Arnel San Pedro, Micah , Ryyn Schumaker, Vice President Leni Robredo, Lyle del Mundo, Brad Baldia, Name Unknown, Oleg Taranenko, Rexy Josh Dorado, Brendan Flores, Daniel Masangkay, Anthony Guevarra and Crystal Evans; Inset: Louella taking a selfie with VP Robredo.

Meeting with FilAm Businessmen (from L-R) – Marco Aventajado, Name Unknown, Justin David, Brad Baldia, Louella Cabalona, Name Unknown.

Don Papa Rum Master Class (Fr L-R) – Lakhi Siap, Louella Cabalona, Mark Ocampo, Lyle del Mundo, Christel Molina, Anthony Guevara, Kathtryn Ecstein Cornista, Erika Larkins, Ryyn Schumaker, Brad Balida, Arnel San Pedro.

Crystal Evans, International Chamber of Commerce COO Philip Kucharski, FPACC President Marie Cunning with Louella at the PBC Closing Dinner

Louella with (clockwise from top left) FPACC Treasurer, Cindy Flores, Bob and Vernie Morales of the Philippine Department of Tourism.

Louella with Philippine President Rodrigo Duterte