The Market Monitor Minding the Nation's Business
By Jerry Maglunog
A growing population, booming industries, mining potentials and tourism growth are just some of the reasons Maybank, Southeast Asia’s fourth biggest bank by assets, said the world is coming to Asia, specifically the Philippines.
Maybank said the mining potential in the region alone is so big, thus any industry that will try to dig any region of Phuket in Thailand, Dien Bien Phu in Vietnam and Surigao del Sur in the Philippines will not go wrong.
“Asean has over 600 million population; it’s bigger than Europe that’s why investors are here to stay,” said Datuk Farid Alias, chief executive officer of Maybank Group during the Invest Asean dialog recently.
Alias said when Asean is mentioned, the first thing that comes to his mind is the Philippines, as all the needed qualities are found in the country.
The potential that awaits the Philippines must be reciprocated by good policies so investors will come in after this leadership.
It is for this reason thatthe second leg of Invest Asean was hosted by the Philippines. The first leg was held in Kuala Lumpur, Malaysia’s capital. Aside from good policies, he said infrastructure projects must be improved as the national government spending for the endeavor is merely 2 percent, far from the ideal 5 to 7 percent.
“The implementation of big-ticket PPP (project-private partnership) infrastructure projects will be undertaken via PPP will boost growth over many years as well as stimulate the broader economy through multiplier effects,” an official in Baguio City, where the season is seen as stable but very dangerous, said.
Alias said nickel mining is still very far from taking off in the country and any move that will promote it would be highly appreciated. In Surigao del Sur alone, more than two dozen mining firms are operating.
Nickel, ore and gold are abundant in the province. The very good potential of the country is enough reason for the bank not to make its options open to expand in the country. “Expansion comes in many ways,” he said.
Maybank is a universal bank that has over P9 trillion in assets (about one and one half of average Philippine GDP). Its assets are bigger than the combined five biggest banks in the Philippines which amounts to about P6 trillion.
In Malaysia where its head office is located, Maybank operates consumer, business and corporate banking as well as private banking services, through a network of 402 branch offices and more than 2,600 automated teller machines (ATMs) around the country.
The company operates 22 branches in Singapore providing a full range of banking and financial products and services. Maybank, through Maybank Philippines Incorporated, has 79 branches in the Philippines.