10 June 2015 – Proving that small and medium enterprises and not just multinational companies can take advantage of business opportunities in the booming economy of the Philippines, a seminar entitled “A Little Slice of the Philippine Pie: Strategic opportunities for Finnish SMEs” was attended on June 04 by participants from Finnish businesses from various sectors, including ICT, manufacturing, human resources, consulting and construction and logistics. The event was organized by the Finnish Ministry for Foreign Affairs, the Philippine Embassy in Oslo, in cooperation with Finland’s credit export agency, Finnvera.
“The string of exploratory visits to the Philippines for business in the last two years, including that of Finnish institution and fund investors, and lately, by the Finnish Minister for Economic Affairs, undoubtedly shows Finland’s interest in the country, now considered by many as an exciting growth area,” Philippine Ambassador Bayani Mercado pointed out as he opened the event.
Speakers included Mr. Elmer San Pascual of the Philippine Economic Zone Authority (PEZA) who said that three Finnish companies – SAWO, Inc., which manufactures; Tieto Global Oy; and Megateam Corporation, which offers IT services, are already enjoying special tax incentives and privileges by being located in Philippine I.T. parks.
Another Philippine speaker, Ms. Lelina Quilates from the Public-Private Partnership Center in Manila, demonstrated the areas in which small and medium enterprises can participate in the Philippine Government’s massive infrastructure and systems projects, including airports, highways, schools and medical centers.
During the discussion, testimonials were heard from Finnish companies such as Sandvik, Comptel and Vaisala, which attested to the rewarding experience of doing business in the Philippines. The event closed with tips from Finnish business strategist Maria Wan of Hanuman Consulting on how Finnish companies can find their right market segments in the Philippines.
In Finland, small and medium enterprises (SMEs) are defined as businesses with fewer than 250 employees, and have either an annual turnover not exceeding €50 million euros or an annual balance sheet total not exceeding €43 million euros and which no single enterprise owns 25% or more shares of the company’s capital or voting rights. END