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Executive Report on Strategies in Philippines
ICON Group International, June 2007, Pages: 393
How to Strategically Evaluate Philippines
Perhaps the most efficient way of evaluating Philippines is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Philippines
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Philippines. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Philippines:
Openness to Trade in Philippines
Openness to Direct Investment in Philippines
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Philippines. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Philippines over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Philippines when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Philippines as an area of dominant influence in Asia and, potentially, the world.
The report concludes with trade indicators for Philippines. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Philippines.
As a whole, this report presents a strategic assessment of Philippines by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN PHILIPPINES
Economic Fundamentals and Dynamics
Looking forward, the Philippines faces important challenges. Perhaps the most pressing -- and persistent -- is the need to increase government revenues to allow for sustainable economic development. Achieving longer-term fiscal viability will require stronger political will, especially where perceived corruption and inefficient tax collection have increased public resistance to paying taxes and eroded the intended gains of past restructuring efforts. Beyond the immediate challenge of allocating scarce resources among competing needs, effective revenue mobilization remains crucial to sustaining a responsible deficit-reduction plan that supports the needs of a growing population, addresses serious infrastructure deficiencies, and harnesses the human-resource capabilities demanded by intensifying global competition. Balance of payments vulnerabilities also remain. While trade liberalization presents vast opportunities, intensifying global competition and the emergence of low-wage export economies also pose challenges.
The intensifying competition for investments entails the steady pursuit of structural reforms which will eliminate bottlenecks to growth, lower the costs of doing business in the country (including pushing forward with the implementation of the Electric Power Industry Reform Act, EPIRA), and promote good public and private sector governance. The challenges are compounded by peace-and-order worries and the government’s need to focus time and resources to securing peace and development in the southern Philippines.
Government Intervention Risks
Free market forces generally determine prices of goods and services, although basic public utilities (such as transport, water and electricity) and sensitive agricultural products (such as rice) are subject to government control or oversight. Government regulation of prices of petroleum products ended in July 1998 with the full deregulation of the oil industry under the “Downstream Oil Industry Deregulation Act of 1998,” but the issue remains politically and socially sensitive. In response to public resistance to oil price increases, the government has sometimes stepped in to apply “moral suasion” on oil companies to keep price increases to a minimum (resulting in alleged cost “under-recoveries”).
Adequacy of the Infrastructure System
The infrastructure requirements of the Philippines remain large, including those that provide links to agriculture, industrial development and major tourism areas. Cognizant of the huge investment requirements, the Arroyo government will continue to rely on the private sector support in terms of financing, construction, operation, maintenance and rehabilitation of major infrastructure in power, water, and transportation through partial or total cost recovery from user charges. The Build-Operate-Transfer (BOT) scheme will be sustained in an effort to support the country’s infrastructure development plan.
The power sector is continuously undergoing reforms following the passage of the Electric Power Industry Reform Act (EPIRA) of 2001. The EPIRA paves the way for the privatization of the National Power Corporation (NPC), the creation of the National Transmission Company (TRANSCO) and the sale of NPC’s generation assets through the Power Sector Assets and Liabilities Management Corporation (PSALM).
Regional Economic Integration
As a member of the Association of Southeast Asian Nations (ASEAN), the Philippines is to be committed to reduce tariff and non-tariff barriers and investment restrictions within the ASEAN Free Trade Area (AFTA). Under these commitments, the six original ASEAN members agreed to accelerate the tariff reductions in each country’s AFTA Common Effective Preferential Tariff (CEPT) Inclusion List. CEPT duty rates are lower than or equal to the MFN rates accorded other trading partners (like the United States).
Philippine participation in the ASEAN Investment Area (AIA) does not provide any significant market access improvements for U.S. investors in the Philippines, at least in the immediate to medium term. While the objective of the AIA is to accord ASEAN investors national treatment for investments made in ASEAN countries, this benefit is limited by the ability of member countries to take exemptions from this commitment.
There is no common definition of “ASEAN investor;” each country continues to apply its own definition. The Philippine AIA commitments include nothing that promises changes in existing legislative or constitutional restrictions on national treatment. Manufacturing is the only sector for which ASEAN countries have filed lists of exemptions, but, from a practical standpoint, the Philippines does not maintain restrictions on investment in this area.
Political Risks
Political System
The Philippines has a presidential form of government, patterned after the U.S. system, with mandated separation of powers among the executive, legislative, and judicial branches. The political agenda is typically steered by the President’s administration, but the legislative branch also plays an active role in policy formulation and implementation.
A multi-party system results in a constantly fluid network of alliances that can shift according to the issue. The dominant party in the pro administration camp is the LAKAS-NUCD-KAMPI coalition. Other major parties include the Nationalist People’s Coalition, Aksiyon Demokratiko, Liberal Party, Reporma, PROMDI, and Kilusang Bagong Lipunan.
The Senate, the upper house in the bicameral legislature, is comprised of 24 members nationally elected for six-year terms, half of which are elected every three years. Senators voting for the winning Senate President are termed Majority, while the rest are Minority. Maneuvering to gain a majority is common, with efforts directed at possible defectors. Senators are limited to two six-year terms. The 223 members of the House of Representatives comprise the Lower House of Congress, of which 211 are district representatives, 12 are party list representatives, and 5 spots are vacant. Representatives can serve three three-year terms.
Presiding over the Judiciary, the Supreme Court is composed of 15 judges. Special courts of note are the Sandiganbayan, a special anti-graft court, and the Sharia Islamic Law District Courts in Mindanao. Persistent reports of inefficiencies, severe shortages of judges and prosecutors nationwide, and a weak record of prosecution plague the court system.
Marketing Strategies
Creating a Sales Office
A business enterprise must comply with the following requirements before it can start operations:
Apply for registration of the business name with the Bureau of Domestic Trade
Register with the Securities and Exchange Commission if a partnership or a corporation
Apply for a Barangay (i.e., precinct or ward) permit and Mayor’s permit to operate in a chosen locality of business secure municipal license (Export Processing Zone Authority enterprises excluded)
Register with the Bureau of Internal Revenue to obtain Tax Account No., Value-Added-Tax Registration No., and individual residence certificates for owners/incorporators
Register employees with the Social Security System, Medicare, and Department of Labor and Employment
The essential forms of business organization in the Philippines are sole proprietorships, partnerships, and corporations. Other less common business forms include joint stock companies, joint accounts, business trusts, and cooperatives.
Multinational firms, depending upon the nature of its intended activity in the Philippines, may establish and register any of the following: a branch, a subsidiary, a licensing and franchising agreement, a joint-venture agreement, and a regional headquarters. Under R.A. 8756, regional headquarters will not be subject to income tax and shall be exempt from value-added tax (VAT). Regional operating headquarters will also be subject to a lower tax rate of 10% of their taxable income and 10% VAT. To complement the activities of regional headquarters, their investors are allowed to establish regional warehouses to house their supplies. Under certain conditions, these supplies may be exempted for customs duty, internal revenue tax, export tax, and local taxes.
Foreign personnel working for regional headquarters will also be issued multiple entry special visas within 72 hours upon submissions of complete documents to the Bureau of Immigration (BI). They are also exempted from payment of attendant fees and enjoy tax and duty free important of personal and household effects.
Creating a Joint Venture
A common method for enterprises embarking on business operations in the Philippines is through joint ventures with local enterprises. Philippine laws on joint venture corporations limit the foreign entity’s equity participation to 40%.
The Documentation, Information and Technology Transfer Bureau of the Intellectual Property Office, an agency under the Office of the President, is the government office mandated to register technology transfer agreements.
Effective January 1, 1998, the Philippine Government no longer requires submission of licensing/technology transfer arrangements for approval and registration by the Intellectual Property Office. However, to ensure compliance with Sections 87 and 88 of the Intellectual Property Code, voluntary submission is strongly encouraged since non-conformance with Section 87 on Prohibited Clauses and Section 88 on Mandatory Provisions automatically renders the arrangement unenforceable. The Intellectual Property Office may allow exemption from conformance with Section 87 and 88 after an evaluation thereof under the provisions of Section 91 on Exceptional Cases.
The Intellectual Property Code of the Philippines defines technology transfer arrangements as contracts or agreements involving the transfer of systematic knowledge for the manufacture of a product, the application of a process, or rendering of a service including management contracts; and the transfer, assignment or licensing of all forms of intellectual property rights, including licensing of computer software except computer software developed for mass market. Distributorship agreements will be included in the coverage if this includes the licensing of trademarks. The provisions of the Intellectual Property Code cover retainerships of firms or individual technicians who render management and technical consultancy services.
Agents and Distributors
Agent/distributor arrangements are common in the Philippines. Given Filipino affinity for American products, Filipino companies generally are eager to pursue discussions once they have examined a U.S. firm’s product literature and have determined that there is a market for the product. U.S. manufacturers and their Filipino agents/distributors are bound by a contract that typically contains the following key elements:
General Provisions: Identification of parties to the contract, duration of the contract, conditions for cancellation, definition of covered goods, definition of territory or territories, and whenever necessary, sole and exclusive rights;
Rights and Obligations of Manufacturer: Conditions of termination, protection of sole and exclusive rights, sales and technical support, tax liabilities, conditions of sale, delivery of goods, prices, order refusal, inspection of distributor’s books, trademark/patent protection, information to be supplied by the distributor, advertising and sales promotion, responsibility for claims/warranties, and inventory requirements;
Rights and Obligations of Distributor: Safeguarding manufacturer’s interest, payment arrangements, contract assignment, customs clearance, observance of conditions of sale, after-sales service, and information to be supplied to the manufacturer.
There are no Filipino laws that impede termination of an agent/distributor contract, should either party wish to do so. Contracts usually specify that 30 days’ notice must be given in the event of cancellation. Standard agent’s commission range from 5 to 10% but can vary.
There is no typical profile of a Filipino agent or distributor. Firms can range in size from small (fewer than 25 employees handling only a few specialized products on behalf of a limited number of manufacturers) to large trading companies handling a wide range of products and suppliers. Some Filipino firms focus only on the Metro Manila area, whereas others also service provincial commercial centers or hubs such as Cebu, Davao, Iloilo, and Baguio.
Any Filipino agent/distributor should be registered with the Philippine Securities and Exchange Commission (SEC) if it is a corporation or with the Department of Trade and Industry (DTI) for sole proprietorships.
U.S. firms selecting a Philippine representative should consider, along with the usual factors, the following: (a) whether the distributor has sufficient financial strength to maintain appropriate stock, provide effective after sales service, and allow competitive payment terms; and (b) whether the representative’s geographic sales area include strategic markets in the Visayas and Mindanao area. U.S. firms seeking agents or distributors in the Philippines are encouraged to use the services of the U.S. Commercial Service, Manila, such as the International Partner Search (IPS), the International Company Profile (ICP) or the Gold Key Service (GKS).
Hiring Local Counsel
It is usually advisable to have contracts and agreements executed in the Philippines so that the laws of the Republic of the Philippines will govern the interpretation of these documents, and in the event of litigation the venue will likewise be the Philippines. However, litigation in the Philippines is frequently subject to lengthy delays, so it may be advisable to consider expressly providing for arbitration of contractual disputes. The U.S. Embassy American Services Branch (ASB) authenticates legal documents notarized by Embassy accredited Philippine lawyers.
The use of a local attorney and accountant is highly recommended for U.S. firms who wish to establish an office in the Philippines. These professionals can also facilitate access to and coordination with various government agencies including taxation, business policy and trade, investments, environmental regulations, etc.
For firms maintaining operations in the Philippines, it is advisable to subscribe to the services of a local attorney and accountant, either on retainer basis or direct hire, depending on the nature of the work involved. Leading law and accounting firms, some of whom are members of the American Chamber of Commerce in the Philippines, render excellent business and commercial advice. A list of lawyers and accountants is available at the U.S. Embassy.
Checking Bona Fides
U.S. companies may contact the following to check the bona fides of banks, agents, business partners, contractors and subs, and customers:
Asian Risk Management
Unit 1705 Echelon Tower
2100 A. Mabini St.
Malate, Manila 1004
Phone: (632) 400-6744; 521-4910 (Trunk line)
Fax: (632) 525-6468
E-mail: rheafner@ibahn.net
Contact: Robert L. Heafner, President
Credit Information Bureau, Inc.
3308 Zapote St., Makati City
Phone: (632) 899-0015
Fax: (632) 890-0036
E-mail: cibi-info@cibi.net.ph
Contact: Dr. Cayetano Paderanga, Jr., President
Mamerto B. Santos, Marketing Manager
Leverage International (Consultants) Incorporated
CPO Box 3395 Makati
8/F Ste. 84 Legaspi Suites
178 Salcedo St., Legaspi Village
Makati City 1229
Phone: (632) 810-1389; 818-6828; 813-2473; 813-2473
Fax: (632) 810-1594
E-mail: lvrge@netasia.net
Web site: www.leverage-international.com
Contact: Cecilia A. Sanchez, Chair & Chief Executive Officer
Distribution Channel Options
Philippine distribution and sales channels vary from product to product. Stocking distributors import consumer goods for resale to retailers. Capital equipment imports usually go through an agent or distributor before reaching the end-users. Some end-users, however, import directly. The use of local agents or distributors affects greatly the chances of the company selling the product or winning the project, as agents are important market links. It is the agent who can monitor on a regular basis the development of the bidding process as well as the procurement opportunities. It is important that U.S. suppliers support their Philippine representatives through frequent contacts, regular training and promotional assistance.
If the customer imports directly from foreign suppliers and opens the L/C, the local rep or agent gets a commission for the sale (indent sale). Distributors handle after-sales service support.
There are currently two types of importers in the Philippines -- stocking distributors and indentors. During the past years when the interest rates were high, most importers switched from being stocking distributors to becoming indentors. Stocking distributors are bound by a contract to buy and sell the prescribed number of items as stated in the agreement with foreign suppliers. Indentors, on the other hand, act as a broker between foreign suppliers and end-user, saving on capital outlays for expensive equipment and avoiding stocking products that do not sell because they are too expensive. Usually, a buyer who orders from an indentor already has the financing for the goods.
Infrastructure projects such as transportation projects are open to internationally competitive bidding. U.S. firms submit their bids directly to the government implementing agency. A local agent is also an effective marketing tool. In selecting local firms as agents, U.S firms should consider whether the local firm is licensed or registered by the implementing agency or has done similar projects.
Despite the presence of a local agent, it is very important that the foreign manufacturers visit the country, especially before, during and after the pre-qualification process. Foreign suppliers must establish a strong personal relationship with the customer.
Metropolitan Manila is the country’s nerve center of industrial and financial activity, transportation and communications, trade, and educational services. Approximately 85% of Philippine foreign trade passes through the Port of Manila; 90% of imports enter this Port for distribution to other principal cities via trucks and inter-island vessels. Most of the Philippine’s national importers and distributors are in Manila.
Airfreight is a recent trend in domestic distribution. DHL, FedEx and UPS all have joint-venture partners to service the growing domestic demand.
Makati City is the central business area in the country and the most prosperous of the Metro Manila suburbs. In addition to small manufacturing plants, there are also a considerable number of distribution centers, trading firms, government offices and commercial banks. Makati City is also a shopping area for higher income residents.
In addition to Manila, the other major interregional centers are Cebu City, Iloilo, Davao, and Zamboanga. Cebu City, the third largest city in the Philippines, is the prime trading center in the southern part of the archipelago. Its hinterland is mainly accessible by boat. Iloilo shares with Cebu the servicing of the country’s central area. Davao, the second largest city in the Philippines, enjoys a near trade monopoly in Southern Mindanao, due mainly to the presence of land and water connections with nearby provinces. Zamboanga functions partly as an interregional center. Transportation to the hinterland is almost entirely by water since there are only a few roads along the peninsula.
Franchising Activities
Franchising allows a foreign company (franchiser) to “operate” locally by appointing its franchisee. The franchiser collects a fee for the use of any or all forms of its intellectual property rights, such as its name, trademarks and system. Philippine retail laws (Retail Trade, Republic Act 1180) prohibit foreign equity positions in franchises. Nevertheless, many foreign franchises, mostly American, are operating in the Philippines through licensing arrangements.
The government liberalized trade practices are embodied in the Intellectual Property Code of the Philippines, also referred to as Republic Act No. 8293. Under the law, which took effect on January 1, 1998, franchisers do not have to register their franchise agreements as long as these agreements do not contain any of the prohibited clauses under Section 87 and contains all the mandatory provisions under Section 88 of the IP Code. The new law also removed the ceiling on royalties. Royalty payments may be remitted through any Authorized Agent Bank (AAB) of the Bangko Sentral ng Pilipinas (Central Bank).
Master Franchise fees vary from $100,000-$400,000, depending on the type of business. Royalties depend on the agreement between the parties. Higher operating costs such as rent and imported goods, however, still confront franchise operators.
The prohibited clauses under Section 87 are:
Those which impose upon the licensee the obligation to acquire from a specific source capital goods, intermediate products, raw materials, and other technologies, or of permanently employing personnel indicated by the licensor
Those pursuant to which the licensor reserves the right to fix the sale or resale prices of the products manufactured on the basis of the license
Those that contain restrictions regarding the volume and structure of production
Those that prohibit the use of competitive technologies in a nonexclusive technology transfer arrangement
Those that establish a full or partial purchase option in favor of the licensor
Those that obligate the licensee to transfer for free to the licensor the inventions or improvements that may be obtained through the use of the licensed technology
Those that require payment of royalties to the owners of patents for patents which are not used
Those that prohibit the licensee to export the licensed product unless justified for the protection of the legitimate interest of the licensor such as exports to countries where exclusive licenses to manufacture and/or distribute the licensed product(s) have already been granted
Those which restrict the use of the technology supplied after the expiration of the technology transfer arrangement, except in cases of early termination of the technology transfer arrangement due to reason(s) attributable to the licensee
Those which require payments for patents and other industrial property rights after their expiration, termination arrangement
Those which require that the technology recipient shall not contest the validity of any of the patents of the technology supplier
Those which restrict the research and development activities of the licensee designed to absorb and adapt the transferred technology to local conditions or to initiate research and development programs in connection with new products, processes or equipment
Those which prevent the licensee from adapting the imported technology to local conditions, or introducing innovation to it, as long as it does not impair the quality standards prescribed by the licensor
Those which exempt the licensor for liability for non-fulfillment of his responsibilities under the technology transfer arrangement and/or liability arising from third party suits brought about by the use of the licensed product or the licensed technology
Other clauses with equivalent effects
The following are the mandatory provisions required under Section 88:
The laws of the Philippines shall govern the interpretation of the same and in the event of litigation, the venue shall be the proper court in the place where the licensee has its principal office
Continued access to improvement in techniques and processes related to the technology shall be made available during the period of the technology transfer arrangement
In the event the technology transfer arrangement shall provide for arbitration, the Procedure of Arbitration of the Arbitration Law of the Philippines or the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) or the Rules of Conciliation and Arbitration of the International Chamber of Commerce (ICC) shall apply and the venue of arbitration shall be the Philippines or any neutral country
The Philippine taxes on all payments relating to the technology transfer arrangement shall be borne by the licensor.
Direct Selling and Direct Marketing Options
In the Philippines, there is a distinction between direct selling and direct marketing. The basic difference lies on the intimacy of contact. Whereas direct marketing is usually done through phone, e-mail, direct mail or courier, direct selling involves personal contact with a potential customer. Direct selling agents typically visit customers at home, at the workplace or other points of contact other than a permanent retail establishment.
The direct selling medium covers a wide array of products including but not limited to cosmetics, apparel, food supplements, fashion jewelry, books, appliances, home items, personal care products, toys, and the like. A direct selling agent can present to one or several customers at a time.
In recent years, the multi-level marketing approach to direct selling has become an increasingly popular mode of selling products in the Philippines. This approach involves a “downline” system where an agent recruits other agents and gets a share of the earnings or commissions from each of the recruits, as well as from other people that those recruits were able to bring to the network.
U.S. firms such as Tupperware, Avon, Sara Lee, High Desert, Forever Living, Encyclopedia Britannica, Herbalife, Amway and Sunrider, have established distributorship networks in the country. Forever Living and Amway, for instance, are active proponents of multi-level marketing. Other direct selling companies include Golden Neo-Life, Barclay-Elle Marge, Nu Skin, Neways, Futurenet and Mary Kay.
Meanwhile, direct marketing offers the advantage of personalized communications, as it aims to reach a specific individual and usually, a response is elicited from the target. Compared with traditional advertising (i.e., print, radio and TV) which basically creates awareness for the product, direct marketing is able to monitor response rates and at certain instances, even actual purchase or subscription. Direct mail (either by post or courier service) is still one of the more popular avenues for direct marketing in the Philippines. In recent years, however, the local market has been exposed to a wider array of direct marketing media such as product sampling, business reply envelopes, fax-back forms, marketing via E-mail and the Internet, telemarketing, leafleting, establishment of membership clubs, and lately, even Short Message System or SMS.
Depending on the nature of the product and the objective of the marketing effort, direct marketing can reach different market segments - from low-end consumers (e.g., the market for general food and other consumer products) to high-end and more sophisticated clientele (e.g., business executives and the more affluent households). Several companies - both local and multinational - are now seeing the advantages of the direct marketing medium to complement their advertising and promotional efforts.
The Consumer Code of the Philippines covers the legalities of direct marketing and restricts direct marketing, like franchising, to 100% Filipino-owned corporations. Foreign firms can engage in wholesale activities, however, and then sell to Philippine distributors.
Selling Strategies
There are several invaluable sales tools that U.S. suppliers should employ in order to maintain market leadership. Number one is exercising due diligence in selecting local distributors, agents, or representatives, since they are crucial market links. The U.S. Commercial Service
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