Over the past few decades, many foreign companies have left the Philippines ranging from Intel to Citibank. Narrated by Tom McKay Video Edited by iyanbriandi Inquiries: behindasian@gmail.com Brought to you by the Behind Asian Team.
Funny, that the foreign companies mentioned are poorly performant. Regardless, foreign top performant ones can freely, too. Naming a few: Big three (Chevron, Shell and Petron), Toyota, Ford, etc. The Philippines can live without these nuisances. So, it's a win-win.
Agree, it lost to countries like India, Vietnam, Indonesia, Thailand n Malaysia due to high vost of labor, militant labor, high energy cost and of course the one to top them all govt corruption 😊😅😂
Many years ago many factories closed because of high electricity cost, lack of infrastructure, corruption and red tape, radical worker unions like KMU who keeps organizing strikes. Wonder why when you look at your toothpaste, shampoo or any household things we use, they are made either in Indonesia, Thailand or Malaysia or Vietnam. They used to be produced locally until Unilever and Proctor and Gamble closed their factories here. We also used to have tire manufacturing and car assembly here, now it's all made in Thailand or China.
@@tilapiadave3234 A survey also found the Philippines to be the biggest users/consumers of social networks and American media in the world, any wonder they're so brainwashed !.
Even the local banks are front for money laundering. Many businesses aka restaurants set up by Koreans are also for laundering money as you can see there are hardly any business going on
Even Vietnam is getting onboard with China now despite differences. They invite China to build up HSR North-South. Philippine is waiting to be the next Ukraine... 😥
Even the Chinese Filipinos who are the greatest contributors to the Philippine economy are investing somewhere else most notably Vietnam following the lead of Western countries.
Quite true... met many Filipino investors in Singapore, Malaysia, Thailand and Vietnam,... all Chinese Filipinos. Hmm.. never crossed my mind if you didn't mention it.
Endemic corruption and intractable region inequality have long hindered the Philipines economy. If they can not reverse such woes, Philipines will be stranded in the middle income trap forever.
The Philippines is not a middle income country. It is a third-world country because its leaders don't are about its people. They care only about their rich friends and families.
Philippines is a middle income economy country in the world, Philippines is Newly Industrialized Country, Philippines is progressing fast poised to become 1st world country, the commenters here is truly envious to the beautiful & progressive Philippines
the philippines have many structural deficiencies it needs to address. FAST. 1. high cost of electricity 2. high total cost of doing business 3. reduction of red tape and elimination of corruption, 4. lower or zero tariffs of raw materials for export 5. lower or zero tariffs for means of production or heavy machinery 6. high cost of internet vs other asean countries 7. high cost of transportation 8. lack of supporting industries for industrialization 9. insufficient technical talent or poor technical achievement vs other asean countries 10. small middle class relative to the economy, gdp per capita
MANILA, Philippines - A Chinese and a Chinese-American, both associated with the medical device industry, have been kidnapped for ransom and killed. The victims arrived in the Philippines on June 20 on a business trip, but they were kidnapped by unidentified persons. One of the victims is Xia Ke Fu, 39, a marketing director at Suzhou RainMed Medical Technology and an alumnus of Hunan City University. The identity of the other victim, a Chinese-American, is being withheld by the authorities at the request of his family. The US Federal Bureau of Investigation is reportedly assisting in the probe. The kidnappers killed the victims on June 24 despite their families paying a ransom of three million RMB. Their remains were recovered in a province in Luzon. The Chinese embassy has expressed concern to Malacañang about crimes targeting Chinese nationals. Chinese Ambassador Huang Xilian met with Executive Secretary Lucas Bersamin last Monday at the Palace.
Philippine and Latin America countries have one thing in common that is RC religion, too many Sunday hypocrites with irresponsible working practices, always spewing nonsense with all sorts of excuses just to avoid takings responsibility
And how sure are we that Filipinos did it? With a slew of Chinese nationals staying legally and illegally in the Philippines, it wouldn't be farfetched to think that they are behind this crime.
@@guitarreroknight Nobody knows who did the crime unless Philippines law enforcement found the suspects and bring it to the justice. If it fails, it proofs that it is not safe to do business in that country.
Luckily, US bases and US soldiers will spend big there esp on Philippine gals, that gonna propel local economy big time, for this reason i do believe marcos Jr. and his administration is a group pretty smart politicians who knows how to rejuvenate economy by making good use of a crisis like war. Good job man!❤
The Philippine government has not been loyal to its ASEAN (Association of South-East Asian Nations) Countries (i.e. China, Malaysia, Indonesia, Laos, Thailand, Cambodia, Myanmar, Singapore and Vietnam). The ASEAN Countries are all prospering, but the leaders of the Philippines have turned their support towards USA's interests and not what's best for ASEAN. USA uses the Philippines to justify why they are 10,000 km away from their own country, surrounding the ASEAN countries with weekly War Ships and War Planes for the past 10 years ... and USA's annual LIVE Naval exercises in the ASEAN waters. As such, the Philippines are losing companies because their proUSA choices is making the whole region unstable. The Leaders of the Philippines need to REALLY STUDY HARD what USA has done to Ukraine, using them as their Battle Field and their People for USA's proxy War against Russia. So why do the leaders of the Philippines think that USA care about them?
@@Remindyaimkinda WTF are you on. Do you know what ASEAN stands for? I'm going to type this next bit ... very slowly ... so that you may be able to comprehend. ASEAN - Association of South-East Asian Nations. Now, was that too fast for you. If so, let me know and I'll type it again ... much ... much more slowly for you.
@@tilapiadave3234 So, you're full of it then. Maybe that's why you're struggling to articulate. You know that high levels of methane can reduce the amount of oxygen breathed from the air. Hence your memory loss, and the amount of nausea, vomiting, and headaches you so easily inflict on others. Maybe step back from USA propaganda clouds for a while, travel the world, and get some fresh air to get your neurons firing properly. Just saying ... that's all mate ... cheers!
@@gjm456PM Lee Kuan Yew told the Philippines to stop politicizing and allow 100 percent foreign direct investment to the country like in Singapore. Unfortunately Philippines did not listen to him because the local business sector are afraid of foreign competition. The Philippines prefer to protect its own local investors at the expense of the Filipino people.
@@tilapiadave3234 Chinese currently owns some of the largest companies in the Philippines that generate over $30 billion in annual foreign investment. If they leave the country Philippines will be hurting bad especially when it comes to infrastructure and energy sectors.
The current Marcos is only interested in his personal wealth through the USA underhand donation. He is not interested in the welfare of the Philippine nation and the prosperity of his people. Remember the shoe-living woman? She is still there. By cooperating with the USA Military Complex, the assets frozen by the USA for the stolen wealth of Marcos Senior can be released. The whole Marcos family is still enjoying his Personal wealth. This man is not going to give up anytime soon.
It's estimated Marcos Senior had about 5 billions frozen in u.s. justice dept, that's the wealth of the Pinoy but junior wanna get it back badly for himself.
Based answer. I don't get why people blame the US for Philippine poverty when other pro-US countries in the region (i.e. Japan, SK, Taiwan) are successful.
@@phoenix5054 it is apparent that there is a huge push of anti-US propaganda. This is the result of the Philippines staying neutral. The exit of the US in Subic Bay produced a power vacuum. This ouster of the US forces was orchestrated by the CCP. Filipinos need to learn not to trust the CCP.
Foreign companies and individuals are scared off from investing in our country, thanks to anti-FDI laws like the maximum 40% equity participation requirement for certain industries by foreigners, and the rest of the 60% must be invested by already well-off Pinoys. The outright foreign land ownership ban also scares foreign individuals away from retiring in our country because they can't access housing loans without showing land titles to local commercial banks.
What's the big deal? Foreign companies come and go in China, India, Malaysia, South America, Thailand, Europe, etc etc. They go to countries where they could maximise their profits. This is basic economics.
less economic activity, less income generated by producers, and lower economic growth - high inflation the more the peso increased the more for investors see that its not good make business in the Philippines most of them moved to Vietnam or india
@@mobaili3770 PM Lee Kuan Yew told the Philippines to stop politicizing and alow 100 percent foreign direct investment to the country like in Singapore. Unfortunately Philippines did not listen to him because the local business sector are afraid of foreign competition. The Philippines prefer to protect its own local investors at the expense of the Filipino people.
@@jaysample5496 Read some news, one guy names Xia and the other names Sun, one Chinese and one Chinese American(US Citizen), it’s all over the news now in China. They both work for US pharmaceutical company ABBOTT. They went to Philippines for business on June 20, got kidnapped right after airport. Their family paid 3 million RMB ransom (about 400K USD), but later still found their dead body in southern Philippines on June 24. Now Philippines president is urging the police to found murderer , but still not found yet. A Lawless Country
The suspects are likely trying to frame them to incite further discord and hatred from china towards the philippines. I'm doubtful they are capable of that as the average filipino lack the brain capacity to even pull off a crime of such level. I mean, seriously? right after the airport as if they were expecting them? and demanding foreign ransom at that. that's some high level shiz for piss poor filipinos. whichever country's framing them must have an abundance of experience in abducting people.
Fyi those kidnapped Chinese in Philippines is the culprit or the kidnapper are also Chinese national this is the news in Phillippines, So shame on China because Chinese kidnapped their own countrymen Chinese in Phillippines but good thing for Philippines govt because all Chinese kidnappers in Phillippines are all detained and deported. The Philippines is safe and happy and has highest peace & order that is why even foreign bloggers are living in Philippines permanently and foreign tourist are on the rise now a days..Chinese kidnappers are not welcome in Philippines! Stay in your country!
@@alexpan8138 they are killed by your own people, there are many chinese engaged in illegal activities in the philippines,they also kidnapped your own women and force them into sex rings
The reasons why foreign investor left the Philippines due to high operating cost , like labor cost , electricity , taxes, water, gas, high rent of buildings and political solicitation asking money.
@@ujsmad And the Americans deliberately started a disinformation campaign against Sinovac, the first vaccine proven efficacious against the American bioweapon, and Filipinos listened to their former colonial masters and obeyed, to the tune of 50k lives, Lmao !.
Main reason is the current Phillipines top leadership is leaning towards imperialistic US to pit against China. In this case, pragmatic local & foreign investors see no future to invest in the Phillipines when it irks China being the upcoming largest global economy by next few years, in which they have a great stake in it.
Which company want to sit on a ticking bomb while the surroundings are crumbling like a house of cards?. I have been to the Philippines two times and I could see that they are poor and the public infrastructure is less developed than Thailand. The Philippines is a target to be destroyed by China’s missiles when the USA’s conflict with China is ignited and its supply chain network is not developed to sustain big companies like Intel. It’s close relationship with the usa and the usd cause the debt to increase and its economy to a stagnation.
Do you even fuckin understand that if you, chinese commies were to attack the PH, then the US would certainly seek chinese blood with their own hands? The PH situtation is quite different from Ukraine. Those poor Ukranians have been fighting nearly all by themselves since the war broke out with such a little help from the US in terms of weapons. In a China PH war, the American troops, their navies, their armies and airforce will be directly involved, so this won't be a Ukranian scenario. The whole of US war machine will be mobilized including their 5k plus nukes. Yes, the PH will suffer tremendous losses but China will be pulvurized to pieces. Fun fact, the Americans and their politicians hate the chinese communist regime and see them as threat to their economy and security. Pelosi recently trashed Winnie the Pooh. Trump hates China so badly. Biden and the democrats hate the CCP regime just the same. Lol
Philippine Government should allow the best, in the world, to invest in Philippines. Investments should be based on strategic competitive advantage, over capacity, and return on investment. China learned from Japan, Singapore and other successful nations. 😊😊
No surprise when it comes to the labor productivity, production quality output and etc.... More over the government is falling back to be a lapdog of the west. Nothing new. The government should keep up like that so that the companies can get out from the shit hole.
Vietnam's per capita GDP in 2024 is estimated to be $4,623 (nominal) and $15,470 (PPP). The average minimum hourly wage for Vietnam is around VND 15,600 (roughly $0.67) in Region IV, while the highest is VND 22,500 (approximately $0.97) in Region I (major cities like Hanoi and Ho Chi Minh City). Vietnam's average monthly salary varies depending on location and skillset. Here's a general idea: * Unskilled workers: VND 4-5 million (around $170-$215) a month * Skilled workers: VND 10 million (around $430) a month. . The electricity price in Vietnam varies depending on consumption level. As of November 2023, the following tiers apply: * VND 1,806 (US$0.07) per kWh for the first 50 kWh * VND 1,866 to VND 3,151 (US0.07 to US0.13) per kWh for consumption exceeding 50 kWh These prices reflect a 4.5% increase implemented in November 2023. . The Philippines' per capita GDP in 2024 is estimated to be around $4,130 (nominal) and $12,191 (PPP). The average monthly wage in Metro Manila is estimated to be around ₱32,870 ($558), according to the 2023 Philippine Statistics Authority (PSA) Occupational Wages Survey. This figure includes both salary and other benefits, such as allowances and overtime pay. . The electricity rate in the Philippines varies depending on location and the specific electricity provider. However, as of July 2024, the typical household rate in Metro Manila is around Php 11.91 per kilowatt-hour (kWh). This is an indicative rate and can fluctuate depending on various factors.
Philippines has more expensive electricity $0.21 per kWh, more expensive telecom services $50 a month for unlimited data from Smart), more expensive labor $560 a month . Vietnam has cheaper electricity $0.07 per kwh, cheapest telecom services ($5 a month unlimited calls and unlimited internet data) , cheaper labor ($100-200 a month) .
Intel requested for the extention of tax holidays but it was not granted by Philippine governmentbin 2005. Vietnam gave that tax perks to attract Intel.
@@mobaili3770Both answers are right though. If foreign investment and ownership are allowed, there would be more energy producers in the country, hence lowering energy prices.
@@phoenix5054 That 60/40 is not always followed. Take the case of businesses in the eco zones, they're exempted of the 60/40 provision in the Constitution. Maybe, you are not aware of this and that makes you dumb.
@@phoenix5054 Wrong! Kindly read Foreign Investments Act of 1991 (“FIA”), a foreign investor is generally allowed to own 100% of any local business enterprise.
@@mobaili3770 PM Lee Kuan Yew told the Philippines to stop politicizing and alow 100 percent foreign direct investment to the country like in Singapore. Unfortunately Philippines did not listen to him because the local business sector are afraid of foreign competition. The Philippines prefer to protect its own local investors at the expense of the Filipino people.
Philippines government is ungrateful. China had invested money, infrastructure, etc in Philippines. China had also supplied free Covid-19 vaccines to Philippines during the pandemic. Now China should withdraw all their investments in Philippines.
never mind, overseas phillipinos and phillipinas are sending their wages to the phillipine, and they are the biggest working force in nursing in the USA and all over the world..
Look at the quality of the leadership. Instead of focusing on growth, they are focusing on geo politics. They have the highest foreign remittance to the country and yet the government don't perform. They could work and learn from the Chinese, but instead they choose to fight. Choose a leader that is trained to manage a country not an actor or champion fighter or someone related to previous leader who is total not groomed to be a leader by training. Marco junior definitely is cluesless about his objectives in leading the country and all he wants is to get back all his father's wealth from US.
Life goes on in Philippines even though economic growth is stagnated. The rich Filipinos will continue to become richer, while the poor have to work harder and still remain poor or destitute.
Replace your pres. Marcos in this coming election or impeach him and focus more on the economy. Have new policies that focuses more on investment and business. Problem solved.
@@melchordelavictoriaiii696 once pres. Marcos is ousted, Philippines must make sure that none of the marcoses (family members) or their cronies will be affiliated in politics anymore in the country. Problem solved.
The Marcos family has about 5 billions frozen in u.s. justice dept, the money was stolen by Marcos Senior, now the junior had his balls in the hand uncle Sam. 😁😁
il explain in a few words why they left... the "60 - 40 constitution" and yes the expensive utilities and non existent infrastructure here in the philippines"
Many reasons. 1. Natural calamities 2. No purchasing power 3. Infrastructure challenges 4. Not well known for manufacturing. But services is fine. 5. Power outages 6. Fossil fuel cost The advantage of english is no more.
Dear Lord, I did not drink , did not look for women.This whole Cebu does not interest me.I cannot but all concluded that this was a scam. BOOK WRITING was a scam in Singapore and the Philippines .I was broke by this kind of adventure.I give up .
Good report. The Ford Plant is a weird case because it was almost new after an extensive renovation a few years earlier. The electric grid in the Philippines is a big problem. Brownouts are common in most islands and companies really can't have that. I love the Philippines and the Filipino people as they are some of the hardest-working people I have ever met. And they have good ethics. Happy Trails from Florida
Lahat ng foreign Investors nag aalisan na sa Pinas at lahat ng tao mawawalan na ng trabaho, Pilipinas na yata ang pinaka masahol na bansa sa mundo kaya seriously wala na talagang saysay na tumira pa dito sa Pilipinas, dahil sobrang nakakahiya at nakakasuka na tumira sa Pinas... dati Pilipinas ang Pinaka maunlad at Pinaka maganda sa Southeast asia, pero ngayon pilipinas na ang pinaka huli, Tapos pati ang Cambodia na muntik nang maubos ang lahi noong 1980's dahil sa Pang aapi ng mga Khmer Rouge, ay natalo pa ang Pilipinas sa Infrastructures at Pagandahan ng Cities, at mauungusan pa ang Pilipinas sa Economy after few years, kaya wala nang saysay na tumira pa dito sa Pilipinas, kaya ako mag ma migrate na ako sa ibang bansa at hinding hinde nako babalik sa Pilipinas, kahit bisita o Bakasyon hinde.... at magpapalit na rin ako ng nationality. mas pipiliin kopa na tawagin nalang akong alien ufo kaya Filipino.. dahil sobrang nakakahiya ang maging Filipino.
Kidnapping are so common in this country and the worst thing their police men are one of them to involve in the heinous robbery /kidnapping activities.
PH is a very small country and small economy to affect the dollar. Tho I agree that the deep state don't want the PH to progress. When we ask for a loan there's always a condition that government companies that are earning must be privatized.
Hanjin left because of the financial collapse of its parent company in Korea. Its shipyard business in Subic was in fact doing well but was negatively affected by the parent company's woes.
The reason they leave because high utility costs like electricity and water costs , high utility costs should prevent by Philippines 100 billion US dollars reserves.
The Philippines gained independence long before many other Asean countries. In the early years of Marcos's rule, The Philippines was regarded as a role model in South East Asia or even Asia. However, the glorious days didn't last as mismanagement and corruption continued to plague this country until the ousting of Marcos. People's power didn't restore order in this country as malpractice was deep rooted. Back to Marcos Jr and history seems to repeat itself. But it's still the result of People's choice.
It is common for a "foreign company" to come and go in any country in terms of investment, but the question is: how many of these foreign companies are leaving the Philippines, and at what percentage, in comparison to other countries with a high number of foreign companies leaving? Obviously, this source lacks credibility, considering that China is the country with the highest number of "foreign companies" departing due to its economic crisis.
Intel left during Duterte’s watch. Citibank’s business and Hanjin are now in hands of new/existing investors. Philippines is consistently growing and its growth is highest in Asia! Go RP!
Watch the whole video and do your own research before commenting negatively. 😅😅😅😅 Naivety and stupidity comes from blaming 2 things only again and again without looking the whole story.
If u can understand what he says or watch the whole video his not saying the Philippines is a baf for investment the other foreign companies are just not doing well like ford their cars and trucks are always in garrage or mechanic shop because its always broken
This is good... blaming the companies instead of the country. Philippines can do no wrong. Is it a wonder why Philippines continues to lack behind other Southeast Asian nations in manufacturing and commerce? Let's get real, The Philippines is a fantastic tourist & retirement destination, investment not so much.
@@tokaitrading8335 I think being in religions that constantly blaming everything on non-believers for centuries evolved into a society and culture that is susceptible to blaming others for every shortcomings.
