One of the most dynamic economies in Southeast Asia, the Philippine economy grew at a pace of 7.6% last year, the fastest rate of economic growth recorded since 1976, according to data from S&P Global Market Intelligence.
GMI POST spoke with officials from the National Development Company (NDC) to learn more about investment opportunities in the Philippines and how the organization serves as a driver for inclusive growth.
Established in 1919, NDC is one of the oldest companies in the Philippines and is the country’s leading state-owned enterprise. Tasked to drive industrial development and spur growth in local communities, NDC’s mandate includes pursuing commercial, industrial, and mining ventures that will support national economic development.
NDC Assistant General Manager Leopoldo Acot pointed out that NDC supports various innovative projects across various sectors, from agriculture to financial services. It also provides financial support to qualified startups as part of its mandate to further develop the Philippine’s startup ecosystem.
“Innovation is essential for development. Both the Department of Trade and Industry and NDC are creating programs to help local creative enterprises, promising tech-based companies, and forward-thinking startup businesses sustain and expand their operations,” Acot said.
In its 104-year history, the NDC has invested in 117 companies, according to NDC Corporate Planning Officer Joyce Azurin, who said the company partners not just with Filipino businesses but also with foreign investors and partners as well.
The NDC, Azurin also said, guarantees foreign and domestic loans, undertakes developmental projects, and invests in projects within the ASEAN region.
“We have shares in ASEAN Bintulo Fertilizer in Malaysia and ASEAN Potash in Thailand. We also organize subsidiary companies, like the Philippine International Trade Corporation and Philippine Pharma Procurement Incorporated,” she said.
The breadth of NDC’s investments is wide: from pineapple plantations in the southern Philippines to transportation, logistics, banking, and even Philippine Airlines, the country’s flag carrier, to name a few.
“As of year-end 2022, we invested a total of 8.15 billion pesos (around $150 million) in several projects, ranging from industrial estates to innovation, infrastructure, trading, and mining. We have recorded 58,000 jobs generated from these investments and projects,” Azurin said.
