Chua, who had invested in the country more than four years ago, was encouraged by the favorable macro-economic fundamentals, the government’s reforms and a large pool of educated workforce.
He expressed optimism over the business prospects in the Philippines, citing favorable fundamentals characterized by low inflation, improved credit rating, strong currency and an emerging middleclass.
Chua also underscored the importance of government reforms, believing that changes in eradicating the inefficiencies and rampant corruption usually set the scene for the next stage of growth and development.
Apart from their investments in integrated resorts, Chua said that his company will relocate its regional operating headquarter from Kuala Lumpur in Malaysia to Manila.
Genting has also set up a training academy and a call center which services not only its cruise businesses, but also sister companies such as Resorts World Sentosa.
Chua said the Philippines, with a population close to 94 million and a large young highly educated and talented workforce, clearly has the ‘right people’.
“The Philippines is uniquely positioned as it is traditionally an exporter of human capital especially knowledge workers. Unlike Singapore and Hong Kong who have had to import skilled workers, the Philippines hitting her inflection point need only to bring back home the overseas Filipino workers (OFWs),” he added.