By Chhem Sreynet
Komodo Dragon: the majestic lizard of ASEAN
By Chhem Sreynet
A recent survey conducted by the ASEAN Business Advisory Council (ABAC) revealed that China and Myanmar stand to be the most promising destinations for foreign direct investment between now and 2015.
China was the most attractive in the world for such activities with 17.3%, followed by 12% voting for Myanmar.
The rest are as follows: Malaysia – 11%; Singapore – 8%; Indonesia – 7%; Vietnam – 6%; Laos – 4%; Thailand – 3%; Cambodia – 3%; the Philippines – 1%; and Brunei – 0.3%)
Furthermore, the survey found that more than half of the businesses considered ASEAN economic integration to pose a low or very low threat to their organizations, rating the threat level at an average of 2.49 on a scale of 1 (very low) to 5 (very high).
Close to 60 percent of the businesses considered ASEAN economic integration to be providing high or very high opportunity for their organizations, giving the opportunity level an average rating of 3.59 on a scale of 1 (very low) to 5 (very high). However, the survey also noted that a lower share of small or local firms shared this sentiment.
The 2013 Survey collated 502 usable responses across various firm-size categories, age, ownership profiles and industries from all ten ASEAN member economies.
The supervisory board of the Bosch Group, a leading global supplier of technologies and services, appointed Peter Tyroller to take over the responsibility for Asia Pacific effective from July 1, 2013.
Based in Shanghai, PR China, he will be responsible for Southeast Asia and all other countries in the Asia Pacific region. “Asia Pacific will continue to be the main driver of growth for Bosch and I am honored to take over the responsibility for this important region,” commented Peter Tyroller on his new assignment. He has been a member of the Bosch board of management since 2006. Up to now, he has been responsible for marketing and sales, original equipment sales, and the Automotive Aftermarket division.
Asia Pacific main growth region for Bosch
“In 2012, Asia Pacific already contributed 24 percent to the global sales of the Bosch Group and we have made it our target to increase this figure to 30 percent over the mid-term,” said Tyroller. “Over the next few years, Asia Pacific will see the Bosch Group’s highest capital expenditure and biggest workforce increases. Southeast Asia will continue to play an important role for the further development of the region,” he added. In 2013, the company will invest around 680 million euros in the region.
With his new role Peter Tyroller assumes the responsibility for Asia Pacific from Uwe Raschke, who was responsible for the region since 2008 and has been assigned with the regional responsibility for Europe, Russia, the Middle East, and Africa, as well as for the worldwide responsibility for the Consumer Goods business sector since January 2013. Additionally, Tyroller will assume responsibility for India previously held by Bernd Bohr, who isto retire after 30 years with Bosch.
“From 2008 to 2012, we registered sales growth of 60 percent in Asia Pacific,” resumed Uwe Raschke the progress in the region during his tenure. “To support these developments, the workforce in Asia Pacific has been growing steadily, as has capital expenditure. We have expanded our presence in the region, in particular in China and Southeast Asia,” he added. In 2012, Bosch increased its sales by 5.6 percent to 12.6 billion euros in the region.
Strong focus on R&D in Asia Pacific
Thanks to the growing strength of local marketing and R&D presence, Bosch has gained a sound understanding of what our customers in Asia Pacific’s diverse markets want. There are now 13,800 engineers based in the region – 2,200 more than one year ago and five times as many as just five years ago. And by the end of the decade, this number will have doubled. “We are particularly concentrating on products that are tailored to their respective markets. Especially in emerging markets, the local mid priced segment is growing the fastest,” said Tyroller.
Southeast Asia fastest-growing region for Bosch
Southeast Asia is the fastest-growing region in the world for Bosch. In 2012, Bosch grew by 30 percent in the region, year on year, amounting to some 702 million euros. With a buoyant economy, emerging markets and a huge population, Southeast Asia is a prime region for Bosch to further expand its footprint and sales growth, and maintain its double-digit growth momentum for the coming years. Employing over 5,500 associates in the region as of 1Jan 2013, the company is also expecting to increase its workforce steadily in tandem with its business growth.
Bosch further increased its footprint in Southeast Asia with the opening of a representative office in Yangon, Myanmar, earlier this year in April, and offices beyond the capital cities of Thailand and the Philippines into Chiang Mai and Cebu respectively in May this year. Last year, the company expanded into Da Nang, Vietnam, and Medan, Indonesia. This year, it broadened its presence in Indonesia into Balikpapan.
Bosch upholds a long-standing commitment to social responsibility. Together with financial support, like in 2011 when Bosch donated 190,000 euros in emergency relief to help the communities affected by the floods in Thailand, Bosch associates have also demonstrated this commitment through corporate volunteerism. In addition to charity and relief efforts, the Bosch approach to social responsibility focuses very heavily on education with projects across Southeast Asia.
More and more Filipinos now understand the value of budgeting and planning for their retirement, and claim building their savings has become a personal priority, says Citi Philippines as it announced the latest results of its annual Citi Fin-Q survey.
The country’s largest foreign bank has been running an online poll since 2007 to measure the Fin-Q or Financial Quotient of Filipino consumers. All respondents were over 18 years of age with either a bank account or a major credit card.
For the second straight year, Filipinos passed the 50-point mark, and scored a record high of 53 out of a possible 100 points. The improved score was driven by increased awareness among respondents of the importance of planning personal finances, ownership of several financial products such as investments and insurance, and a general optimism on their financial future.
In this latest survey, respondents were scored on 11 different questions closely related to financial well-being for a maximum possible score of 100. The questionnaire consisted of over 80 questions and covered a range of topics related to making smart financial decisions and having good financial habits.
Citi conducted the survey through research firm Big Picture Qual and Quant Research in late 2012, and results were released this year. The survey covered 3,500 online respondents across seven countries including the Philippines. Five hundred interviews were held in each of the participating countries that include Australia, India, Indonesia, Korea, Singapore and Taiwan.
Preparing for the future
Proving that Filipinos are now more conscious about planning their finances, more than 9 out of 10 said they create a budget on a monthly basis, and 65% acknowledged the importance of sticking to their budget.
In preparing for their future, Filipinos seem to be right on track as well. In fact, it was a record year in terms of their confidence in their insurance coverage, with nearly 8 out of 10 saying they own insurance products or enjoy income protection.
As they prepare for retirement, a total of 63% said they are on track with their retirement savings or had already started to set aside some savings for it.
Committed to financial education
Since launching the survey in 2007, Citi has been focused on helping consumers understand the importance of planning their financial future and guiding them in achieving their financial goals. Citi Country Officer Sanjiv Vohra says, “Citi is always on the lookout for opportunities to reach out to a wide range of audiences and go beyond our client base to promote financial literacy. When consumers are engaged in discussions on saving, budgeting and investing, it raises awareness on the importance of being able to make smart financial decisions for their future.”
Citi had such an opportunity in December when it hosted the 2012 Citi-FT Financial Education Summit here in Manila, a regional conference that drew some 300 delegates from over 30 countries to address the urgent need to bridge the financial capability gap here in Asia.
This and the other efforts of Citi seem to be paying off. According to the survey, building their savings tops the financial concerns of Filipinos. It was also revealed that six out of 10 said they know a fair bit or know exactly their current net worth.
Optimism also up in Asia
Across Asia Pacific, the average Citi Fin-Q score is also above the 50-point mark at 53.2 points. Optimism was also at a high with 67% saying they are somewhat or very optimistic about their financial futures.
When it comes to building their savings, 44% said they set aside or save some money every time they get paid. Armed with foresight, 63% reported that they knew how much they would need in retirement and were on track, and 57 % believe they have enough insurance to protect them and their families.
“Apart from the encouraging results of this latest survey, we are also seeing how Filipinos are taking a more active role in managing their finances and planning their future. Citi is proud to take part in this initiative and we hope to continue the conversation with consumers through more financial literacy programs this year,” added Vohra.
Apart from the Citi Fin-Q Survey and the recently concluded 9th Citi-FT Financial Education Summit, Citi is also known for having the longest-running credit education campaign, Use Credit Wisely (www.usecreditwisely.citibank.com.ph).
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