MANILA, Philippines – There is a tremendous growth opportunity in the Philippines in the power generation and healthcare sectors, said Stuart Dean, the chief executive officer of GE in Southeast Asia.
Dean said among ASEAN countries, the Philippines has the most exciting growth opportunity, thanks to the government’s campaign for good governance.
“Philippines is the most exciting growth opportunity for us. I think the Philippines is a good example of if you have good governance, that helps drive growth and new opportunities,” he told ANC’s “Inside Business.”
GE’s healthcare arm has introduced healthcare products and solutions in the Philippines and has expressed interest in modernizing public hospitals through public-private partnership (PPP) projects.
“We are hoping to see more of that in the future,” said Dean.
GE is also supporting the country’s power industry through its meter business.
“In order to support the electricity development in the country, we are going to move in the area of smart grid. GE has smart meters that can help accelerate that process,” Dean said.
According to Dean, the ASEAN region has been the second fastest-growing region in the world, next to Middle East and North Africa.
He noted, however, that growth has slowed down due to some political uncertainties in countries like Thailand.
“Some projects are slipping but we still expect very strong growth this year and hopefully double digit growth, which is very good for the environment,” he said.
Dean said that although political uncertainties tend to delay investments, he doesn’t see it affecting GE’s businesses in the region.
“Business people like to have political certainty and when you don’t have that, then that can delay investment decisions and people will want to wait and see how things are resolved. But GE takes a long term perspective. These businesses are long cycle businesses, we are here for the long term…we’re going to be here forever. So we will continue to invest where our customers require us to do so,” he said.