MANILA - Consumer and industrial goods manufacturer 3M is aiming to further expand its business in the Philippines and hire more people despite uncertainties over fiscal incentives in the proposed corporate tax reforms.
3M Philippines president and managing director Ariel Lacsamana said the company invested in the Philippines because of the talent available in the country and not because of the tax incentives.
"Incentive or not we have the intention to grow our hiring here," Lacsamana said in an interview with ANC.
3M recently opened a business process outsourcing center in the country to cater to the company's internal concerns.
Lacsamana said that when 3M opened in July 2016, they had about 20 employees. This year, their headcount is already at 520 and they intend to have at least 800 employees by the end of 2019.
Various business groups have warned that they may pull out of the country if tax incentives are removed under the TRABAHO or Tax Reform for Attracting Better and High-Quality Opportunities Bill.
But Lacsamana said that the company chose to invest in the Philippines because of the available talent here.
He said that 3M set up BPOs in three countries, including the Philippines. When each of the business units was evaluated, the Philippines always came out on top.
Lacsamana, however, said that while they are not too concerned about the removal of incentives, the company wants a faster rollout of infrastructure projects.
He said that besides allowing goods to be moved faster and cheaper, better infrastructure would also allow companies to tap talents in far-flung areas.
"I've been blessed to travel north and south even in some of the tier 2 and tier 3 cities, and I meet students who are excellent thinkers, innovators in their own way," he said.
Lacsamana said it would be good to tap talented people from across the country to help the firm innovate locally.