Human resource upgrade is key to attracting foreign investments – AIG President

21 June 2007 – In 1947, two years after the end of World War II, the American International Group took a risk and invested in the Philippines. The world leader in insurance and financial services put up the Philippine American Life Insurance Company to help re-establish the local business environment that was still laboring under severe financial constraints. Today, 60 years later, Philamlife is the largest insurance company in the Philippines.

At ajoint membership meeting of local business groups, including the Makati Business Club, held today at the Intercontinental Manila, visiting AIG president and CEO Martin Sullivan related it was initially difficult to convince the market about the value of their product—essentially “a promise” to the company’s clients that the company would be there to support them in times of uncertainty. Sullivan says Philamlife’s success in overcoming such initial business challenges and its phenomenal growth since then can be largely attributed to the talents and skills of the local people.

Speaking on the topic of how to inspire other foreign firms to invest in the Philippines, Sullivan emphasized that the education and training of the country’s human resources is key to attracting foreign investments. Infrastructure, especially power, a stable economy, and business-friendly laws and regulations are also crucial considerations for multinational companies looking for investment opportunities.

Observing the country’s present low inflation rate, decreasing unemployment rate, bullish stock market, and educated workforce, Sullivan expressed that “we hope to see this economy catch up with the success its neighboring countries are experiencing.”