THROUGH my two Singapore companies, five years of working closely with the people of Manila has enabled me to experience the city’s vibrant culture, dynamic economy and entrepreneurial spirit.
My interactions revealed challenges and opportunities in this bustling metropolis, offering insights into its potential for growth and development.
Manila is a city rich in cultural heritage, deeply influenced by Catholic traditions. However, many residents are not overtly religious but practice a blend of traditional and modern values. Filipinos are exceptionally welcoming, hardworking, and eager to learn, with a strong desire to succeed.
At the same time, there is a noticeable societal divide. On one side, some focus on wealth accumulation and practical growth. On the other, many prioritize spending on lifestyle and image, such as frequenting pubs and showcasing designer brands, as a way of projecting success.
Women
A noteworthy observation is the entrepreneurial mindset of women. They often demonstrate a natural aptitude for business and innovation, frequently surpassing men in strategic thinking and long-term planning.
Men, on the other hand, tend to gravitate toward quick solutions and high-return ventures, sometimes at the expense of sustainable growth. This entrepreneurial spirit among women is a significant asset for Manila and highlights the need to support female-led businesses to foster greater economic equity and stability.
The Philippine economy reflects a mix of promise and disparity. Wealth is concentrated in the hands of a few, creating challenges for equitable growth.
Despite this situation, entrepreneurship is flourishing, with numerous small businesses emerging across various sectors. However, systemic issues like corruption and mistrust continue to impede progress.
The Chinese economy heavily influences the Philippines, presenting both opportunities and risks. To ensure sustainable growth, Manila must diversify its economic dependencies and hedge against overreliance on China.
Additionally, there is a need for a shift in focus from short-term wealth accumulation to consolidating resources and investing in high-impact sectors such as technology and education.
The youth
Manila’s youth population is one of its greatest assets. With the median age in the Philippines approximately 25.7 years as of 2024, the city stands at the cusp of a demographic dividend. To harness this potential, the education sector must adopt high-tech solutions to equip the youth with globally relevant skills.
Technology can also play a pivotal role in empowering small businesses and entrepreneurs, particularly women, by improving digital connectivity and access to global markets.
Additionally, Manila’s tourism sector has immense potential. By emphasizing cultural similarities with India, the city can attract more visitors from one of the world’s fastest-growing outbound travel markets.
Strategic planning
Despite their resilience and eagerness to succeed, many Filipinos tend to spread their efforts across multiple directions, often losing focus on long-term goals. Strategic planning and consolidation are crucial to overcoming this challenge.
Moreover, while connectivity is a frequently discussed theme, it often remains superficial. Genuine collaboration and support are essential to unlocking the collective potential of Manila’s people and businesses.
Manila is a city of contrasts — where entrepreneurial ambition meets systemic hurdles, and cultural richness coexists with economic disparity. Its people have a remarkable spirit to earn and a deep desire to succeed. The challenges of mistrust, corruption and wealth disparity are significant but not insurmountable.
The way forward lies in nurturing the entrepreneurial spirit, especially among women, investing in education and technology, and fostering genuine connectivity and collaboration. With these measures, Manila can unlock its full potential and cement its position as a thriving economic and cultural hub in the region.
Manila’s vibrancy, driven by its hardworking and entrepreneurial population, ensures a bright future for its people. By addressing systemic challenges and leveraging its inherent strengths, the city can pave the way for its sustained growth and development.
The author is the founder and managing director of the Hemera Group, whose global trade is valued at over $5 billion. His leadership extends to overseeing businesses in Singapore, India, Hong Kong, the Philippines, Israel and Europe, including the supply chain finance fund Trade Credit Partners in the Cayman Islands, and the private equity fund Silver Star in Cyprus.
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