<article>Malaysian-based <a style="color: #000080" href="http://www.maybank.com/en/index.page">Maybank Group</a> is looking to expand its operations in the Philippines.</article>

Malaysian-based <a style="color: #000080" href="http://www.maybank.com/en/index.page">Maybank Group</a> is looking to expand its operations in the Philippines.
&#8220;The country&#8217;s potential GDP growth is currently 6-7 per cent but demographic dividends are expected to drive it to 7-8 per cent,&#8221; said Maybank Group CEO Datuk Abdul Farid Alias during a press briefing of the Maybank Invest ASEAN Philippines conference in Manila on Tuesday.
The executive noted Maybank&#8217;s expansion will not be in the form of mergers and acquisitions but through launch of more products, services and increase in manpower.
&#8220;What we&#8217;re doing is we&#8217;re doing it organically by taking one step at a time, introducing new products, adding more people one step at a time,&#8221; Alias said. &#8220;We&#8217;re looking at productivity, growing responsibly and more importantly improving the culture within the organisation.&#8221;
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Alias explained expectations are high for a merger to prosper while an acquisition is both on the seller and the buyer. &#8220;In order for the merger to succeed, we need to be very, very choosy,&#8221; he said.
Maybank established the Maybank Philippines Inc (MPI) in 1997 by initially acquiring 60 per cent equity stake in PNB Republic Bank, which was later increased to 99.6 per cent. Currently, it has  79 branches and 14 lending centres in the country.
According to Alias, Philippines&#8217; young population, with average age of 23 and declining fertility rate &#8211;  will lead to an increase of working adults who will drive domestic demand and spur economic growth.
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This , he added, could lead to a rise of disposable income and doubling of the middle class that is applicable to the Philippines since private consumption accounts for about 70 per cent of total GDP.
&#8220;To reap the demographic dividends, the right policies need to be in place. Education and labour policies as well as measures such as building better infrastructure are key to improving employment and productivity for the working-age adults, who will generate growth for the Philippines,&#8221; Alias said.
The Invest ASEAN Philippines on Tuesday is now the fifth conference for Maybank with a theme: &#8220;Riding the boom: ASEAN&#8217;s demographic dividends&#8221;. The conference kicked off in Malaysia last February, followed by Singapore (March), Vietnam (May), and Thailand in July. The series will end in Indonesia on October this year. 
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In a regional perspective, Maybank reported ASEAN is already experiencing an unprecedented growth of the urban middle class. Cities now account for 65 per cent of ASEAN&#8217;s GDP, and by 2030 the urban consumer class is seen to double. 
&#8220;ASEAN will require $7 trillion in investment for infrastructure, housing and commercial space,&#8221; Maybank said, adding disruptive technologies will drive world-class productivity improvements that can produce an estimated $220 billion to $625 billion in annual economic impact by 2030. 
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Maybank Group is looking for more organic growth in the Philippines, seeing the country's economy to soar at 7 to 8 per cent.

Malaysia's Maybank Group plans to expand ops in PH

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Malaysia's Maybank Group plans to expand ops in PH

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