Chem sector needs to upgrade its human talent pool - SPIK

MANILA, Philippines - The country’s chemical industry needs to improve its talent pool to be able to attract more investments, according to the Samahan sa Pilipinas ng mga Industriyang Kimika (SPIK).

In a phone interview, SPIK president Bobby Batungbacal said being a low-cost manufacturing destination is no longer enough for the Philippines.

He said that with newfound confidence found in the Philippines as an investment destination, the local chemical industry stands to attract new investments from Japanese companies which are looking for other investment destinations outside Japan as well as from Chinese chemical manufacturers who are hurting from rising manufacturing costs in China.

Batungbacal said, however, that in order to attract additional investments, the industry should be able to “upgrade its human talent.”  

“Human investment is very important in the industry. We need to encourage more scientists and find ways to commercialize ideas. It is the most important thing that investors are looking for,” he said. “Sometimes, being low-cost is not enough.”

The chemical industry is trying to beat the August 2012 deadline for the finalization of the 20-year Philippine Chemical Masterplan, which includes propositions for the development of new economic zones that can host additional investments.

Batungbacal said consultations with various stakeholders are still in the works.

So far, there is only one designated chemical zone in the country, the Bataan Petrochemical Industrial Zone. 

Operating in the zone are Petron Corp., which has an oil refinery there, Iran-based National Petrochemical Alliance, Philippine Resins Industries, Inc., and Phoenix.

The 20-year chemical masterplan was launched last November.