Sign up | Log in



Home  >>   Daily News  >>   Philippines News  >>   Companies  >>   Global unrest spells opportunity
NEWS UPDATES Asean Affairs        9    May 2011

Global unrest spells opportunity

Related Stories

April 4, 2011
Corporate takeovers in Philippines

March  26, 2011
Philippine company spans globe for geothermal projects

November 18,2010
Procter & Gamble expands in Philippines

August 14, 2010
Philippine tobacco companies fight warnings

May 18, 2010
Philippines: Petron, San Miguel to set up energy joint venture

Violent protests in the Middle East may have shaken the world economy but Philippine port operator ICTSI sees opportunity amid the turmoil.

ICTSI, run by billionaire Enrique Razon, is one of a few Philippine companies to have become a successful global player and it has done so largely by boldly going where others may feel trepidation.

“What is happening in the Middle East, as far as it affects the global economy, has an impact, but in the long term I think it is a good thing,” Razon said at a recent stockholders’ meeting, outlining his company’s strategy.

“These countries who are toppling their dictators will need to restructure, go into privatization, open up their economies.

“There will be a lot of opportunities there, and that is our thrust.”

Aside from dominating in the Philippines, International Container Terminal Services Inc., manages ports in countries as diverse as Syria, Georgia, Mexico, Colombia, Brazil, Croatia, Japan, Brunei and Madagascar.

It has operations in the United States and China and has just signed a contract to manage a port in Tamil Nadu, India, which will give it a presence in 17 countries.

Its global expansion strategy helped give ICTSI a net profit of $98.3 million in 2010, up 79 percent from 2009, with all its overseas subsidiaries showing growth, according to Razon.

ICTSI sometimes takes over and manages an existing port but in other cases builds and develops the facility.

Company officials acknowledge that ICTSI is not in the same league as the global port handling giants, such as Hong Kong’s Hutchison Port Holdings and Singapore’s PSA International.

However, April Lee-Tan, chief researcher for stockbrokerage CitisecOnline, pointed out that no other Philippine company in any sector had set up operations in such a wide variety of countries as ICTSI.

“No one has gone to places like Madagascar. They’ve gone to places no one else would think of,” she said.

ICTSI senior vice president Ed Abesamis said the company’s origins in the Philippines, an extremely poor and corrupt country that has long endured political chaos, had prepared it to operate amid uncertainty overseas.

The company won its first major tender to manage the Philippines’ main container terminal in 1987 — one year after an uprising toppled longtime dictator Ferdinand Marcos, Abesamis recalled.

At the time, Marcos’s successor, Corazon Aquino, was fighting off violent military coup-plotters, some of whom besieged her in the presidential palace and waged gun battles with loyal troops in the streets of Manila.

But the coup plots did not affect the port project and ICTSI management learned valuable lessons about doing business amid political chaos, according to Abesamis.

“In a sense, our officers and our board are not easily shaken by a disturbing political event. It might be looked at as a passing thing in which we could still do long-term business,” he said.

So far, ICTSI ports have not been seriously disrupted by various political crises around the world.

Its port in Georgia closed down for a week during the brief war between Georgia and Russia in 2008 but quickly resumed operations, according to Abesamis.

And its port in Syria has not been affected by the current deadly unrest there, he added.

Razon said that ICTSI was on the lookout for another opportunity overseas, and could spend more than the $456 million earmarked for capital expenditures this year if an opportunity arose.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    9  May 2011 Subsribe Now !
 • Southeast Asia still considering nuclear Subcribe: Asean Affairs Global Magazine
• Doubts rise on integrating Asean Asean Affairs Premium
• Global unrest spells opportunity
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Philippine cabinet approves investments
• Singapore elections signal change

• Thai stocks call for patience

• Thailand, Cambodia at loggerheads

• Declining US dollar gives edge to imports p

Asean Analysis    May 2011

Advertise Your Brand
• Asean Summit-a mixed bag Sponsor Our Events

Asean Stock Watch    May 2011

• Asean Stock Watch-May 9 p

Global News Impacting Asia    17 November 2010


• Bank of America sees Asian inflation


• Lloyd’s increases insurance push in Malaysia


• Wells Fargo analyst on euro


• Obama’s visit to Asia


ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand