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INTERNATIONAL
During this period, the “big
three” credit ratings agencies
– Standard and Poor’s, Fitch
and Moody’s – also gave the
Philippines investment grade.
France’s own credit risk
agency Coface upgraded the
Philippines in 2013.
Other international organi-
zations such as the World Eco-
nomic Forum have also taken
note of the Philippines. In its
2015/2016 Global Competiti-
veness Report, the Philippines
moved up another ve notches
to 47th place out of 140
countries. From 85th place in
2010, the Philippines rose to
75th in 2011, 65th in 2012,
59th in 2013, 52nd in 2014
and most recently 45th in
2015 – or the equivalent of 38
notches in only ve years. This
makes the Philippines the
most improved economy in
ASEAN and across the world
for the period 2010 to 2015.
In its 2015 Economic Out-
look for Southeast Asia, China
and India, the OECD forecast
the Philippines to have the
fastest growth among the
ASEAN-5 (Indonesia, Malay-
sia, Philippines, Thailand and
Vietnam) with an average
growth rate of 6.2% from
2015 to 2019.
Even in the midst of a
slowdown of global growth,
particularly the Chinese eco-
nomy, the Philippine economy
remains resilient. The Philip-
pine peso was one of the
strongest in the region, com-
pared to the Malaysian ringgit,
the Indonesian rupiah and the
Thai baht which have lost
9.8%, 8.4% and 6.4%, respec-
tively. The Philippine peso has
only lost 2.2% of its value for
the same period.
The Philippines’ secret
weapon: its people
These pieces of economic
good news are supported by
our entry into what econo-
mists call the “demographic
sweet spot”. This is when the
Never take “yes”
the Western way
I visited the Philippines with my
husband for the first time in Fe-
bruary 1999. A few months later
we moved there and started a new
life that would last sixteen years.
The rst years in Manila were busy
raising four children who came
one after the other since Manila is
definitely a great place to have
children. Doctors are very good
and accessible; there are numerous
education options with new inter-
national schools opening regu-
larly; and the love for children is
everywhere – you will always nd
a person to help you look after
your children with absolute dedi-
cation and genuine affection.
So when our youngest turned
three, using my background in
Marketing and Cosmetics, I decided
to go back to work. Luckily for me,
Rustan’s, which is the Philippines’
most prestigious department store
group, was the rst to give me a job
offer. I was given the responsibility
of organizing the Cosmetics, Per-
fumery and Toiletries Marketing
and Communication Division.
Retail is extremely competitive in
general and the Philippine market
is no exception. With many malls,
increasing global brand presence,
online offers and our customers’
habit of shopping abroad, maintai-
ning a double-digit growth every
year was no easy target!
I was able to put together a team
of very competent and hardwor-
king individuals, mostly fresh gra-
duates or on their second job. The
fact that 90% of the work was
done in English made it very easy
for me to organize the team and
work with them. Their attention to
detail and dedication have been
exemplary. With a clear direction
and regular evaluation and reco-
gnition, we were able to create a
very successful department.
A big challenge I faced was ear-
ning the respect of my other col-
leagues, especially since I was a
foreigner. Making the extra effort
to reach out and explain what you
are trying to do, engaging and
listening to others’ point of view,
receiving criticisms well and ad-
dressing everyone in a positive way
paid off. I was also very lucky to
work and report directly to the
owners of the company. They have
been very respectful and suppor-
tive of my work which has made
my experience very pleasant. They
invest in developing their people’s
talent as much as in renovating
their department stores, fully
aware that human resources are
the heart of their company.
My advice to newcomers to the
Philippines is to always to keep in
mind that Asians in general, and
Filipinos in particular, are very res-
pectful and non-confrontational.
It is important to never take “yes”
the Western way. “Yes” just means
“I am listening to you”, and not
necessarily “I agree with you”.
With this in mind, one will avoid a
lot of unnecessary misunderstan-
ding and frustration!
Now that my family and I are back
in Bordeaux, what I will miss the
most is the kindness of the many
Filipino friends we made, their
warm smile and generosity of spi-
rit. Living in the Philippines has
been a wonderful and enriching
experience and I have learned to be
more patient, gentle and accepting
of different perspectives – qualities
that have made me a better person
today.
MEETING WITH…
SEVRINE MIAILHE
MARKETING COMMUNICATION MANAGER AT RUSTAN
COMMERCIAL CORPORATION
IAFEI Quarterly | Issue 31 | 62