Tech firm Honeywell expects continued robust growth in Philippines

MANILA, Philippines — Diversified technology and manufacturing firm Honeywell International Philippines Inc. expects revenues this year and next to grow by at least twice the country’s gross domestic product (GDP) as it takes advantage of opportunities and demand for services in the aerospace and construction industries.

Honeywell International Philippines president Jeffrey Estrella said in a briefing the company expects a good performance this year, with revenues targeted to grow twice the country’s GDP.

“In the Philippines, we should be growing around two, three times the GDP. We are quite well positioned here in almost all businesses of Honeywell,” he said.

The government has set a 6.5 percent to 6.9 percent target for this year’s GDP growth.

In the third quarter, the Philippine economy grew by 6.1 percent, lower than the 6.2 percent in the second quarter and the 7.2 percent growth in the third quarter last year.

For next year, Estrella said the company’s revenues as a minimum, should also grow two to three times the GDP.

In the last two years, he said Honeywell’s revenues in the Philippines have been growing more than double the GDP.

He said the company expects revenue growth this year and next to be driven by all its business segments.

The aerospace business segment, in particular, is expected to be among the drivers of revenue growth with carriers in the country modernizing their fleet.

Honeywell has products and services for commercial, defense and aerospace aircraft.

Apart from aerospace, Honeywell also expects its building materials business to contribute to revenue growth given the country’s construction boom.

Estrella said construction activities being undertaken not just in Metro Manila, but also in other parts of the country such as Iloilo, Cebu, Davao and Cagayan de Oro, offer opportunities for Honeywell’s building technologies.

Apart from aerospace and building technologies, Honeywell is involved in performance materials and technologies covering technologies and automation solutions for manufacturing, as well as petroleum refining, petrochemical and gas processing industries; and safety and productivity solutions covering mobile computers, voice-enabled software and workflows, bar code scanners, and printing solutions.

Honeywell recently opened its central office in Taguig City which hosts more than 110 employees, including those involved in human resource functions, to cater to Honeywell’s operations in the Southeast Asian region.

Apart from the central office in Taguig City, Honeywell has a facility in Subic Bay which provides maintenance, repair and overhaul for commercial aviation wheels and brakes.

Headquartered in New Jersey in the US, Honeywell is a Fortune 100 company with presence in 970 sites, employing 110,000 individuals.