Unilever Philippines seeks to outpace local economic growth

Multinational consumer goods firm Unilever Philippines is targeting to have its revenue growth surpass the country’s economic expansion, with its new chief executive officer focused on futureproofing and boosting people capability.

In an interview in Taguig City, Unilever Philippines Chairman and CEO Fredy Ong said he was looking at over investing in the company core brands — covering beauty and wellness products — to drive growth.

“When I say growth, it has to be over index versus category growth, because that’s when you realize really, when you can help retailers grow their category business by over indexing your growth and of course, we have to over index our growth versus the GDP of the Philippines,” he said.

“Outpacing GDP, basically, basta it will always be above GDP so that we can say that we’re really adding value not only to the GDP of the Philippines but also to the business of our retail partners,” he added.

The Philippine economy grew by 5.6% in the fourth quarter and the full-year 2023, marking a deceleration from the 7.6% expansion in 2022, and the government’s target range of 6.0% to 7.0%.

According to Ong, he will focus on future-proofing the company’s portfolio and to develop the capability of its people amid the advent of technology, as the company nears its 100th year in the Philippines.

“We have to make sure that we future-proof our portfolio, and when I say future-proof our portfolio, it is offering the best brand with the best possible benefits, but of course designed through sustainability. I think that’s very critical,” he said.

“The second one is about developing people capability, especially with the advent of technology, right, we have to make sure that we develop an organization that’s best in digital, commercial, and marketing. Those are the two biggest priorities, if you ask me,” he added.

Unilever announced Ong’s designation as its new chairman and CEO in December, after being with the company for over 30 years, as he previously served as country director of Unilever Cambodia and Laos before returning to the Philippines in 2017.

A handover ceremony was conducted at the company’s headquarters in Taguig City on Monday, signifying the passing of the torch from Ong’s predecessor Benjie Yap, who was appointed head of country for Unilever Indonesia.

The firm last December announced a P4.7-billion investment in the Philippines, with plans to automate and digitalize its operations in the country, along with a new factory at the Gateway Business Park in General Trias, Cavite. — DVM, GMA Integrated News