Electronics firm picks PH as financial hub for SEA

RS Electronics, a UK-headquartered electronics and industrial parts distributor, recently migrated its Southeast Asian financial services operations to the Philippines.

RS Components country manager Glenn Lanot

In a recent press conference, RS Components country manager Glenn Lanot said the company has dedicated 17 of its 47 employees the task of providing accounting and other financial services to its counterparts in the Southeast Asian region.

Specifically, the Philippines will serve Singapore, Malaysia and Thailand.

Lanot explained that the step was taken to take advantage of the efficiencies of putting such operations in the Philippine market.

However, aside from enabling streamlined regional operations, Lanot said the Philippine market for the industrial parts distributor has been met with “overwhelming success” in the industries it serves.

In the fiscal year 2011-2012, he said, sales in the country grew 17 percent, with 60 percent of the business transacted online.

Lanot said the figure is comparable to the Asia Pacific average growth of 12 percent for the first half of the same fiscal year. Globally, 56 percent of RS Components business is transacted online.

Its Philippine office also serves 3,000 customers, specifically engineers and procurement specialists.

RS Components is present in the oil and gas, food manufacturing, electronics, semiconductor, and power generation and distribution industries in the Philippines.

David Hook, RS Components head of maintenance business for Southeast Asia, said the increasing adoption of electronic procurement across a wide area of industry is also a key growth driver for the company.

“We have seen fast adopters drive growth for our kind of business in the market and they do that because of the benefits of flexibility and purchasing control in e-procurement,” he said.

Hook added that some of the company’s key accounts consists of successful implementations of e-procurement.