Attends the World Economic Forum-Davos 2016 Annual Meeting

20 January 2016 – Finance Secretary Cesar V. Purisima is attending the World Economic Forum-Davos 2016 Annual Meeting this 20-23 January, as President Benigno S. Aquino III’s Special Envoy representing the Philippines.

Purisima will speak at the closed-door sessions entitled, “Re-igniting the South East Asia Growth Story,” and “Asia in the Digital Age.”

The first is an ASEAN-Japan Cross Regional Session: Regional Business Council on ASEAN Meeting designed to chart Southeast Asia’s path to growth after its decade of robust growth is being challenged by a slowdown in China, soft commodity prices, and the Fed rate hike. Fears of capital flight and a credit crunch among emerging markets rise as global trade remains sluggish, creating a difficult road ahead.

Purisima will be joining cabinet ministers from governments across Asia as well as leaders in global business to identify key economic and policy levers to promote resilience and drive inclusive growth for the region. Purisima is expected to share insights from the Philippine experience to help understand ASEAN’s role in leveraging the broader regional integration and define the post AEC agenda and initiatives for 2016 to promote investments and growth.

In the session, Purisima is expected to highlight the strength of the ASEAN bloc. Buoyed by demographics and domestic demand with a youthful 625 million population–generating new ideas and policies to consolidate the middle class and sustain the momentum will be the key theme of the discussion.

Purisima will likewise expound on how good governance, specifically institutionalizing transparency and accountability, can stand as a bulwark against eroding trust and confidence in uncertain times. On trade, Purisima will reference the opportunities ASEAN has in its regional disparity, allowing for trade complementarity. He will also emphasize his view that ASEAN needs to move from trading intermediate to final goods.

The second session will explore how Asia can unlock its digital potential to open up niche markets and foster regional integration. Purisima is assigned to be a discussion leader, alongside Srinath Sridharan of the Wadhawan Group and John Riady of the Lippo Group.

The panel will discuss mastering local markets through online and mobile platforms, mass-scaling digital innovation for financial and diversity inclusion, as well as promoting transparency and credible governance in the digital age.

Purisima is expected to delve extensively on the Philippine experience with open governance and open data, as well as talk about opportunities with the recently signed Tax Incentives Management and Transparency Act, as well as the just-passed Customs Modernization and Tariff Act–showing how e-governance is an increasingly important aspect of good governance.