US business, gov’t leaders also to share thoughts on sustainability of PH economic gains
Internationally renowned economist Nouriel Roubini, who was said to have predicted the last global economic crisis, will speak at the Philippines Business & Investment Forum (PBIF) happening in New York City on March 3.
Roubini will be part of the forum’s first panel discussion titled “The Only Way Forward,” where long-term sustainability of the Philippines’ encouraging economic story from the last six years will be tackled.
Joining Roubini in the first panel discussion of the PBIF will be Finance Secretary Cesar Purisima, Philippine Competition Commission Chair Arsenio Balisacan, and Century Properties Chairman and CEO Jose E.B. Antonio.
The 57-year-old, Turkish-born American economist, who is chair and co-founder of global macroeconomic research firm Roubini Global Economics, is expected to share his thoughts on the Philippines’ chances of maintaining its positive economic performance even after the elections in May.
It may be recalled that in January 2013, Roubini said the Philippines, which was still suffering from stubborn speculative credit ratings, deserved investment grade sovereign credit ratings. He pointed out significant improvements in the country’s economic, fiscal, financial, and policy fundamentals.
Soon after that, or in March 2013, Fitch Ratings gave the Philippines its first investment grade from a major international credit rating firm. Since then, the economy has earned a series of credit-rating upgrades from various institutions to now enjoy a secure place well within the investment-grade territory.
The Philippines has recorded an inspiring economic story over the years, transitioning from “the sick man of Asia” to “Asia’s bright spot.”
Besides securing investment grade sovereign credit ratings, which have helped reduce borrowing costs for the government and the average Filipino, the Philippines likewise significantly improved its rankings in various global surveys on competitiveness over the past six years. All this happened despite a challenging global economic environment.
The pending leadership change in the Philippines may have raised the question over the country’s ability to keep its positive momentum after the elections.
Taking a proactive stance in assuring the international investor community that the Philippines is poised to keep moving forward, the country’s top economic officials will share the latest favorable outlook on the economy, as well as various measures implemented to institutionalize reforms and to sustain the economic gains.
Some of the measures geared toward sustainability have been enshrined in laws, such as the Sin Tax Reform, the Tax Incentives Management and Transparency Act, the law fully liberalizing the banking sector, the amendment to the Cabotage law, and the Competition Act, among others. These laws are seen to play vital roles in helping accelerate the Philippines’ economic gains in the years to come.
Besides Roubini, executives from the US business community will also be joining Philippine government officials and private-sector executives in the PBIF.
Other foreign speakers in the event include US Chamber of Commerce Senior Director for Southeast Asia John Goyer, Standard & Poor’s Sovereign Debt Committee Chair John Chambers, Citigroup Vice Chair for Investment Banking Jay Collins, Caterpillar’s Executive Director for Government and Corporate Affairs for Asia-Pacific Jeffrey Hardee, Philip Morris Vice President for US and International Corporate Affairs Jon Huenemann, and US-ASEAN Business Council President and CEO Alexander Feldman, among others.
US Department of Commerce Director Andrew Edlefsen will be among the representatives from the US government to grace the event.
In addition to the discussion on sustainability of economic gains, the PBIF will also feature panel discussions on business opportunities in various sectors of the Philippine economy: banking, capital markets, manufacturing and BPO, and tourism.
The PBIF is initiated by Philippine Ambassador to the United States Jose Cuisia, Jr. and international events company Invivalink, with assistance from the Investor Relations Office (IRO).
The Philippine government and US Philippines Society serve as lead partners for the event, while other institutional partners include the Makati Business Club, the US Chamber of Commerce, the US-ASEAN Business Council, AMCHAM Philippines, and the Manhattan Chamber of Commerce.
