23 September 2015 - Philippine Ambassador to Belgium and Luxembourg and Head of the Philippine Mission to the European Union Ambassador Victoria S. Bataclan joined other speakers at a Policy Dialogue on “Striving for Growth: Emerging Markets and the EU in the World Economy” sponsored by the European Policy Centre (EPC), the Institute for the Scientific Advancement of the South (ISAS) and the King BaudouinFoundation at the EPC Auditorium on September 15.
Ambassador Bataclan shared the Philippines’ experience on how the country transitioned from being a debtor to creditor nation in the International Monetary Fund (IMF) in 2010 upon its participation in the IMF’s Financial Transactions Plan (FTP). The Philippines has since made its contribution in preserving the stability of the international monetary system by lending – through the IMF – to some troubled economies.
Ambassador Bataclan gave credit to the structural adjustments proposed by the IMF to the Philippines. The Ambassador proudly heralded the high GDP and GNP rates posted by the Philippines in recent years, which are indications that the country is on track, based on recent forecasts, to become the 20th largest economy in the world by 2050.
Ambassador Bataclan also acknowledged that the remittances of overseas Filipino workers helped shield the Philippine economy from the impact of the global economic slowdown. Although the Philippines is considered among the fastest-growing emerging economies, the Ambassador said “much remains to be done” to correct the situation in which some 20 million Filipinos live below the poverty line.
On the question of areas of future cooperation, Ambassador Bataclan said the Philippines and the EU are already cooperating under the GSP+ to develop and advance engagement in trade as well as in ensuring that this is consistent with shared values on human rights and sustainable development. The ASEAN Economic Community and the awaited ASEAN-EU Free Trade Agreement as well as a Philippines-EU Free Trade Agreement, negotiations for which may begin soon, are also important mechanisms for future cooperation for more stable trade relations and inclusive growth and development.
Ambassador Bataclan was joined by Mr. Jeffrey Franks, Senior Resident Representative to the EU of the IMF; Mr. Norbert Wunner, Deputy Head of Unit for Countries of the G-20, IMF, and the G-Groups of the Directorate-General for Economic and Financial Affairs of the European Commission; Mr. Ben Westmore, Economist, China Desk of the Economics Department of the Organization for Economic Co-operation and Development (OECD); and Mr. Fabian Zuleeg, Chief Executive of the EPC, who also emceed the event.
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