PHL Economic Team Confident of Growth, Reveals Plans in New York Briefing
L-R Jamie Augusto Zobel de Ayala of Ayala Group, BSP Deputy Governor Diwa Guinigundo, Foreign Affairs Secretary Alan Peter Cayetano, Joanne De Asis of Morgan Stanley, Finance Secretary Carlos G. Dominguez, Budget Secretary Benjamin Diokno, NEDA Secretary Ernesto Pernia, Drausio Giacomelli of Deutsche Bank, and Lynette Ortiz of Standard Chartered (photo by NYPCG).
19 October 2017 NEW YORK – Armed with a promising medium-term development plan and building further on sound macroeconomic fundamentals, the Philippine Economic team delivered a presentation at the Morgan Stanley offices in Manhattan, New York on October 11.
The Philippine Economic Briefing was organized by the Philippine Government in cooperation with CITI, Deutsche Bank, Morgan Stanley and Standard Chartered.
Secretary of Finance Carlos Dominguez III, National Economic Development Authority (NEDA) Director-General Ernesto Pernia, Secretary of Budget Management Benjamin Diokno, and Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo presented their respective department’s action plans before international business and finance leaders in the US.
Secretary of Foreign Affairs Alan Peter S. Cayetano opened the program, reiterating the Philippines’ independent foreign policy which recognizes traditional and new allies as partners in economic and overall development.
Setting the tone for the briefing, Secretary Dominguez shared the Philippine growth narrative stating that the country’s economic performance has been as anticipated, with a growth rate projected to hit the target range of 6.5% to 7.5% by the end of the year. He enumerated steady overseas remittances, investment-led activity, and increased industry and agricultural production as factors for success. He noted proposed policy changes to facilitate ease of doing business in the country, and a proposed tax reform program designed to further raise the profile of the Philippines as a preferred investment destination.
Secretary Pernia introduced the Philippine Development Plan 2017-2022, which aims to place the Philippines at upper-middle income status by 2018, and even better by the end of the Duterte Administration. He emphasized the importance of private sector participation in bringing management expertise and technological solutions to government programs.
For his part, Secretary Diokno relayed the government’s plan to adopt an expansionary fiscal policy to free up resources for the country’s development priorities. He disclosed the government’s plan to embark on the most ambitious infrastructure development program yet in Philippine history, citing its multiplier effect on domestic growth, and impact on industry.
Summing up the positive outlook of the sustainability narrative, Deputy Governor Guinigundo provided the monetary context for the country’s forward movement. He assured the audience of the resilience of the economy and monetary conditions amid external challenges.
During the open forum, Jaime Augusto Zobel de Ayala, Chair and CEO of Ayala Corporation, stated his satisfaction at the performance of the Philippine economy and noted that the Philippines continues to be a great place to invest. Mr. Zobel noted that the private sector is bullish on the many investment opportunities in the Philippines including the bold infrastructure program.
Some questions from the attendees revolved around the tax reform program being deliberated in the Senate, the monetary outlook, investment plans in Mindanao, sustainable energy production, developments in the Philippine export strategy, manufacturing sector upswing, the independent foreign policy direction of the government as well as the positive outlook for the agricultural sector.
The briefing was also attended by the Consul General Theresa Dizon-De Vega and officials of the Philippine Consulate General New York and Philippine Trade and Investment Center and Philippine Permanent Representative to the UN Teodoro L. Locsin with officers of the Philippine Mission to the UN.
A Non-Deal Roadshow delegation from the Philippines likewise proceeded to Los Angeles, New York, Washington DC, Boston and Philadelphia for business presentations and one-on-one meetings with business and finance institutions. END
For more information, visit www.newyorkpcg.dfa.gov.ph / www.newyorkpcg.org or https://www.facebook.com/PHLinNY/