30 June 2015 – Philippine Finance Secretary Cesar V. Purisima led a stellar lineup of distinguished speakers who attended the Philippines Capital Markets Forum, which was held at the JW Marriot Hotel in Admiralty, Hong Kong SAR on June 23.
In his opening address, Secretary Purisima informed the audience that from being the sick man of Asia, the Philippines has become a turnaround story the past five years, with the Aquino administration being able to reestablish confidence. As a result, the country has averaged a 6% growth rate during this period.
He highlighted some of the administration’s notable achievements, among them the country’s improved ratings, a debt to GDP ratio of 45% compared with 68% in 2005, driving down foreign debt to 15% of GDP and the budget deficit to 0.6% of the GDP, increasing tax revenue to 13%, overhauling government-owned and controlled corporations to prevent financial leakages, the liberalization of the banking industry, and performance-based compensation and budgeting.
Secretary Purisima sees continued growth for the Philippines based on its excellent DNA—demographics, natural resources, and its location close to the heart of Asia.
While acknowledging the country’s challenges such as the state of its infrastructure and its vulnerability to climate change, Secretary Purisima remains optimistic that with the help of regional groupings such as APEC and ASEAN, the Philippines will be able to address these challenges as well as upgrade the technical capabilities of its people.
Toward the end of his address, to further reassure investors, Secretary Purisima stated that the upcoming presidential elections in 2016 will not be detrimental to the country’s positive growth as long as the polls are seen as being credible and the winner has a clear mandate.
The daylong forum had panel discussions on economic growth, energy and infrastructure opportunities, opening up the bond market, mergers and acquisitions, equities, private equity, and an interactive question-and-answer session with some of Asia’s major investors in the Philippines.
The forum was organized by FinanceAsia, the region’s leading publication for capital markets and investment banking. END