04 February 2016 – Philippine Ambassador to France Ma. Theresa P. Lazaro, joined economists and businessmen at the annual Coface Country Risk Conference to talk about the country’s resilience in the face of global uncertainties and China’s slowdown.

In a roundtable entitled: “When China catches a cold, does the rest of Asia start sneezing?” Ambassador Lazaro was able to talk about the major drivers of the Philippine economy, mainly: the country’s strong macroeconomic fundamentals, our entry into the demographic sweet spot, the BPO industry, and the positive impact of lower commodity prices in the Philippines. These main drivers have helped the economy remain resilient in the face of China’s slowdown.

Ambassador Lazaro was also able to speak about the reasons behind the Philippines joining the Asian Infrastructure Investment Bank (AIIB).

Over 1,200 participants, mostly from the French private sector, joined this annual conference which was held at the prestigious Carrousel du Louvre in Paris.

Coface is a world leader in credit insurance. Every year, it releases its Handbook of Country Risk which provides country ratings in terms of attractiveness, similar to the credit ratings agencies. In 2014, Coface upgraded the Philippines’ rating to A4 from B. In 2015 and 2016, the Philippines maintained this rating as Coface downgraded the most number of countries for the first time since 2009. END