Page 32 - 2017 JUL -DEC KAAKBAY

32 July to December
2017

Philippine Economic Team Confident of Growth, Reveals Plans in New York Briefing

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 last 11
October 2017.

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 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,
Dominguez III, National Economic Budget Secretary Benjamin Diokno, NEDA Secretary Ernesto Pernia, Drausio Giacomelli of Deutsche Bank, and
Development Authority (NEDA) Lynette Ortiz of Standard Chartered
Director-General
Ernesto Pernia,

Secretary of Budget Management Benjamin Diokno, and Bangko During the open forum, Jaime Augusto Zobel de
Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo Ayala, Chair and CEO of Ayala Corporation, stated his
presented their respective department’s action plans before satisfaction at the performance of the Philippine
economy and noted that the Philippines continues to be
international business and finance leaders in the US.

Secretary of Foreign Affairs Alan Peter S. Cayetano a great place to invest. Mr. Zobel noted that the private
opened the program, reiterating the Philippines’ independent sector is bullish on the many investment opportunities in
foreign policy which recognizes traditional and new allies as the Philippines including the bold infrastructure program.
partners in economic and overall development.
Some questions from the attendees revolved
Setting the tone for the briefing, Secretary Dominguez around the tax reform program being deliberated in the
shared the Philippine growth narrative stating that the country’s Senate, the monetary outlook, investment plans in
economic performance has been as anticipated, with a growth Mindanao, sustainable energy production, developments
rate projected to hit the target range of 6.5% to 7.5% by the end in the Philippine export strategy, manufacturing sector
of the year. He enumerated steady overseas remittances, upswing, the independent foreign policy direction of the
investment-led activity, and increased industry and agricultural government as well as the positive outlook for the
production as factors for success. He noted proposed policy agricultural sector.
changes to facilitate ease of doing business in the country, and a
proposed tax reform program designed to further raise the profile The briefing was also attended by the Consul
of the Philippines as a preferred investment destination. General Theresa Dizon-De Vega and officials of the
Philippine Consulate General New York and Philippine
Secretary Pernia introduced the Philippine Development Trade and Investment Center and Philippine Permanent
Plan 2017-2022, which aims to place the Philippines at upper- Representative to the UN Teodoro L. Locsin with officers
middle income status by 2018, and even better by the end of the of the Philippine Mission to the UN.
Duterte Administration He emphasized the importance of private
sector participation in bringing management expertise and A Non-Deal Roadshow delegation from the
technological solutions to government programs. Philippines likewise proceeded to Los Angeles, New
York, Washington DC, Boston and Philadelphia for
For his part, Secretary Diokno relayed the government’s business presentations and one-on-one meetings with
plan to adopt an expansionary fiscal policy to free up resources business and finance institutions.
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.