The Philippine Business and Investment Forum (PBIF) held on March 3 at the Sheraton Hotel Times Square in New York City provided a venue for exploring the opportunities and challenges in key areas of the booming Philippine economy. Three panels tackle issues focused on the banking sector, the state of public infrastructures and the strengths of the manufacturing industry.
A dialogue was also held on agribusiness.
In his introductory keynote address for the banking panel, Bangko Sentral ng Pilipinas (BSP) Deputy Governor for Supervision and Examination Nestor Espenilla said that, “while many jurisdictions have experienced contraction due to international financial instability, the Philippines has been expanding” and that bank loans have doubled from end-2009 to end-2015.
Under the leadership of BSP Governor Amando M. Tetangco Jr., the BSP has implemented a menu of critical banking reforms that make the Philippine financial sector more competitive, more resilient and compliant with international norms, such as the Basel III Reform Agenda.
These reforms include the liberalization of the banking sector to full entry of foreign banks, allowing the infusion of foreign equity to rural banks, the streamlining of procedures for establishing new banks and the rationalization of incentives for continuing industry consolidation. These developments underscore the financial sector’s preparedness for enhanced regional and international financial integration, such as through the Asean Economic Community.
Espenilla also outlined BSP’s efforts to enhance financial inclusion. He emphasized that, while much is still required to be done to assist the “unbanked and underserved,” the BSP is committed to support activities geared towards inclusive growth. In December 2015, the BSP launched the National Retail Payment System, or NRPS, which is a framework that aims to establish a safe, efficient, reliable and affordable electronic retail payment system that will move the country toward a “cash-lite” economy.
Espenilla assured the audience that the BSP, which is mandated to operate as an independent monetary authority, will remain committed to responsibly managing the financial dynamics affecting the Philippines no matter who becomes president in the upcoming presidential elections.
The banking panel that followed focused on key issues in the financial sector, economic growth expectations and the risks associated with increasing liquidity. Espenilla was joined in the panel discussion by CitiGroup Vice Chairman for Corporate and Investment Banking Jay Collins and Rizal Commercial Banking Corp. (RCBC) President and CEO Lorenzo Tan, who is also president of the Bankers Association of the Philippines.
Collins highlighted the fact that new banks entering to compete in the Philippines will continue to add capacity to the financial sector, especially with the 51 public-private partnership (PPP) projects in the pipeline valued at P1.62 trillion, or $34.7 billion. More banks in the market enhance opportunities and spur more innovation.
Tan outlined the work of Philippine banks, particularly for RCBC, to enhance their own capacity and invest in new programs, such as in microfinance, and innovating financial technology, or “fintech,” to serve their customers. He said that Philippine banks are some of the biggest in the region, and they do not view foreign banks as threats in the context of regional integration.
Tan also noted the trajectory of Philippine population growth, particularly the growth of working and earning individuals, making the Philippines a prime market for implementing new mobile-banking services.
Espenilla emphasized the BSP is supportive of new technology and innovations in the sector, and prepared to ensure that the system will give new innovations the regulatory space to ensure such developments can thrive.
At the panel on infrastructure and the future of growth and development in the Philippines, it was noted that public infrastructure spending is expected to increase to $18 billion, or 5 percent of the GDP, in 2016. Although the government has significantly increased infrastructure spending the past years, the panel urged the private sector to step up in order to prompt the level of investment required to accommodate the heightened demand for new infrastructure from households, as well as businesses.
Development Bank of the Philippines Director Vaughn Montes noted that in order to re-ignite interest in infrastructure, the government must work toward enhancing its laws and regulatory framework to sustain investor confidence.
With the ongoing effort to reform Philippine PPP laws and procurement practice, the government is able to provide stability; however, Montes added laws that are rule-based and promote predictability, consistency and clarity must be institutionalized in order to sustain interest in infrastructure investment, particularly by foreign investors.
Makati Business Club Director Cirilo Noel emphasized the importance of policy continuity, especially as the Philippines’s PPP Program has gained prominence internationally.
Asian Development Bank (ADB) North American Office Representative Craig Steffensen indicated that the regional demand for infrastructure investment up to year 2020 amounts to approximately $750 billion a year. The ADB is currently working with multilateral institutions, such as the World Bank, in preparing the Philippines for new projects through technical assistance and training programs. The emergence of the new Asian Infrastructure Investment Bank, he added, engenders a complementary relationship with the ADB and will help infuse the region with the financing required to support new infrastructure projects. He indicated that the Philippines is particularly positioned to handle the increase in investment.
Caterpillar Executive Director for Government and Corporate Affairs Jeffrey Hardee reiterated that the lack of infrastructure extends to the region as a whole, but sees the Philippines enhancing its position through more robust PPP laws, and proactively engaging the international businesses community. He emphasized the tremendous infrastructure opportunities due to the demand to develop water supply, energy supply and transportation facilities on land, sea and air.
Hardee noted opportunities in mining as the Philippines is ranked fifth in the world with regards to natural resource reserves.
Agrarian Reform Secretary Virgilio de los Reyes and Philip Morris International (PMI) Vice President for International Affairs Jon Huenemann held a dialogue to unravel the perceived “black hole” when investing in agriculture in the Philippines.
Both panelists, one from the private sector and the other representing the government, demonstrated how investing in smallholder farmers can yield stable, efficient and sustainable partnerships in agribusiness.
Huenemann talked about how PMI has undertaken, for many years, contract farming with individual tobacco farmers in the Philippines with only a hectare of land or less. He related how PMI is providing contract growers with inputs and agri-extension services to produce quality output that command good prices.
De los Reyes emphasized that the government is ready to serve as an enabler of agricultural investments by delineating property rights, strengthening farmers’ organizations, assisting in providing access to financing, strategic public goods and supporting infrastructure that link farmers to markets more easily at lesser cost. Success stories in cacao production with Kennemer Food Inc. and sugarcane production through block farms were also featured.
One such institution to support agri-investment is the Land Bank of the Philippines, which was represented in the forum by board of directors member Domingo Diaz. LandBank operates an extensive rural branch network with more than 361 branches and 1,505 automated teller machines, which not only support countryside development, but also supports social welfare programs, such as Conditional Cash Transfers. In his keynote message, Diaz underscored LandBank’s effort to enhance financial inclusion, which adds to the quality of life of those currently underserved.
Secretary de los Reyes invited investors to tap the vast opportunities in areas, such as Mindanao, that are not only endowed with soil and climatic conditions conducive to agricultural production but also have concrete commodity investment and business development plans and supporting infrastructure programs that will enable agribusiness enterprises and agro-industrialization to flourish in the Philippines.
In a panel discussion on manufacturing and the strengths of the Filipino workforce, Department of Trade and Industry Undersecretary for Management Services Group (MSG) and Chief of Staff Nora K. Terrado emphasized the Philippines’ attractiveness as a manufacturing destination due to favorable costs, quality, scalability, and, most importantly, unique traits intrinsic to Filipino workers that underscore compassion and stewardship in the work they do, which translates in Tagalog as “malasakit.”
Integrated Micro-Electronics, Inc. (IMI) President & CEO Arthur Tan supported this by emphasizing that IMI’s Philippine manufacturing facilities have low average defects per million opportunities (DPMO) in the manufacture of semiconductors, as compared to the typical average in the industry.
In addition to quality, Tan underlined that the Philippines’ labor force has one of the lowest attrition rates in the world. This was further emphasized by the Manufacturing Panel’s representatives from two of the country’s investment promotion authorities (IPA), Chairman & Administrator Roberto Garcia of the Subic Bay Metropolitan Authority and Chairman & Administrator Deogracias Custodio of the Authority of the Freeport Area of Bataan (AFAB). The Chairmen not only emphasized value propositions of their individual IPAs, but presented the ability of IPAs to promote the scalability of businesses and the favorable position IPAs have in connecting with domestic, regional, and global value chains.
It was also pointed out that in an analysis by the Japan External Trade Organization, the Filipino worker’s average annual salary in manufacturing have only increased from $3,606 in 2009 to $4,012 in 2014, or an 11.25 percent increase in 5 years; whereas the Chinese wo percent for the same time period.
As manufacturing sector wage increases have occurred in small increments throughout the manufacturing sector, businesses find it more manageable for their operations to stay for a long time. With a labor force having a strong command of the English language, ability to quickly adapt to new and more sophisticated technology, and intrinsically caring and committed instilled with the virtue of “malasakit,” the Philippines’ manufacturing sector appears fully prepared to serve the demands of a rapidly changing global economy.
The PBIF was organized by InvivaLink, a company specialized in the production of business and investment conferences.
14 comments
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Dear Sir/Ma.
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