The Global Economy in Turbulent Times

CHAPTER 124 The Philippines: Its Turn Is Next¹

I spent last weekend in Manila. I attended the 45th anniversary festivities of the Genting Group, including the opening of Resorts World Manila and the senior managers meeting of Genting Malaysia. The celebration culminated with a performance by Philippines’ finest, world-renowned artist Lea Salonga. The presence of the president of the Philippines was not conspicuous, while his senior ministers passionately promoted their case at Invest Philippines. I was pleasantly surprised at the effective manner in which this forum was managed by senior officials, as well as international bankers who truly believed that the time has come for the Philippines to be noticed as a global investment destination. I should share with you the impressive case put together on: why invest in the Philippines. No doubt, there are valuable lessons to take on board.

New Broom, New Strategies

The Aquino administration’s social contract with the Filipinos involves inclusive growth strategies to actively promote an enabling environment for private investment and entrepreneurship; equal access to development opportunities; and effective and responsive social safety nets leading toward high and sustained growth of real gross domestic product (GDP) of 7 to 8 percent in 2010 and 9 to 10 percent in 2011–2016. To make this happen, President Benigno “Noynoy” Aquino pledged to repair and make good what had troubled investors during previous administrations: (1) enforcing ...