The Philippines rolls out the red carpet
Wednesday for the movers and shakers of the international financial community
as it plays host to the 45th annual meetings of the board of governors of the
Asian Development Bank (ADB)-an event that has not been seen here for at least
a decade, despite the country being the permanent home of the ADB, and
occurring at a most auspicious time when the Philippines has become one of the
hottest emerging markets in the region.
In the
next four days, more than 4,300 political and government leaders, finance
officials and development experts will discuss pressing issues confronting the
Asia-Pacific region, which has seen steady growth and is leading the recovery
from the global economic crisis, yet remains vulnerable to growing inflation,
fuel price spikes, austerity measures in the eurozone and the worsening impact
of climate change.
As host
of this year's meetings, the Philippines has chosen the theme of
"Inclusive Growth through Good Governance," providing a platform for
the discussion of one of the most pressing issues for the region-how to bring
the benefits of Asia's rapid growth to all levels of society.
Impeccable timing
The
private sector-which is teaming up with government economic managers in an
effort to prove to the world that it's "more fun" to hold the
meetings in the Philippines-is excited that the ADB has rediscovered the
Philippines as a venue for its annual meetings.
Business
leaders are optimistic that this event will create a bigger international buzz
in support of the government's infrastructure-building and governance agenda as
well as campaigns to boost foreign investments and tourism.
Philippine
Stock Exchange (PSE) chairman Jose Pardo described as "impeccable
timing" the decision to hold the meetings in the country this year.
"While
ADB meetings have long been planned, it comes at a time when our stock market
continues its bull run. This provides us the opportunity to showcase the
country as an emerging investment destination," said Pardo, who was
finance and trade secretary in the short-lived Estrada administration.
Tourists and investments
"The
upcoming ADB event will spotlight the Philippines as a bright spot for
investment opportunities and will also highlight the good credit rating of the
country," said Teresita Sy-Coson, chairperson of the country's largest
bank, Banco de Oro Unibank, and vice chairperson of leading conglomerate SM
Investments Corp. which owns the SMX Convention Center where some host-country
activities and seminars under the Philippine Corporate and Investment Pavilion
will be held.
Cesar
Virata, former finance secretary and prime minister who played a key role in
hosting ADB meetings five to six times during the Marcos regime, said the event
would be good for attracting tourists and for attracting foreign investments.
"They
(investors) can see what we need and also they can see the activities of our
private sector and because they are going to be our partners and
counterparties, that's the advantage of having the international meetings
here," Virata said.
He
noted that the Philippine International Convention Center was built by the
administration of the late dictator Ferdinand Marcos precisely for
international meetings like the ADB conference. The PICC was part of the
massive building frenzy that the Marcos martial-law regime engaged in to host
the annual meetings of the International Monetary Fund and World Bank in
October 1976.
Since
then, Virata said the membership of the ADB has increased and so has the number
of attendees. He said a number of Indo-China countries were not represented in
past meetings because there were undergoing internal wars.
The
last time the Philippines hosted a full-scale ADB annual meeting was in 1999. A
small-scale meeting was held in 2003 when the meetings had to be relocated
because of political turbulence in the original host country.
"Most
of the bankers in the member-countries do attend because they are able to meet
their counterparties in a single venue so it's a very efficient
opportunity," Virata said.
"And
for people who have not been in the Philippines but who have read reports, they
can see now what we need and how our private sector is filling up a number of
investment requirements," Virata said.
PH takes center stage
Manuel
Salak III, a Filipino banker who is based in Singapore as ING managing director
for clients and corporate finance for Asia, is one of the international bankers
who have flown in for the ADB meetings.
"Surely,
the Philippines should take center stage and special prominence, not only
hosting this important conference but also having its special status as
permanent host for the ADB's headquarters. As a senior relationship banker
covering Asia, our presence in the annual ADB conferences is important in
promoting key relationships with various governments, corporate and financial
institutions," Salak said.
"The
ADB conference in Manila is a special siren call for me as our franchise here
is built on solid ground and a track record second to none. Additionally, while
I am officially a visitor, as a Filipino I am also part host. I am sure our
government will do well in this event promoting not only honesty but also
credibility, and convincing the international community that the Philippines is
back on a sustainable track," he said.
Coming-out opportunity
Finance
Secretary Cesar Purisima, whose department has been at the forefront of the
preparations for the meetings, described this event as a "coming-out
opportunity" for the Aquino administration to showcase "the dividends
of good governance."
Half of
the participants are foreign VIPs, including the heads of the Inter-American
Development Bank, Japan International Cooperation Agency, the Association of
Southeast Asian Nation (Asean), the South Asian Association for Regional
Cooperation; the Agence Française Développement, and Europe Development Bank.
Senior
officials of Asean+3 (China, South Korea and Japan) will be meeting on the
sidelines of the conference. The ADB has also welcomed nongovernment
organizations to participate in the event in recognition of their role in
development, particularly in microfinance initiatives.
Reuters
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