PSE, Bloomberg, Singapore investors rave about PHL economy – DFA
The sentiment among Singapore-based banks, asset managers and investment houses point to a keen interest toward the Philippine economy’s new path toward growth, the Department of Foreign Affairs (DFA) said Wednesday.
This was the assessment of the Philippine embassy in the City State after the March 15 roadshow by Bloomberg L.P., Philippine government, and Philippine Stock Exchange.
"The discussants expressed very positive views on the country's economic trajectory, with the panel moderator from Bloomberg admitting that his attempts to play 'devil's advocate' proved unsuccessful because everyone in the room seemed to be convinced of the emerging Philippine success story," the DFA said.
Ten macroeconomic indicators point to the Philippines' strong economic position and attractiveness as an investment destination, Trade Undersecretary Cristino Panlilio noted in his opening address to the event held in Singapore’s Bloomberg Auditorium.
The PSE was the strongest performing stock market in Asia in 2011, ahead of Indonesia and Malaysia, with a 4.07-percent year-to-date increase, said Panlilio.
PSE president and CEO Hans Sicat then showed the audience of 100 people the figures reflecting the stability of the Philippine economy and the strength of its market indicators.
He cited the credit ratings upgrade received by the Philippines from Fitch Ratings, Standard & Poor's and Moody's Investors Service since 2008.
Representatives from two of Philippines’ strongest industry sectors also made separate presentations
Integrated Micro-Electronics Inc. president and CEO Arthur Tan discussed the resurgence of the Philippines as a strategic option for the electronics industry in Asia.
Nickel Asia Corp. chief financial officer Emmanuel Samson expounded on his company's future prospects and track record producing nickel from the Philippines.
Samson cited the ongoing development of Taganito HPAL project, the biggest mining investment in the country to date at $1.4 billion.
Nomura Holdings economist Euben Paracuelles said in his presentation, "On the Path to Investment Grade," the present fiscal reforms are already creating conditions for higher growth for the Philippines.
Paracuelles cited the drastic reduction of special purpose funds in the budget—subject to highly discretionary spending—from P900 billion in 2010 to P200 billion at present.
A panel discussion on "Will the Momentum Continue: Foreign Perspectives" capped the roadshow. Economists and wealth managers from Bloomberg L.P., JP Morgan Chase, Standard Chartered, and Western Asset Management were led the discussions.
Philippine Ambassador to Singapore Minda Cruz, Consul Cathy Torres, and trade assistant at the Philippine Trade and Investment Center in Singapore Anne Cathy Ronquillo also participated in the roarshow. —VS, GMA News
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