Phl economic growth shines at WEF welcome reception

MANILA, Philippines - Industrialist Jaime Augusto Zobel de Ayala cited the Philippines’ economic growth over the past three years, making it now one of the leading economies in East Asia.

The Makati business leader highlighted the gains of the Philippine economy in brief remarks at the welcome reception Wednesday night for foreign and local delegates participating in this year’s World Economic Forum (WEF) on East Asia being hosted by the Philippines for the first time.

Even while the global arena remains volatile, Zobel noted “the Philippine economy continues to outperform” the rest of the East Asian economies, with the country’s gross domestic product (GDP) posting the highest growth in the region. The country also recently earned investment upgrades from international risk rating agencies.

“We have demonstrated our economy’s resilience against external forces, geo-political events and natural disasters,” Zobel said.

“Truly, the Philippines may finally be finding its place among the leading economies in the region,” he added.

“We are here at Tower One and Exchange Plaza, in the heart of the Makati business district, which only 50 years ago was a rice field,” Zobel, chairman and chief executive officer of Ayala Corporation, the flagship of the Ayala Group, pointed out.

Taking note of the presence of Vice President Jejomar Binay, Zobel paid tribute to the “partnership” of the Ayala Group and government leaders in the transformation of the city of Makati.

“With the strong engagement and partnership of Vice President Jejomar Binay, over his 21 years as mayor of Makati – and followed today by his son, Mayor Junjun Binay – together we have developed Makati into a world class city that we can all be proud of. This is a legacy of Ayala Corporation, a testament to our pioneering spirit and our commitment to nation-building,” Zobel said.

He also told the audience the Ayala Group is celebrating its 180th anniversary this year.

“We are proud to have been an integral part of building our nation over the last two centuries,” Zobel said, adding, “We celebrate our history and our achievements, but more importantly, we celebrate where we are going, as a country and as a nation.”

In his remarks, Binay offered the “warm hospitality” of the Filipino people to the WEF delegates.

“Despite the temperature outside, we offer you the balmy interiors of our meeting rooms and convention halls where you may engage in genial but earnest discourse in the next two days of the World Economic Forum on East Asia,” Binay said.

“As we all know, not only is East Asia, and Southeast Asia specifically, warming up in terms of economic and trade activity with the rest of world, it is in fact heating up,” he added.

Binay told his audience the region is one year away from achieving a common market through the ASEAN Economic Community.

At present, he cited, the Philippines is constantly accelerating interaction with its global trading partners.

“In the middle of all this, of course, is the hotter economic comeback of the Philippines, whose economy is expected to be the strongest performing in South Asia in 2014, with a GDP growth exceeding 6.5 percent,” Binay pointed out.

But he admitted a nagging question remains: “What does this all mean for our population? How do we translate economic growth into employment for the many, and the improvement of social services? How can acceleration in trade and economic activities accelerate sustained human amelioration?”

He said these are challenges that the delegates should find answers to in the next two days of the forum.

The Filipino-themed reception featured the best of Filipino culture, cuisine and artistry.

On show were fine furniture by artisans from Manila, Pampanga and Cebu, a video presentation of the Philippines’ best, a fashion show featuring the works of some of the country’s best designers and performances by Louie Ocampo, Lani Misalucha, the Ramon Obusan Folkloric Troupe, Steps Dance Studio and The Brat Pack.