Philippine economic transformation at center stage

American business groups are showing a very high level of interest in the Philippines especially with the positive economic growth forecasts coming from such institutions as the International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB) that even said our country is now entering a “golden age” for economic growth.

Since arriving in Washington last November to formally take up my post as Philippine Ambassador, I have been going around talking to different groups and meeting business organizations to tell them the good news that the government of the Philippines is seriously working to make positive and meaningful change that will redound to the benefit of the Filipino people.

With (from left) Gilead Sciences SVP of access operations and emerging markets Clifford Samuel, government affairs director Claudio Lilienfeld and Meridian International Center president and CEO Ambassador Stuart Holliday.

I was the speaker during the recent breakfast forum organized by the Meridian Corporate Council of Meridian International Center headed by its president Ambassador Stuart Holliday and hosted by pharmaceutical research group Gilead Sciences, with about 20 businessmen present.

Holliday, who is also the CEO of Meridian, was an Ambassador to the United Nations and also worked as special assistant to President George W. Bush. Meridian International is a leading non-partisan organization that works with the US State Department, other US agencies, NGOs and governments to strengthen international cooperation on key issues. Its Corporate Council provides a platform for dialogues and exchanges to equip members in “navigating critical challenges and opportunities in a complex international environment.” Members come from wide-ranging sectors representing major corporations that are leaders in corporate social responsibility and international initiatives.

During the breakfast forum, I outlined the exceptional economic growth demonstrated by the Philippines. I also shared how the government is aggressively pushing for the transformation of the agricultural sector plus the contributions of the manufacturing and services sectors, and I also pointed out the underlying macroeconomic strengths that underpin the impressive performance of the economy. 

Explaining the economic transformation happening in the Philippines while Ambassador Holliday listens.

A major goal of the administration of President Duterte is to achieve growth of seven to eight percent and reduce poverty from 21.6 percent to at least 14 percent in 2022. The government’s massive infrastructure program — known as Build, Build, Build — is a key component to achieve inclusive growth by reducing poverty and spurring economic progress in many areas outside of Metro Manila. As noted by an ADB director, he has never seen such momentum on the government side for infrastructure development as the one demonstrated by the administration in the last two years.

As I told the businessmen present, the Philippine government’s infrastructure program presents so many  opportunities to American companies and other foreign investors. I also gave them my assurance that the Duterte administration is very serious in its fight against corruption, and is instituting reforms to cut down on bureaucratic red tape and strengthening efforts to facilitate ease of doing business in the country.