Quantcast
Latest Stories

Bloomberg chief says PH in an ‘enviable position’

By

President Aquino: Due credit. FILE PHOTO

The Philippines’ growing momentum in economic growth is due to a large degree to the Aquino administration, whose policies have given local and foreign businessmen fresh impetus to invest in the country, according to the head of one of the world’s biggest and most influential financial news organization.

Bloomberg L.P. chair Peter Grauer said the Philippines was in an “enviable position” vis-a-vis other countries around the world that lacked leadership at a time of great economic uncertainty.

“But I think leadership is a key differentiator and the [Philippines] today has quite a strong leadership,” he said in an interview with the Inquirer. “This will allow [the country] to move forward in a very thoughtful and solid pace of growth.”

The New York-based chief of Bloomberg —whose computer terminals are described as the gold standard of financial market news and analytics—visited the country on Monday and Tuesday to meet with government officials and business leaders amid the Philippines’ rising prominence in the international investment scene.

“I talk a fair amount about the leadership vacuum that exists in a lot of countries around the world,” Grauer said, when asked about what makes the Philippines attractive to the foreign business community. “And I think you are in a very enviable position to have a President who is focused on driving the country forward, creating transparency in the markets and building the economy with a solid and sustainable foundation.”

Bloomberg is a 15,000-member organization (which includes 2,300 news personnel in various media platforms) and has 172 bureaus in 72 countries. Its Bloomberg terminals —leased for approximately $1,700 a month per unit—is used by 310,000 subscribers in 174 countries.

Grauer noted that a significant part of Bloomberg’s revenue growth in recent years has been occurring in Asia as both the United States and Europe struggle with their economic difficulties. And within Asia, he said the Philippines was particularly promising.

“The economies are bumping along at zero or very little growth [in other advanced economies],” he said. “It’s much more fun here. It manifests itself. People walk with a little more spring in their step. It’s very intangible, but you see it and you feel it.”

In general, the growth of Bloomberg’s business in the Asean region—at an average 14 percent in 2012 for Indonesia, Malaysia, Philippines and Singapore—has outstripped the financial service organization’s global average growth rate of 0.5 percent. Grauer said he believed that the growth rate reflected the actual and potential expansion of the local economy as well.

“It’s matter of sustaining [the growth] and that’s a function of the quality of the leadership that you have,” the Bloomberg chief said when asked about challenges facing the Philippines going forward. “You seem to be in a very good position today, with a President who is leading the country in the right direction. And that’s not always the case in other countries.”

Apart from growing Bloomberg’s footprint in the Philippines, Grauer said his organization was also interested in helping the country’s capital markets mature and grow further.

In particular, he said Bloomberg was working toward providing more “localized” services that would help clients value government and corporate bonds more accurately on the Bloomberg system; developing a system to facilitate the trading of interest rate swaps, as well as partnering with the local bourse to develop exchange-traded funds, futures and options.

“A lot of these things take time to develop, but we think that the Philippines will be a very attractive market for us, going forward,” Grauer said. “We want to be partners with both the local market participants and regulators and other players like the finance ministry and the central bank.”


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bloomberg , Business , economic growth , Philippines

  • http://www.facebook.com/people/Jason-Gerona/1385084187 Jason Gerona

    hmmm, how about sabah issue?



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace