Once bastions of solidity and strength, Fannie Mae and Freddie Mac (a.k.a. Federal National Mortgage Association and the Federal Home Mortgage Corp., respectively), Lehman Brothers, Merrill Lynch, now find themselves at the eye of what is now being termed as financial hurricane.

The aftermath is the current global credit crisis that is still unfolding. It is causing global anxiety because its magnitude may even be bigger than what appears on the surface. The end is not in sight. Consider that the market capitalization of Washington Mutual tumbled from $31 billion in October 2007 to just under $3 billion as of Sept. 12, according to a report in the New York Times.

After a write-off of almost $15 billion in assets, it is now looking for a buyer. Citigroup's corresponding numbers are even more dramatic.

Will the world suffer and survive the aftershocks? What will companies expect in the coming months? Will the financial landscape be changed radically? How are power shifts aligning? What's in store for the rest of the world?

The 7th MAP International CEO Conference (Oct. 7-8, 2008, 8 a.m. to 5 p.m., Rizal Ballroom, Makati Shangri-La) is expected to tackle these explosive financial issues.

1. Michel Camdessus, former managing director of International Monetary Fund (IMF), and honorary governor, Banque de France, will speak on the topic "Forging New Policy Directions in the Transformed Global Economy." An iconic figure in global financial circle, Camdessus will explore new "rules of engagement" that must be put in place to enable countries and regions to cope more effectively with today's global challenges.

2. Brian Murray, managing director for Research for Asia of American International Group (AIG), will speak on "China's Emergence as the Dominant Player in the New Economic Order." China has become arguably a dominant force in today's global economy. Its global influence has been felt and its rising importance has made it imperative for the rest of the world to respond strategically to this development. This session will discuss what contributed to the rise of China and how it will face the challenges of other emerging economies. What opportunities can be explored and how will business take advantage of these opportunities?

3. Harinder Kohli, chief executive, Emerging Markets Forum and president and chief executive officer, Centennial Group, will talk about "India's Rise as a Major Global Economic Player: The Dynamics of Consumer-Driven Growth." India is taking off in a big way. Its economic reforms may keep them on track to achieve 7.3 percent annual growth that will likely propel the country to become the world's fifth largest economy over the next 20 years. This presentation will provide an overview of the strategies that brought India to this level of unprecedented growth as well as explore developmental initiatives that can keep the country as a force to be reckoned with in the new global order. How will the expected rise of India's middle class impact in the marketplace?

4. Dato Paduka Timothy Ong, chair of Asia Inc. Forum will speak on "Asean in a World of Shifting Balance of Power." He will talk about developmental strategies in the narrower context of Asean, considering its unique resource endowments, cultural heritage, and political predispositions.

5. Dr. Dennis Tai Lun Sun, president, Asian Association of Management Organizations (AAMO), and chair, China-Hongkong Photo Products Holdings Ltd., will talk about "Hong Kong-A Better Alternative to Access the Emerging Giant." An expert on Asian economic relations, Dr. Sun will discuss how investors can make use of Hong Kong and its 'Closer Economic Partnership Arrangement' with China to expand into sectors in the China market that may otherwise have restrictions.

6. Jaime Augusto Zobel de Ayala II, chair and CEO of Ayala Corp., will speak on "Sustainable Business Solutions that Engage the Base of the Pyramid-A Way Forward for Growth." Doing business in an emerging market poses the twin challenges of addressing the needs and the untapped potential of the more significant number of customers/consumers coming from lower income segments and taking a more active/catalytic role in poverty alleviation and the overall social development agenda.

Business models or strategies that deliberately target the broader base of the social pyramid by inventing or co-inventing market-specific products through the innovative use of technology, developing relationships with non-traditional partners, and building local capacity can prove to be sustainable, financially viable, and value-enhancing for both business and the community at large. The Ayala group offers some examples of how it has successfully adjusted and aligned its business models with its social and value-creation objectives.

7. Wilfred Steven Uytengsu Jr., president and CEO, Alaska Milk Corp., will speak on "Competing with Giants: Entrepreneurship in a Creative Economy," and will elaborate on how SMEs and business start-ups can maximize economic value and compete effectively with long-established players through "collaborative entrepreneurship."

8. Jose L. Cuisia Jr., president and CEO, Philippine American Life and General Insurance Co., will speak on "Addressing the Global Economic Crisis in the Asean Region." Cuisia's speech will focus on the impact of the global economic crisis in the Asean region and discuss business strategies that are effective in cushioning ourselves from the shocks arising from recurring crises that are increasingly becoming more vicious in breadth and intensity.

9. Federico R. Lopez, president and CEO, First Gas Power Corp., will talk about "The Philippine Power Sector: Navigating Through A Perfect Storm." The Philippines is trailblazing power reforms in the region, being the first to introduce deregulation and privatization of its electricity industry in Asia. Yet this challenging transition is happening amidst global markets that are experiencing the perfect storm. Will we make it? Will the Philippine power sector sputter or shape itself into a robust engine of growth for the Philippine economy? Or is it time for you to buy a generator?

10. William Pesek Jr., Asia-Pacific columnist of Bloomberg News, will speak on "The US Agenda in the Midst of Shifts in the World's Economic Centers of Gravity." Pesek will discuss how the US is coping with its unaccustomed diminished pre-eminence in world economic affairs, and how these strategies may impact on the general directions the world economy will take well into the future.

11. Dr. Raul Fabella, professor and former dean of the School of Economics of the University of the Philippines, will speak on "Responding to the Global Economic Crisis: Strategic Options for the Philippines" and will explore feasible initiatives that the Philippines may take in order to cushion the potentially damaging effects of the current global economic turbulence on its economy.

12. Rajat Nag, managing director, Asian Development Bank (ADB), will speak on "ADB's Next Step: Promoting Private-Sector Initiatives as an Engine of Regional Economic Growth." He will elaborate on a number of enabling mechanisms which the ADB may implement in encouraging business enterprises in Asia to pursue collaborative strategies that would enable them to seize the limitless opportunities offered by the changing global economic landscape.

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For more information on the conference, please log on to www.mapceoconference.com.

(The article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines. The author is president and CEO of Health Solutions Corp. and vice chair of the MAP CEO conference committee. Feedback at map@globelines.com.ph. For previous articles, please visit map.org.ph.)