The head of the Aquino administration’s economic team has called on the private sector to help drive the country forward and, as an incentive, pointed out to members of the local business community that emerging market economies like the Philippines stand to grow at a faster clip than their developed counterparts.
In particular, Finance Secretary Cesar Purisima cited the success of the government’s recent $1.5-billion global bond issue as an indicator of this trend.
“Growth in emerging markets is expected to be much faster than the developed world. Funds will continue to flow in markets like the Philippines and the rest of the Asean,” Purisima said in a recent speech before members of Management Association of the Philippines.
“We aim not only to make it more fun in the Philippines, but to have more funds in the Philippines,” the finance chief said, referring to the recently launched tourism campaign slogan of the government. “This is doable through good governance.”
Purisima noted that the administration’s good governance thrust has, as of November 2011, helped increase the Bureau of Internal Revenue’s collection by 13 percent, without the aid of additional taxes or the sale of government assets.
Purisima said that aside from good governance, public-private partnerships are critical if the country wants to realize opportunities in the region and move forward.
During the event, Purisima formally sealed the partnership between the Department of Finance and the MAP for the hosting of the 45th annual meeting of the Board of Governors of the Asian Development Bank to be held from May 2 to May 5 at the Philippine International Convention Center and the SMX Convention Center in Pasay City.
Private sector participation in the event—officially called “Manila 2012”—will be led by MAP.
As a partner, MAP will implement the event’s sponsorship program, including the receipt and utilization of sponsorship contributions for Manila 2012.
Tourism and infrastructure, information technology and the business process outsourcing industry; creative industries; and agriculture are some of the sectors to be highlighted during the event.
The event is expected to lure 4,000 delegates, including more than 400 officials and VIPs from 67 ADB member-countries.