Overview Agenda
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19th Philippine Summit
Seizing opportunities, sustaining growth
16 October 2024 | Manila
Overview

The Philippines is one of the most exciting markets in the Asean region. Amid a complex and challenging global economic landscape, the Philippines ended 2023 stronger with an annual growth rate of 5.6%, exceeding forecasts by multilateral organizations and private analysts. 

Key indicators showed robust domestic demand, a substantial recovery in the labour market, and a stable external position backed by strong forex reserves and manageable external debt. 

For 2024, despite domestic and external headwinds, the government projects a faster GDP growth of 6.5% to 7.5%. And this upward trajectory is expected to continue, with total GDP expanding from US$440 billion in 2023 to US$800 billion in 2030. Credit rating agencies and market analysts remain confident in the country’s macroeconomic fundamentals. 

Meanwhile, Ralph Recto, a seasoned politician and former economic planning chief, has stepped in as the new finance secretary. His actions are being closely watched, as he and the rest of the economic team steer policy to bolster growth and tame inflation, which remains a main worry amid rising food and energy prices. 

Infrastructure plays a pivotal role in the country’s economic development. The government has allocated a big chunk of this year’s budget to the Build, Better, More programme, which prioritizes 198 high-impact infrastructure projects costing US$148 billion for development.

With the revival of the public private partnership (PPP) scheme, the government hopes to drive private sector participation in these priority projects. A law codifying PPP, along with its implementing rules and regulations, has come into effect. 

The government is also pinning its hopes on the Maharlika Investment Fund, the country’s first sovereign wealth fund, which is expected to be a catalyst in financing flagship projects. 

The Philippines has been successful in tapping the international capital markets, suggesting that investor confidence remains solid. Last year’s pivotal sukuk issuance opens a new pathway to secure additional financing, unlocking liquidity in the largely untapped Islamic finance market.

Domestically, the remarkable reception to the retail treasury bond (RTB 29) is a testament to the solid partnership the government has forged with retail investors. To further deepen the capital markets, the Securities and Exchange Commission aims to list 300 companies by 2025. The country has also undertaken initiatives in digital finance, such as the maiden issuance of tokenized treasury bonds (TTBs), to boost financial inclusion and spur broader investor participation. 

The Philippines is highly vulnerable to the impact of climate change and has been experiencing frequent extreme weather events. A sustainable finance ecosystem has to be established to attract investments in climate mitigation and adaptation projects, and accelerate the country’s transition towards a low carbon economy The enactment of regulation welcoming foreign participation to support renewable energy development is starting to draw project sponsors and investors. 

The Asset is proud to be hosting the 19th Philippine Summit. This is the longest-running event of its kind shining the spotlight on the country. The high level discussion gathers the country’s thought leaders, economic experts, regulators, and top banking and business executives to share their views on the pressing issues and opportunities in one of Asean’s fastest growing markets. 

The theme for this year is: Seizing opportunities, sustaining growth.

 

Agenda
16 October 2024
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08:30 AM
Registration
09:30 AM
Welcome remarks
09:40 AM
Keynote address
10:00 AM
Panel: Transforming the infrastructure landscape

The government recognizes the crucial function of infrastructure in driving economic growth. It is ramping up public expenditure in priority projects and promoting greater private sector participation. One area that presents enormous challenges, as well as opportunities, is energy. With the high cost of electricity and power failures, the country is focusing on building more power plants, electricity grids and energy storage facilities.

  • How can the Philippines further accelerate the implementation of its ambitious infrastructure programme?
  • Will the PPP law, along with its implementing rules and regulations, be able to resolve bottlenecks in private-sector participation?
  • Is the country’s roadmap to energy transition practicable and comprehensive enough to accomplish its goals? Is it on track to meet itsnationally determined contribution targets? 
  • Foreign investors have shown increased interest in the country’s renewable energy projects. Which areas are they focusing on? What are some of the issues they have encountered?
10:45 AM
Networking and coffee
11:15 AM
Keynote address
11:35 AM
Panel: Advancing financial inclusion

Digital adoption and financial inclusion are contributing the growth of the country’s financial sector.  Since the pandemic, the shift to online shopping and digital banking has been phenomenal. With the massive digitalization of financial transactions, authorities face the growing challenge of cyberattacks and online scams. Regulators and financial platforms are also ramping up measures towards the interoperability of e-payment channels. The central bank is looking to implement cross-border payment connectivity in the next two years.

  • How close is the Philippines to achieving a cashless society?
  • In the face of massive digital transactions, how are providers managing cyber threats?
  • What are the latest developments in digital banking? How can market players accelerate efforts to reach out to the underbanked segments of the population?
12:20 PM
Panel: Regaining market confidence

Activity in the local currency bond market has returned. Driving the increased activity has been the re-issuance of maturing bonds from the banking sector and the growing investor confidence in the market. The country has also been busy in the overseas bond markets. In Asia, it has joined Indonesia, Malaysia, and Pakistan as sovereign sukuk issuers. While activity in the equity market remains subdued, the IPO pipeline is building? What is the impact of high inflation on both issuers and investors? How are they responding to the central bank’s current policy rate and other credit conditions?

  • What are the latest regulatory changes and updates, and how are they impacting the capital markets?
  • How successful has the Philippines been in harnessing the participation of overseas Filipinos in the domestic capital markets?
  • What steps are regulators taking to increase market liquidity? How can they bolster market integrity and investor protection?
  • What is the outlook of Islamic banking and finance in the Philippines? Will the country’s maiden sukuk issuance just be the start of the country’s more vigorous involvement in Islamic finance?
01:00 PM
Networking and lunch
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18th Philippine Summit
20 Nov 2023
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