16th Philippine Summit: Reviving paths to recovery

The Asset Events + webinar series

16^th Philippine Summit: Reviving paths to recovery

12 & 19 October 2021 | 4:30 - 6:00 PM HKT

Before Covid-19, the Philippines was one of the world’s fastest-growing economies, posting an average annual expansion rate of 6%. But with the unprecedented challenges brought on by the pandemic, including the imposition of long and strict lockdowns that crippled economic activity, the country witnessed its worst recession yet, with the GDP contracting by 8.3% in the fourth quarter of 2020 and by 9.5% for the full year.

As millions lost their jobs, private consumption collapsed. Disruptions in domestic and global supply chains, as well as international travel restrictions, aggravated the situation. Exports dropped 10.1% while imports plunged 23.3%.

The year 2021 brought fresh hopes of recovery. In anticipation of the vaccine rollouts, the Philippines forecast a strong rebound, with the GDP expected to expand by 6.5% to 7.5% this year. But in its latest report, the Asian Development Bank slashed its 2021 growth forecast for the country to 4.5% as the Southeast Asian nation continued to grapple with the health crisis. The recent surge in infections, particularly of the more contagious Covid-19 variants, had resulted in the reimposition of strict quarantine measures in Metro Manila and neighbouring provinces.

Amid the economic dislocations, and despite falling fiscal revenues, the government has been expanding its relief efforts. The Bangko Sentral ng Pilipinas, the country’s central bank, has vowed to maintain its accommodative policy stance while infusing US$41.6 billion of liquidity into the financial system – equivalent to 10% of the country’s GDP. The government has also accelerated the implementation of recovery programmes such as Bayanihan 2, Corporate Recovery and Tax Incentives for Enterprises (CREATE) and Financial Institutions Strategic Transfer (FIST). In the meantime, remittances from Filipinos working abroad continue to support consumer spending and remain an important stabilizer of the economy.

The Asset Events+ is pleased to be hosting the 16th Philippine Summit. The virtual event brings together experts who will discuss and exchange views on the challenges, trends, and opportunities in the Philippines.

Keynote address by Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas (BSP)

Panel discussion

Keynote address by Carlos Dominguez III, secretary of finance, Republic of the Philippines

Panel discussion

Session I: In transition to a new economy

12 October 2021 | 4:30 – 6:00 PM HKT

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4:15 PM (HKT)

Access to webinar opens

4:30 PM (HKT)

Opening remarks

Daniel Yu

editor-in-chief

The Asset

4:40 PM (HKT)

Keynote address (followed by Q&A)

Benjamin Diokno

governor

Bangko Sentral ng Pilipinas

5:00 PM (HKT)

Exclusive Discussion

Covid-19 pandemic has been a catalyst in the country’s digital transformation. Restricted movements paved a way for more people to access digital payment channels and for retail investors to explore digital investment opportunities. The BSP established a Digital Payments Transformation Roadmap (2020-2023) to achieve an efficient, safe and inclusive payment ecosystem. Digital governance standards were also put in place to maintain public trust in the payment system. Meanwhile, the entry of digital players in the banking sector is expected to further expand digital financial services. The government also launched a national ID programme, which aims to accelerate social protection, financial inclusion and national vaccination.

What is the role of digitalization and business innovation in promoting financial inclusion and accelerating the country’s recovery from the pandemic?
What are the opportunities presented by the pandemic to accelerate the digital transformation of the financial sector?
How secure is the country’s digital infrastructure from cyber security risks?

Chuchi Fonacier

deputy governor, financial supervision sector

Bangko Sentral ng Pilipinas

Alessio Quaglini

chief executive officer

Hex Trust

Paolo Azzola

chief strategy officer

PayMaya

Roel Arco Refran

COO

Philippine Stock Exchange

Henry Aguda

CTOO and CTO

Union Bank of the Philippines

Darryl Yu (moderator)

chief digital editor

The Asset

5:50 PM (HKT)

Q&A

6:00 PM (HKT)

End of discussion

Session II: Recover, rebuild, revitalize

19 October 2021 | 4:30 – 6:00 PM HKT

Click here for Time Converter

4:15 PM (HKT)

Access to webinar opens

4:30 PM (HKT)

Opening remarks

Daniel Yu

editor-in-chief

The Asset

4:40 PM (HKT)

Keynote address (followed by Q&A)

Carlos Dominguez III

secretary of finance

Republic of the Philippines

5:00 PM (HKT)

Exclusive Discussion

The economic growth returned to positive territory in the second quarter despite the imposition of strict quarantine measures in April and May 2021. Yet again, the risks associated with the Delta variant of the virus placed Metro Manila and other parts of the country back in hard lockdown, forcing many industries to suspend or totally halt operations. But with the country receiving a steady supply of vaccines, hopes are high that herd immunity will eventually be achieved and prospects for a strong economic recovery remains bright. The bond market is robust amid the heightened financing needs of corporates and the government. The equity market is also looking forward to a vibrant year after struggling with just seven initial public offerings over the last three years. Seven companies plan to go public this year or issue real estate investment trusts. Green and social finance is gaining ground in the Philippines, which is joining other countries in the region in integrating sustainability objectives into their post-pandemic recovery strategies.

What are the long-term impacts of the pandemic on the economy?
Which sectors offer the biggest opportunities as the economy rebounds?
How can capital markets accelerate economic recovery?
What are the challenges corporates are facing in tapping the debt and equity capital markets?