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Opening Remarks of Trade Sec. Gregory L. Domingo at the 2013 Arangkada Forum

Opening Remarks of Trade Sec. Gregory L. Domingo at the 2013 Arangkada Forum

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Opening Remarks: Trends and Key Reforms in Trade and Industry in the Philippines Economy

Sec. Gregory L. Domingo
Department of Trade and Industry
Public Sector Co-Chairman, National Competitiveness Council (NCC)

Arangkada Philippines Second Anniversary Forum
February 26, 2013
Rizal Ballroom, Makati Shangri-La
Opening Remarks: Trends and Key Reforms in Trade and Industry in the Philippines Economy

Sec. Gregory L. Domingo
Department of Trade and Industry
Public Sector Co-Chairman, National Competitiveness Council (NCC)

Arangkada Philippines Second Anniversary Forum
February 26, 2013
Rizal Ballroom, Makati Shangri-La

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Categories:Types, Business/Law
Published by: Arangkada Philippines on Mar 12, 2013
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A
RANGKADA PHILIPPINES FORUM
 J
OINT FOREIGN CHAMBERS OF THE PHILIPPINES
(
JFCP
)R
IZAL BALLROOM
,
MAKATI SHANGRI
-
LA
 26
FEBRUARY
,
TUESDAY
,
 
8:50-9:00
A
.
M
.
TRENDS AND KEY REFORMS IN TRADE AND INDUSTRY
 I
N THE PHILIPPINE ECONOMY
 
O
PENING REMARKS
 S
ECRETARY GREGORY L
.
 
D
OMINGO
 D
EPARTMENT OF TRADE AND INDUSTRY
 
(
ACKNOWLEDGMENTS
)M
R
.
 
M
ICHAEL RAUEBER
,
 
P
RESIDENT OF THE
E
UROPEAN
C
HAMBER OF
C
OMMERCE
,
MR
.
 
R
HYCK JENNINGS
,
 
P
RESIDNET OF THE AMERCIAN CHAMBER
 
MY FRIEND
A
MBASSADOR
H
ARRY THOMAS
 A
MBASSADOR
B
ILL TWEDDLE
 M
S
.
 
G
LORIA STEELE
,
 
M
ISSION
D
IRECTOR OF
USAID
AND
J
OHN
F
ORBES
,
 
S
ENIOR
A
DVISOR OF THE
A
MERICAN
C
HAMBER
 G
OOD MORNING AND CONGRATULATIONS ON THE SECOND ANNIVERSARY OFARANGKADA UNDER A MORE ROBUST PHILIPPINE ECONOMY
.
 
P
RESIDENT
A
QUINO
S STRAIGHT PATH LEADERSHIP HAS RESULTED IN A DRAMATIC RISEIN THE CONFIDENCE OF LOCAL AND FOREIGN INVESTORS MAKING
2012
THE
P
HILIPPINES
BANNER YEAR SO FAR
.
 
I
REITERATE WHAT OTHERS HAVE BEEN SAYING THAT WE HAVE A STABLE ANDPERFORMING ECONOMY
,
WHICH IS THE NEW NORMAL FOR THE
P
HILIPPINES
.
 
T
HE ECONOMY EXPANDED BY
6.6%
IN
2012,
AMONG THE FASTEST IN ASIA
,
WHILEKEEPING ONE OF THE LOWEST INFLATION RATES IN THE REGION AT
3.2%.
 
T
HEPAIRING ACTUALLY IS WHAT IS PHENOMENAL
,
HIGH GROWTH
,
LOW INFLATION RATEWHICH SELDOM HAPPENS
.
 
I
WILL NOT FORECAST ANYMORE OVER
7%
GROWTH THIS YEAR BECAUSE I MISSEDLAST YEAR BY
.4%.
 
B
UT I WILL FORECAST
7%.
 
T
HE GROWTH BY THE WAY ISSUSTAINABLE
,
IT
S NOT A FLUKE
.
 
I
T
S BASED ON DIVERSE ACHIEVEMENTS IN DIFFERENTSECTORS
.
 
A
LSO IF YOU LOOK AT THE NUMBERS CLOSELY
,
THE
3
RD AND
4
TH QUARTERS
GDP
 GROWTH RATES SHOWED A SLIGHTLY DIFFERENT PATTERN
,
IN THAT THEMANUFACTURING SECTOR EXHIBITED THE HIGHEST GROWTH RATES
,
HIGHER THANSERVICES
.
 
F
OR THOSE WHO HAVE NOT BEEN HERE FOR THE LAST TEN YEARS
,
SERVICESHAS BEEN THE FASTEST GROWING SECTOR IN THE
P
HILIPPINE ECONOMY
,
EXCEPT INTHE LAST TWO QUARTERS OF LAST YEAR
.
 
 
T
HAT
S A VERY GOOD INDICATION THAT MANUFACTURING IS BACK AND YOU
LL SEE
,
IFYOU GO TO
L
AGUNA
,
 
B
ATANGAS AND
C
EBU
,
YOU
LL SEE ALL THE MANUFACTURINGPLANTS
,
HUGE ONES
,
THAT ARE BEING BUILT
.
 
S
OME OF THEM HAVE STARTEDOPERATIONS ALREADY
.W
E ALSO ENDED THE YEAR WITH A PER CAPITA
GDP
OF
US$2,600,
SURPASSING FORTHE FIRST TIME THE CRITICAL THRESHOLD OF
US$2,500
WHICH IS CONSIDERED BYMANY ECONOMISTS AS THE JUMP
-
OFF POINT FOR EXPONENTIAL GROWTH INCONSUMER SPENDING
.
 
W
E
VE SEEN AS WELL ALL THE THREE MAJOR RATINGS AGENCIES
,
 
M
OODY
S
,
 
F
ITCHAND
S&P
S THAT THEY HAVE ALL RATED THE COUNTRY ONE NOTCH BELOWINVESTMENT GRADE
.
 
W
E ARE HOPING FOR INVESTMENT GRADE STATUS FROM ATLEAST ONE OF THEM IN THE NEAR FUTURE
.T
HE LATEST
JETRO
SURVEY AS WELL WHICH WAS RELEASED ABOUT THREE WEEKSAGO SHOWED THAT AMONG EXPORTERS
,
THE
P
HILIPPINES EMERGED AS THE MOSTPROFITABLE LOCATION IN
2011.
 
T
HIS WAS BASED ON SURVEYS ACROSS
A
SIANECONOMIES INCLUDING
C
HINA
,
 
T
HAILAND
,
 
M
ALAYSIA
,
 
M
YANMAR
,
 
V
IETNAM
,
 
I
NDONESIA
,
AND
I
NDIA
.
 
S
O WE ARE IN THE GOOD SPOT
.
 
I
N TERMS OF GOOD MANAGEMENT
,
THE SAME SURVEY SHOWED THAT IT IS EASIEST TORECRUIT GENERAL STAFF IN THE
P
HILIPPINES
.
 

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