Global governance meet to boost PHL in Asean
To sustain the Philippines’ momentum as the fastest-growing economy within the Asean region, the Global Governance Summit aims to weed out corruption, poverty and high power costs in the country, among others, according to the Institute of Corporate Directors (ICD).
“Why the global summit? Now? We are improving our competitive ranking and we are also improving our economic growth. So now is the time to show that the Philippines is actually emerging from the low depths to higher,” ICD Chairman Pedro Maniego said at a briefing on Thursday in Makati city.
“This time I hope we will really emerge and there will be no problem. That’s why I’m also very concerned about our power situation because unless we can improve our power situation, we will not be able to grow as fast as what we want,” Maniego added.
Set to take place on September 19,2024 with the theme “Global Governance Summit: Leading the Future, Strengthening Unity,” the summit, ICD noted, will bring together industry leaders, policymakers and experts from around the world, featuring sessions on why governance matters and how it can improve the Philippine economy by building global trust and “enhancing” perceptions.
Asked what prompted ICD to hold a global summit, Imelda Tiongson, ICD Vice Chairperson, said, “We wanted to do something out of the box. We want for Philippines to be known in Asean,” adding that, “It’s really having the Philippines on the map.”
With the global governance summit set to welcome both local and foreign speakers, Tiongson said, “If they actually come here and they are coming here and they see us, we feel that that would have a domino effect in terms of market perception of the world.”
As such, Tiongson said this could help the country attract more investments.
For his part, Founder and Chairman Emeritus of ICD Jesus P. Estanislao, also a former Secretary of the Department of Finance (DOF) and the National Economic and Development Authority (Neda), noted that the Philippines is the fastest-growing economy in Asean.
“Higher than Singapore, higher than Malaysia, higher than Thailand, higher than Vietnam, and the Philippines today, according to all the forecasts, including from ADB and IMF, we are competing with India to become the fastest-growing economy in Asia in the next two years,” the ICD founder said.
Given this, he emphasized the importance of corporate governance. “Because now we’re rated investment grade B, that is still on the low side. Why is corporate governance so important? Because it can help bring the Philippines from investment grade B to double A possibly in the next 15 years, if we do these things right.”
Catherine Jalandoni, Global Governance Summit Organizing Committee Member of ICD and Executive Director for Global AI Council Philippines, cited the “timeliness” of the global summit to technology development, which is not only happening in the Philippines but across the globe.
“When it comes to technology, it’s always collaborative, cross-border,” said Jalandoni.
She emphasized that the Philippines, when it comes to technology, is not a “mere user,” adding, “We’re developers, we’re programmers, we’re resource and that is exactly what we want to happen.”
For instance, Jalandoni explained, “When it comes to [artificial intelligence] AI, however, what we want to ensure is it is ethical, ethically used. A lot of people are afraid of AI. A lot of industries are saying is going to replace us.”
As to addressing other threats to governance, Tiongson said the global governance summit will tackle corruption, poverty and transparency and accountability.
“It’s important for the Philippines to be trusted. And it really starts with governance,” said Tiongson.
Meanwhile, in order to ride on the momentum of the country’s economic growth, Maniego underscored the importance of developing industries.
“We cannot always remain as a consumer-driven economy. We need to be self-sustaining, to be self-sufficient,” the ICD chairman said.
“As ICD Philippines embarks on the next 25 years, it remains committed to strengthening corporate governance through innovation, inclusivity and sustainability. The organization aims to lead the adaptation to global governance trends, ensuring that Philippine corporations remain competitive both locally and on the global stage,” the ICD said in a statement on Thursday.
Source: https://businessmirror.com.ph/2024/08/15/global-governance-meet-to-boost-phl-in-asean/