Officials to tout PH economy's gains in US roadshow

Posted at 06/11/2012 5:46 PM

MANILA, Philippines - Philippine economic officials are on a five-day non-deal roadshow in key cities in the United States, just days after President Aquino's state visit to Washington, D.C. last week.

The Philippine delegation will visit New York City, Boston, San Francisco and Los Angeles from June 11 to 15.

Finance Secretary Cesar Purisima and Trade Secretary Gregory Domingo will meet with banks, credit rating agencies, and investor groups to give them an update on the Philippine economy.

"We will share the positive news that the Philippines’ fiscal and macroeconomic fundamentals continue to improve despite continued volatilities in the global economy," Purisima said.

The Philippine economy grew by 6.4% in the first quarter, a two-year high and the fastest in Southeast Asia.

Purisima said he will meet with credit rating agency officials in New York. "The Philippines has had 53 consecutive quarters of economic growth. We are very happy to report to them that things are getting brighter for the Philippines, especially with third party and investors’ recognition," he said.

Domingo cited the critical role that good governance played in sustaining the Philippines’ economic growth.  "The positive trajectory of the Philippine economy will continue because it is supported by good governance, the centerpiece of President Aquino’s administration," Domingo said.

The delegation also includes Treasurer Roberto Tan, Assistant Governor Cyd Tuaño-Amador of the Bangko Sentral ng Pilipinas (BSP) and Executive Director Claro Fernandez of the BSP’s Investor Relations Office (IRO).

The non-deal roadshow is supported by Citi, Goldman Sachs, JP Morgan and Morgan Stanley, who is also the lead coordinator for the roadshow. 

"At a time of global volatility, we view the Philippines as a bright spot. Investors and commentators have noted the ongoing structural reforms being implemented by President Aquino's administration and the country's economic growth, with Q1 2012 GDP at an impressive 6.4%. This is supported by Moody's recent upgrade of the country's sovereign credit rating outlook,"  William H. Strong, Co-CEO of Asia Pacific, Morgan Stanley, said.

"In addition, as noted by one of our senior Emerging Market portfolio managers, the government can hit its medium-term 7.0-8.0 percent growth target as long as the reform momentum continues," he added.