TERESITA Sy-Coson, vice chairman of SM Investments Corp., again called on foreign business to invest in the Philippines during the 14th Annual Forbes Global CEO Conference.
Proudly carrying the Philippine flag at the recent by-invitation only Forbes Global CEO Conference, Sy-Coson reiterated why the timing to be in the country is now more important than ever.
Sy-Coson helped provide insights on the proposition of wealth creation and what is in the horizon for tomorrow’s growth, specifically for the Philippines.
The other speakers were Chew GekKhim, executive chairman of The Straits Trading Co. Ltd.-Singapore; Yoshihiko Miyauchi, senior chairman, Orix Corp.-Japan; Steven Pan, executive chairman, Regent Hotels and Resorts-Taiwan; and Gary Rieschel, managing partner, Qiming Venture Partners-Shanghai, People’s Republic of China. The speakers had very different views about where to look for growth and manage returns; how to manage risks and disruption to a thriving business economy, but all were united in the perceived potential for Asia.
Sy-Coson said, “We have been underlooked and undervalued for quite some time, yet, in the last five years, we have been growing at 5-percent GDP [gross domestic product]. With our current President, we have had a remarkable improvement in governance. Our population is young—between the ages of 21 and 35—with a huge earning capacity and a large overseas Filipino working base that consistently sends remittances to their families. This, in turn, helps our economy.”
“The Philippines is unique and it needs to be looked at with a long-term view, longer than a two- to three-year window,” she said. “Given that we are a strong service-oriented economy, the BPO [business-process outsourcing] industry is a natural fit. As a domestic investor, I am very optimistic. There is a lot of liquidity for our size in the Philippines. If you look back at the country’s economic history, we have had steady growth.”
Both Rieschel and Miyauchi even mentioned the undervalued potential in the Philippines and emphasized the country’s growth opportunities in their own discourse at the panel. Key messages from the panel included (1) Corporations cannot be on the wrong side of technology and must consider the impact of technology; (b) We have consumer-led innovations and consumer-driven economies; and (c) We are moving from a transactional-oriented process to numerous automated processes.
Moderator Rich Karlgaard, publisher of Forbes Magazine, led the panel discussion on “Profit for Tomorrow’s Growth” and dissected the various innovative and opportunistic investments and wealth strategies while also asking about the effects of technology and geo-political tensions in Asia.
Other Filipinos who attended the Forbes Global CEO Conference were Enrique Razon (ICTSI), Manuel Villar Jr. (Starmalls Inc.) and Josephine Gotianun-Yap (Filinvest Development) and the Antonio Family of Century Properties.
This is the 14th year of the Global CEO Conference, where movers and shakers from more than 31 countries came to meet, discuss, brainstorm and network. This year’s theme, “The Next Horizon,” qualified and put into context “progression” from the eyes of these CEOs directly responsible for and whose very decisions cause abundant and progressive opportunities and disruptive risks, which are sometimes necessary as a corrective measure to shape the future.
The opening reception and gala dinner was highlighted by the candid fireside conversation between Lee Hsien Loong, prime minister, Republic of Singapore; and Steve Forbes, chairman and editor in Chief, Forbes Media Llc.