The 2020 Annual General Membership Meeting (AGM) of NordCham Philippines was held last January 31 at the Mayuree II Ballroom at Dusit Thani Manila. The AGM elected the members of the 2020 NordCham Board of Directors. We are happy to introduce this year’s composition of NordCham’s Board of Directors:
- Bo Lundqvist, Retail Associates
- Maan Mariano, BDO Unibank
- Thomas K. Mikkelsen, Grundfos IS
- Erik M. Nielsen, Global Process Manager
- AJ Rocero, Regus & Spaces by IWG
NordCham Premium Members and Partners for 2020 were also introduced to the membership:
- BDO Unibank
- KMC Savills
- KMC Solutions
- Oxford Business Group
- PSA Philippines Consultancy
- Regus and Spaces by IWG
- Sofitel Philippine Plaza Manila
- Trends and Concepts Total Interior Solutions
- Turkish Airlines
The AGM was followed by the Economic Briefing which was moderated by Alejandro Jalon, Editorial Manager of Oxford Business Group. With Dr. Dan Steinbock, the Founder of The Difference Group and Secretary Ernesto M. Pernia of National Economic and Development Authority as guest speakers
Dr. Steinbock: 2020 Global Economic Landscape and Impact on the Philippines – Growth is not Immune to Headwinds
Dr. Steinbock discussed elevated global risks and key themes in 2020, while providing an economic outlook of major economies and Philippines prospects. In a slowing global growth scenario, Dr. Steinbock touch upon falling investment levels, trade wars, increased geopolitical risks, and climate change as the main drivers of uncertainty globally.
The Philippines, on path to become an upper-middle income economy, faces challenging international conditions. The consensus growth projection of 6.2% is driven by government spending related to the ‘Build, Build, Build’ program and positive private investment prospects. However, climate change risks, potential new trade wars, and possibly the coronavirus outbreak are all clouds hanging in the sky. For Dr. Steinbock’s further comments on Philippine economic outlook in 2020, read the Manila Times article here: https://www.manilatimes.net/2020/02/03/business/business-top/ph-growth-seen-at-6-2-6-8-in-2020/679271/
NEDA Secretary Pernia: Philippine Economy on a High Growth Path
NEDA Secretary Pernia discussed the Philippine economy’s current growth path and key policy reform agenda for 2020-2022. As one of the fastest-growing economies in Asia, the Philippines grew 6.4% in Q4 2019, with government spending, household consumption, investments, and exports being the major growth drivers on the demand side.
Domestic risk factors were also discussed: eruption of Taal Volcano and its aftermath, continued presence of African Swine Fever, possible water supply disruptions through dry season, logistics bottlenecks, as well as possible labor market disruptions and policy uncertainties.
On the legislative agenda, the Ease of Doing Business and Efficient Government Service Delivery Act, and the Philippine Identification System Act (National ID), as well as the Philippine Innovation Act and the Philippine Innovative Start-up Act were highlighted as key pieces growth-enabling legislation.