PHL no longer sick man of Asia — BPI chief

The Philippines is no longer the sick man of Asia, Bank of the Philippine Islands (BPI) president and chief executive officer Aurelio Montinola III told the Economic Club of Memphis last May 9. Montinola addressed the club as part of the activities of the on-going Memphis in May Festival, the Department of Foreign Affairs said Sunday. "(Montinola) cited the challenges, which were raised at the recent Asian Development Bank meeting in Manila that the world economy confronts, including high oil prices, the threat of a double dip recession in the United States, worries over China's hard landing, and possibilities of a Euro zone contagion," the DFA said.  "He was, however, upbeat over growth prospects in the Southeast Asian region, with its efforts toward closer economic integration, and said that Asia remains resilient,"  it added. Montinola said the gains the Philippines has achieved since President Benigno Aquino III assumed office in 2010 showed the country is no longer considered the "sick man of Asia." Montinola claimed the Aquino administration's good governance agenda has translated to an improvement in the country's political situation and fiscal position. He added the Philippines is no longer indebted to the International Monetary Fund, but is now a net creditor. Also, he listed areas where focus is being devoted by the Philippine economic managers in agriculture, infrastructure, and tourism. He also enumerated the Philippines' edge in English proficiency, returns that investors in the stock market have been receiving, strong local currency, and borrowing rates to access foreign funds that are even more advantageous compared to certain investment grade countries. Montinola urged investors to seize opportunities the Philippines presents, including its free trade zones and large infrastructure projects being offered to qualified bidders. Montinola also serves as President of the Bankers Association of the Philippines (BAP) and director of the Makati Business Club (MBC). He graduated with a Bachelor of Science in Management Engineering degree at the Ateneo de Manila University in 1973 and obtained his MBA at the Harvard Business School in 1977. — LBG, GMA News