Zurich, Switzerland — We arrived at 11 p.m. Zurich time last Tuesday after a technical stopover in Bangkok. It took us close to 14 hours to get to Zurich from Bangkok. I decided to join the President on a special PAL chartered flight instead of taking a commercial flight. Almost all flights connecting to Zurich were fully booked. It seems this year is going to be one of the most well-attended forums in Davos, with more than 2,500 participants coming from 88 countries.
In fact, the President told me that she had already declined the invitation to join the World Economic Forum in Davos because she had already attended it in the past. But the organizers insisted and reiterated the invitation, telling her she is one of only two Asian leaders whom they believe most qualified to address the forum considering that she was an economist, aside from the fact that the organizers said they look at the Philippines as one of the best performing economies in Asia today.
I could see Finance Secretary Gary Teves and BSP Governor Say Tetangco, who were both with us during the flight, grinning from ear to ear at the remark about the country’s economy. But Say said that what they would really want to focus on is to listen to what the big guns will say about the US recession, triggered by the sub-prime mortgage crisis. As a matter of fact, even before the meeting formally opened at 5 p.m. of January 23, the US Federal Reserve’s dramatic and unexpected decision to cut interest rates has already sent shock waves to the forum attendees. At the welcome reception, the whole topic of conversation centered on the US Fed decision.
As usual, opinion was divided as to the implications of the unexpected rate cut, with many convinced that a global recession has already happened while some assert that it can still be avoided. A survey by PricewaterhouseCoopers said global recession has become the biggest threat to companies, with confidence levels falling for the first time in five years.
At any rate, experts say growth in Asia and the Middle East is expected to be strong and steady, with confidence levels still flying high for emerging economies in Asia. As a matter of fact, majority of CEOs from Indian companies said they were very confident of growth especially in 2008. Delegates will likewise center their discussions on the growing power of China and India, and the impact that oil-rich nations have on the global market.
It was a long flight from Bangkok to Zurich, but GMA didn’t sleep a wink, working with her laptop computer for the entire duration. She would occasionally talk to us a little bit, then would focus back her attention on her laptop computer, finishing her speech for the forum in Davos. She will be flying back via Dubai where we will have a stopover for a couple of speeches for a road show arranged by Vivian Yuchengco. GMA emphasized the important role Dubai plays in “global flows of capitals and energy resources,” plus the fact that it is host to hundreds of thousands of overseas Filipino workers (OFWs).
True to form, GMA is in her element at the World Economic Forum, and it’s not really surprising considering her credentials as an economist. She also has something to brag about with the country’s economy doing better – the strong peso, highest growth rates at 7.1 percent, creation of half a million new jobs last year, plus the fact that the country is on its way to balancing the budget.
No doubt the Davos forum will be a great venue for GMA to convince Swiss businessmen in particular that the Philippines, as she said, offers “best values for investments.” She has a full plate with scheduled meetings with Henry Kissinger, a live interview with Reuters and a series of courtesy calls and meetings with other leaders. Her activities will be capped by her address at the World Economic Forum on gender parity at the Congress Center on Friday.
* * *
On Bob Chandran
My email has been clogged by letters reacting to previous columns, the most notable of which was on the story of Chemoil founder Bob Chandran, who left behind his wife Vivian and children Sharon and Ashley. Those who knew him at the Asian Institute of Management sent their condolences. One of them was Jerry Quibilan, who first learned of Bob Chandran’s death the other Friday.
Jerry says they remember Bob to be a “lively, voluble and always smiling friend and benefactor of AIM.” They also remember him as someone thoughtful, who would take the time to apologize if for one reason or another he failed to meet someone personally. “We are fortunate to have known Bob, and we and his fellow alumni at the AIM will miss him,” Jerry wrote.
* * *
Email: babe_tcb@yahoo.com