Biz Bites from the Big Apple
Let me continue here from my previous piece on the trip to New York City by President Ferdinand “Bongbong” Marcos Jr. (PBBM), which I joined as a member of the business delegation.
Aside from meeting the Filipino community in New Jersey and his much-applauded speech before the United Nations General Assembly, PBBM also went to the Big Apple to drum up investor interest, as well as business and economic support for the Philippines.
It was interesting to note that with 4.2 million Filipino-Americans, the United States of America is considered the largest source of Overseas Filipino Workers (OFW) remittances to our country, with about $7 billion in annual remittances out of the total $32 billion that OFWs remit from all over the world.
On the second day of his six-day visit, PBBM had the opportunity to ring the closing bell at the New York Stock Exchange (NYSE), which was a rare privilege.
“We are all thrilled to be here,” said the President. “We’re familiar with the New York Stock Exchange and the bell and that most important balcony in the world. We had always watched it from afar.”
He was joined on that famous balcony by First Lady Liza Araneta-Marcos, Ilocos Norte 1st District Rep. Sandro Marcos, Speaker Martin Romualdez, Trade Secretary Fred Pascual, Finance Secretary Ben Diokno, Private Sector Advisory Council (PSAC) Lead and Aboitiz Group president and CEO Sabin Aboitiz, and NYSE vice chairman John Tuttle.
The Philippine flag was hoisted in front of the NYSE building and displayed on the trading floor. It gave one goose bumps just to think about the warmth of welcome and friendship that was experienced all around.
Indeed, as PBBM himself said, “It is very clear to me in my vision for the way that the country will move forward, that I cannot see the Philippines in the future without having the United States as a partner.”
The President also said, “When we are in crisis, we look to the United States. We look to the relationship that has been forged over the many years and I have to say the reason that we have done that is that for the most part we can say that the United States has not failed us.”
Prior to his visit to the NYSE, PBBM met with executives of American companies such as NuScale Power, which designs and markets small modular reactors; Wastefuel, which is into waste-to-fuels technology; and Boeing, one of the world’s largest aerospace manufacturers and defense contractors. He urged the executives of these American companies to invest more in the Philippines.
As an affirmation to the President, PSAC lead Sabin Aboitiz told investors at the NYSE that the Philippines remains one of Asia’s fastest-growing economies, emphasizing that the President’s “inclusive and collaborative leadership will transform the Philippine economy into the Next Big Thing in Asia.”
As PBBM also mentioned, “We have adjusted many of our ways of doing business at the behest of our friends in the United States and of the American businesses that are already in the Philippines.”
Two days after the NYSE event was the Philippine Economic Briefing or PEB, which was organized by both the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP). This was the second PEB held abroad, the first one during PBBM’s state visit to Singapore.
PEB New York focused mainly on economic and industry updates, which were given by Finance Secretary Ben Diokno and Trade Secretary Fred Pascual. Both Diokno and Pascual also led discussions regarding what PBBM said at the UNGA about the Philippines being a “moderately prosperous” country by 2040, together with Budget Secretary Amenah Pangandaman, Socioeconomic Planning Secretary Arsi Balisacan, BSP Governor Felipe Medalla, Ayala Corp. chairman Jaime Augusto Zobel de Ayala, and PSAC lead Sabin Aboitiz. Also in attendance were recently appointed Ambassador-at-Large Joey Antonio, APEC chair Noel Onate, Frabelle CEO Kiko Laurel, and businessmen Ricky Trinidad and Simon Heo.
In his keynote during the PEB, PBBM iterated that the Philippines is a reliable host for international partnerships; that the Philippines is the smart investment choice; and that the best time to do business with the country is now.
According to the President, “We have grand opportunities, the timing, the window of opportunities for investment, and especially in capital intensive investments in the Philippines, which is what we need now.”
“We believe the time is now,” the President said.
The next day, the Asia Society and the Asia Society Policy Institute hosted the President for an address and discussion with former Australian Prime Minister Kevin Rudd, the organization’s president and CEO.
The Asia Society is a non-partisan and non-profit institution founded in 1956 by John D. Rockefeller III with major centers worldwide.
Though it was initially established to promote greater knowledge of Asia in the United States, the Society today is a global institution that “fulfills its educational mandate through a wide range of cross-disciplinary programming.”
According to its website, as economies and cultures have become more interconnected, the Society’s programs have expanded to address a range of issues and pressing concerns in Asia.
In his keynote address at the Asia Society meeting, PBBM reiterated that the Philippines is a smart investment destination, citing three reasons why: firstly, our macroeconomic strength and bright prospects; second, the enabling policies in place; and third — and perhaps the most important point — our human capital, which was another strong asset.
“Certainly, the world continues to be faced by enormous challenges, but I am confident in the future because I have 110 million reasons for being so,” the President said. “Such is my faith in the Filipino people and the relationship we hold with the United States and our other allies and partners and friends.”
“With the continuing support of our only treaty ally, we know we can make a better future happen.”
All these events and meetings, part of his world debut, were well-received and highly impressive. Having witnessed all these, I must say that there was a sense of excitement in the air — an energy one feels with new beginnings, akin to starting a new business venture.
It was electrifying, to say the least, and I am glad that this excitement never ceased from the moment we left New York City and landed back in our beloved country.
New York City was referred to as the “Big Apple” because it was the home of the big leagues — be it in business, in entertainment, in arts and culture.
The recent trip of President Ferdinand “Bongbong” Marcos Jr. himself as the country’s top salesman brought home big bites of investment opportunity from the Big Apple for Philippine business.
We’re in the big leagues now.
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