Silverlake Axis & IDC Has a Dialogue with Key Philippine Banking Executives: “Leaving No Stone Unturned” | Future Ready Banking

MANILA, PHILIPPINES - Silverlake Axis (“SAL”) (SGX: 5CP), a Singapore-mainboard listed core banking, fintech, and digital banking solutions provider, together with International Data Corporation (IDC), a global market intelligence provider, organized an Executive Lunch Roundtable that hosted interactive discussions around future-ready banking.

Since the region’s economic reopening last year, Southeast Asia has seen a flurry of activity and investment in digital banking, digital transformation and core modernisation, with the Philippines as one of the most active in the region.

“Banks in the Philippines and ASEAN are stepping up their digital transformation so that they can holistically enhance their End-to-End Banking Capabilities with Future Ready Model & Platform, premised on strong Digital Engagement and Collaborative Capabilities with OpenAPI & Cloud Optimization”, shared Soo Eng Tan, Senior Solutions Director at Silverlake Axis.

“Banks recognize the growing expectations and are actively seeking proven Solutions and Partners that ensure Stability & Scalability, Accelerated Core Modernization whilst Mitigating Risks of high-impact Dynamic Transformation. To meet the Strategic Issues and Opportunities (as highlighted by IDC Research), Banks should leverage a Partner with Proven Experience, Expertise & Execution that allows them to differentiate themselves and provide the necessary bespoke customization, as well as avail Parallel Core Options & Optimization and Seamless CoExistence & Bridge in their Evolution Journey.”

The Philippines’ digital banking sector is undergoing rapid changes as banks recognise the value of digital transformation towards the achievement of their goals. Regulations are becoming more favourable as regulators look to lay the necessary groundwork for financial service providers and fintech players to succeed and thereby reach complete financial inclusion.

Together, IDC and SAL have researched and documented how banks can successfully
transform their existing systems and infrastructure by transforming core digital banking systems. Earlier this year, the two companies released a report highlighting SAL’s MÖBIUS Bridge, diving deep into the pitfalls of digital transformation and how banks in APAC can successfully navigate them.

The event was hosted by IDC, a global market intelligence provider, and sponsored by SAL. Cyrus Daruwala, IDC’s Managing Director of APAC, delivered the opening note while Soo Eng Tan, SAL’s Senior Solutions Director, presented insights on Future Ready Banking. This was followed by a roundtable between Cyrus, Soo Eng, and delegates before ending with a networking session.


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ABOUT SILVERLAKE AXIS

Silverlake Axis Ltd. (“SAL”) is a leading enterprise technology, software and services company focused on financial services and serves 40% of the top 20 largest banks in Southeast Asia. Founded in 1989, SAL has an impeccable track record of successful delivery of innovative and transformative solutions to its enterprise customers and their ecosystems. The Group has more than 380 enterprise customers in over 80 countries across Asia, Europe, Middle East, Africa and the Americas.

Under Axis Systems Holdings Limited, SAL was listed on the SGX-SESDAQ on 12 March 2003. It was renamed Silverlake Axis Ltd in 2006 and the listing was transferred to the Mainboard of the Singapore Exchange on 22 June 2011.

For more information about SAL, please visit www.silverlakeaxis.com.

Marcos Jr Administration to Strengthen ties with China, SEA Countries

Philippine President Ferdinand R. Marcos Jr. graced the 19th edition of the China-ASEAN Expo (CAEXPO) through a pre-recorded video message during its opening ceremony. With a strong invitation to welcome new opportunities to the country, the president highlighted that the Philippines is “very much open for business.”

CAEXPO is an annual international event held since 2004 with the aim of promoting the China-ASEAN Free Trade Area (CAFTA). It is considered a platform for cooperation in the fields of trade, investment, tourism, and diplomatic relations between ASEAN and China. This year’s edition was held at the Nanning International Convention & Exhibition Center (NICEC) in China from September 16-19, 2022 with the theme “Sharing new opportunities of the New Land-Sea Trade Corridor, Jointly Building the China-ASEAN Community with a Shared Future.”

In his speech, the president extended an invitation to China to continue being its economic partner. "As we move forward and move toward stronger ties with China, we hope you can join the Philippines as it embarks on a mission to apply science, technology, and innovation to make our products and services more competitive in the global market and to pave the way for our country's industrial transformation."

Further, he underscored the importance of building dynamic industry ecosystems as a foundation for “generating quality jobs, creating new products and services, improving environmental sustainability, and ensuring shared prosperity for all."

Encouraging the CAEXPO attendees to visit the Philippine pavilion, the president also promoted the country as a viable opportunity for investments across different sectors. He highlighted several industry clusters such as Industrial, Manufacturing, Transport (IMT); Technology, Media, and Telecommunication (TMT); and Health and Life Sciences.

The event is expected to strengthen the relationship of the Philippines with ASEAN neighbors and China, the country’s top trading partner. In 2021, the Philippines and China’s total bilateral trade was USD38 Billion, which was 25% higher than 2020.

A Philippine delegation of 21 food and lifestyle MSMEs took part in the exhibition component of the hybrid event. Showcasing under FOODPhilippines, the banner that positions the country as an exporter of healthy, organic, natural, and specialty food products and services. The participating brands and manufacturers highlighted the importance of local natural commodities. From the Philippines’ top premium export products, coconut products, coffee products, banana chips, and banana powder were showcased in the event. Emerging food products such as turmeric, calamansi juice concentrate with bignay, and ube powder were also displayed.

CAEXPO’s Philippine organizing committee consists of CITEM, Philippine Board of Investments (BOI), the DTI regional offices, and the DTI Philippine Trade and Investment Centers in Guangzhou, Beijing, Shanghai, and Hong Kong.

PHILIPPINE PRESIDENT PITCHES TO CHINESE INVESTORS IN CAEXPO 2022

Nanning, CHINA – 16 September 2022 – Philippine President Ferdinand R. Marcos, Jr. encouraged business people gathered in this southern China city to help the Philippines “leapfrog into new and emerging industries that will modernize our manufacturing base by pouring in resources and investments in industry clusters” during the opening ceremony of the 19th China ASEAN Expo (CAEXPO).

The Philippine President joined national leaders from ASEAN Members States, who addressed via video messages, and on-site attendees who gathered in the annual trade and investment event’s permanent host city of Nanning.

Highlighting the growth momentum being experienced in the Philippines with its strong 7.4% GDP performance in the second quarter of 2022, and the strong relations between both countries as China continues to be the Philippines’ largest total trading partner, President Marcos encouraged Chinese investors that now is the time to invest in the Philippines particularly in key industry clusters industrial, manufacturing and transport (IMT); technology, media and telecoms (TMT); and in health and life sciences.

In 2021, total trade between the Philippines and China totaled USD38 B, 25% higher than its 2020 level. It is also the top source of imports for the Philippines, and the 7th largest source of foreign direct investments in 2021.

The Philippines, through the assistance of the Department of Trade and Industry (DTI), the Philippine Trade and Investment Centers (PTIC) in Beijing, Shanghai, Guangzhou and Hong Kong; the Philippine Embassy in Beijing; the Philippine Consulate General’s Office in

Guangzhou; and the Center for International Trade Expositions and Missions (CITEM), shall be featured in the Country Pavilion; the Commodity Pavilion; the RCEP Pavilion; and the investment-related events happening on September 16-19.

A total of 22 online and onsite Philippine food and non-food entities are participating in the exhibition with business meetings pre-arranged with the CAEXPO Secretariat.

The Board of Investments (BOI), together with investment promotion agencies such as Clark, Subic, the Based Conversion Development Authority (BCDA), Cagayan Economic Zone Authority (CEZA), and the Philippine Economic Zone Authority (PEZA), are also leading the country’s investment fora participations at the CAEXPO, together with the PTICs in China, who partnered with China’s Ministry of Commerce (MOFCOM), China’s Ministry of Agriculture, the Foreign Affairs Offices (FAO), National Development and Reform Commission (NDRC), China International Contractors Association (CHINCA), China Civil Engineering Construction Corporation (CCECC); and some of China’s top business groups from Henan, Guangxi, Chongqing, and companies like Douyin, one of the largest e-commerce platforms in China.

The 2022 CAEXPO is running this year on the theme “Sharing RCEP New Opportunities: Building a Version 3.0 China-ASEAN FTA," as parties expand their horizon to proactively include other bilateral FTA partners of the ASEAN Member-States, specifically those involved in the Regional Comprehensive Economic Partnership Agreement which was collectively signed in November 2020 by fifteen countries from the Asia Pacific region.

The RCEP is considered to be the largest trading bloc in the world today being representative of about 1/3 of the total global population and GDP.

DTI Encourages Filipino SMEs to Explore Cross-Border e-Commerce

The DTI through the Export Marketing Bureau (EMB) and E-Commerce Office (ECO) organized the Cross-Border B2C E-Commerce online information session on 17 August 2022. In photo (clockwise, left to right) Shayma Carim-Musor, TIDS of DTI-EMB; Cristy Olboc, DTI-ECO; Maria Teresa Loring, CTIDS of DTI-EMB; Arselyn Palad, TIDS of DTI-EMB; Rey Lugtu, Founder and CEO of Hungry Workhorse; and Wea Bohol, OIC of DTI-ECO.

The Department of Trade and Industry (DTI), through the Export Marketing Bureau (EMB) and in partnership with the E-Commerce Office (ECO), conducted an online information session on Cross-Border B2C E-Commerce on 17 August 2022. The webinar was attended by more than 100 participants from both the public and private sectors.

The activity aimed to empower small and medium enterprises (SMEs) through capacity building and enhancing their awareness of the importance of cross-border e-Commerce. The event also promoted opportunities for Filipino exporters hoping to penetrate the international market via e-Commerce.

“As our country continues to recover from the pandemic, e-Commerce remains to be the catalyst towards economic recovery and growth,” Director Christopher Lawrence Arnuco said in his opening remarks.

Ms. Wea Bohol, Officer-in-charge of the E-Commerce Office, provided budding entrepreneurs with the government mechanism to help SMEs navigate the digital market. Mr. Rey Lugtu, Founder and CEO of Hungry Workhorse, shared essential insights and current trends on cross-border e-Commerce, as well as a practical perspective to enable businesses to succeed.

Mr. Lugtu highlighted the need to update websites, strengthen the presence of entrepreneurs in social media, explore marketplaces in new geographies, and the importance of creating products and services for millennials and Gen Z.

"E-commerce is not limited to physical products. Services is one area where Filipino companies could expand their business beyond the Philippines," Mr. Lugtu added.

The session also featured the success story of Cambio and Co., an e-Commerce fashion platform that carries unique accessories designed and handcrafted by Filipino artisans to markets like Canada and the US. Its CEO, Ms. Gelaine Santiago, shared her experience as a businesswoman and advocated for e-commerce. She aims to dispel the colonial mindset that 'imported is better' through her business model and campaign #WearYourHeritage.

There is a largely untapped opportunity from cross-border e-commerce for Filipino SMEs. According to Google, Temasek, and Bain, Southeast Asia's Internet economy is expected to triple from US$100B to US$300B in 2025. Meanwhile, the survey by Amazon Global Selling in 2021 showed that the Philippines has the highest percentage of domestic e-commerce sellers at 70.02 percent, compared to other ASEAN countries.

To watch the recording of the info session, you may visit the DTI Export Marketing Bureau Facebook page using this link: https://fb.watch/e_GJtWoaSt/.

Shopee and the Department of Trade and Industry partners for the 3rd ASEAN Online Sale

MANILA, AUGUST 12, 2022 - Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, launched its third ASEAN Online Sale Day in partnership with the Department of Trade and Industry (DTI) and the Bureau of International Trade Relations (BITR) last August 8 to 10. This annual sale celebrated the 55th founding anniversary of the Association of Southeast Asian Nations (ASEAN) by showcasing different local and regional products on Shopee’s platform. Over the last three years, the ASEAN Online Sale has consistently offered users a wide range of quality products from across the region to offer users an enjoyable online shopping experience. 

Shopee’s continued partnership with the DTI for the third iteration of the ASEAN Online Sale is a testament to both organizations’ commitment to make quality products even more accessible for users all over the Philippines. Throughout the duration of the sale, Filipinos were able to conveniently shop for their favorite Southeast Asian products on Shopee. 

Marievic M. Bonoan, Director at the DTI - Bureau of Domestic Trade Promotion, said, “The DTI is happy to partner with Shopee once again for the ASEAN Online Sale Day to support our goal of driving e-commerce forward in the Philippines. We are humbled to have connected even more buyers with quality products through Shopee’s platform. We will continue to craft even more projects and initiatives that will push for e-commerce growth across the country.”  

Martin Yu, Director at Shopee Philippines, shared, “Through our partnership with the DTI for the ASEAN Online Sale, we strengthen our commitment to transcend borders and make online shopping more accessible and convenient for our users. We are thrilled to offer our users quality products from all over the region. We look forward to maximizing our platform’s reach to deliver an even better online shopping experience for all.”

During this year’s campaign, Shopee users enjoyed discounts of up to 90% off and exclusive vouchers on a wide assortment of products from Thailand, Malaysia, Singapore, Indonesia, Vietnam, and the Philippines. 

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About Shopee

Shopee is the leading e-commerce platform in Southeast Asia & Taiwan. Shopee promotes an inclusive and sustainable digital ecosystem by enabling businesses to digitalize and grow their online presence, helping more people access and benefit from digital services, and uplifting local communities.

 

Shopee offers an easy, secure, and engaging experience that is enjoyed by millions of people daily. Shopee is also a key contributor to the region’s digital economy with a firm commitment to helping homegrown brands and entrepreneurs succeed in e-commerce.

 

Shopee is part of Sea Limited (NYSE: SE), a leading global consumer internet company. Sea’s mission is to better the lives of consumers and small businesses with technology through its three core businesses: Shopee, Garena and SeaMoney.

Lacson Stands by his Record and Experience

Senator Panfilo “Ping” has once again proven he is truly the corruption-buster “Mr. Clean” he is touted to be. In recent articles, the presidential candidate known for his strong anti-corruption stance, was recently vindicated for previous crimes he was unjustly accused of during the Arroyo administration. No less than former President Sen. Gloria Macapagal Arroyo, in her recently launched memoir entitled “Deus Ex Machina,” admitted that the accusations against Sen Lacson were fake.

“The information that was made public could not be substantiated,” GMA wrote in her memoir.

Years later, Marquez recanted accusations against Sen Lacson and apologized. Corpus also issued a publicly televised apology to Lacson for falsely accusing the senator.

True to form, the magnanimous Lacson did not hurl vindictive comments against his accusers. Instead, he tweeted a forgiving message to his former detractor. “Late is always better than never. To ex-PGMA’s credit, she has the decency and courage to admit that she publicly and unjustly accused me of various crimes based of false information. Whatever, I have already forgiven her a long time ago.”

Even in the thick of the present presidential election, Lacson maintains his nonbelligerent stance, preferring not to say anything about the other candidates wanting to be President of the Philippines because he is also running for the position.

In his recent interview session with Boy Abunda for the television personality’s series 2022 Presidential One-on-One Interviews, Lacson, one of five presidential candidates who were invited to the show, chose to talk instead about what made him best suited for the highest position in the Philippines.

“I am the most qualified, the most competent, the most experienced (candidate),” he told Abunda matter-of-factly without mentioning any of his rivals.

The candidate said it was time for voters to be discerning, to realize that politics was not entertainment and they should not be influenced by dole-outs.

In his campaign sorties, a singing and dancing Lacson would certainly not be on the program. “I won’t sacrifice authenticity,” he said, and would not do anything that had nothing to do with the country’s problems.

“The number one problem is the government, so the solution is the government- good, honest governance,” he said.

Lacson stressed, “Tough problems need tough solutions from the country’s top leaders.” His goal, if elected president, was to leave the country better off than when he started and see a greater respect for government officials.

Although he acknowledged that the qualifications for presidential candidates were so much simpler than those required of job applicants, the senator also pointed out that college degrees do not guarantee outstanding public service.

“Maraming may PhD na mas magaling magnakaw kaysa magsilbi sa bayan (there are many people with doctoral degrees who are very skilled in stealing public funds than in serving the country),” he said.

He would not oppose though some changes in the qualifications, although it would require a constitutional amendment. The job was demanding, he pointed out, and it called for skills in handling crises like the still ongoing corona virus disease 2019 (Covid-19) pandemic.

Lacson said he would lead by example if he were elected president. He recalled that he was able to minimize graft and corruption in the Philippine National Police when he was its chief by consistently showing he could not be bribed. It was his leadership by example, he said, that drastically reduced, if not totally eliminated, corruption in the police establishment.

As a senator, he did not collect the pork barrel, or extra funds allocated to legislators ostensibly to finance pet projects. He was able to save the country millions of pesos by carefully and thoroughly reviewing every proposed annual budget of the government, he said.

Lacson would push for digitization and automation in government as president so there would be no human intervention. He said, “Human intervention always resulted in corruption.”

Lacson supported the resumption of mining in the country, “a major industry” of the Philippines, but it should be sustainable and responsible. “It must be data-driven and science-based.”

However, he also expressed concern that corruption would create the same problems as before. “Corruption lets violators get away (with their crimes). Palakasan (pull or influence) allowed people with the right connections to do as they please.”

Lacson’s vice presidential candidate is Senate President Vicente “Tito” C. Sotto III.

For more info on Ping Lacson, follow https://www.facebook.com/PingLacsonOfficial.

Lacson to Reduce Poverty through Education

Senator Panfilo “Ping” Lacson plans to solve the country’s serious poverty problem by providing more people the opportunity to get an education.

In his latest video, the presidential aspirant, who has battled government corruption throughout his career in public service, points out that many young people are forced to drop out of school because of the need to help their families and because being in school is proving to be a heavy financial burden. Thus, they remain mired in poverty because without a good education their prospects are limited so they often have to settle for jobs that do not pay much.

He will launch an innovative Edukasyon Plus program if elected President that will provide free education and institute a government internship program. Each family will receive a P5,000 monthly allowance during their family members’ internship. Lacson believes that this arrangement will allow students to focus on their studies as they will not be under pressure to help their families.

“Even if education is free, young people cannot finish their studies because they have to help their families. If this vicious cycle continues, when will they be able to lift themselves from a life of poverty?” he says.

Studies show that among member countries of the Association of Southeast Asian Nations (ASEAN), the Philippines have the highest school dropout rate.

Lacson is convinced that education is the only way to give people the chance of a better future and to improve the lives of Filipinos, many, if not most, of whom still live below the poverty line. People remain mired in poverty, unable to get better-paying jobs, for lack of education, he stresses.

With Edukasyon Plus, young people can avail of free education and participate in a government internship program that will pay their families a monthly allowance. “They won’t have to choose anymore between education and work to help their families,” Lacson says. He believes the program will help many people leave behind lives of poverty.

“Edukasyon Plus is the real solution to the problem of poverty,” Lacson adds.

Lacson and his running mate, Senator Vicente “Tito” Sotto, are running on the slogan “Aayusin ang gobierno, aayusin ang buhay mo.” (They will fix the government and put your life in order.)

For more info on Ping Lacson, follow https://www.facebook.com/PingLacsonOfficial.

AEM-USTR Consultations

DTI SECRETARY RAMON LOPEZ PUSHES FOR PEOPLE-CENTERED AND INCLUSIVE GROWTH AT THE ASEAN ECONOMIC MINISTERS CONSULTATION MEETING WITH THE UNITED STATES OF AMERICA TRADE REPRESENTATIVE

MANILA—Trade Ministers from the Association of Southeast Asian Nations (ASEAN) met with the United States Representative (USTR), Ambassador Katherine Tai, via video conference on 14 September 2021 for the AEM-USTR Consultations.

At the said engagement, ASEAN and US economic officials discussed current efforts undertaken to address the disruptions of the COVID-19 pandemic and expressed commitment to further accelerate recovery by ensuring that markets remain open for trade and investment, among others.

“On trade and investment policies, the Philippines believes that they must be people centered and should always promote inclusive growth. We have always adhered to this policy, and we will remain a strong mover of an open, free, fair, transparent, inclusive, rules based and non-discriminatory trading system,” said Secretary Ramon Lopez.

The meeting endorsed the 2021-2022 ASEAN-U.S. Trade and Investment Framework Arrangement (TIFA) Work Plan that will include implementation of initiatives on digital trade and sustainable development, as well as further dialogue on safeguarding worker’s rights and the inclusion of environmental provisions in trade agreements.

According to Secretary Lopez, the U.S. is an important and strategic trading partner to ASEAN, and the [ASEAN-U.S.] TIFA has served as a key mechanism to reinforce economic relations and expand trade and investment opportunities in the post-pandemic recovery efforts.

“The Philippines views the rise of e-commerce and digital economy as catalysts for post pandemic recovery. Thus, it is important that rules and disciplines be entrenched in this area to ensure a predictable way of doing business online while protecting the rights of consumers.” Lopez added.

Ministers also engaged with the US-ASEAN Business Advisory Council (US-ABC) where both sides underscored the importance of the private sector in coming up with concrete initiatives to facilitate economic recovery.

The US-ABC discussed their Recommendation Paper titled, “Re-building ASEAN’s Economy in Post-Pandemic Era” which identifies timely initiatives where the private and public sector can work together to support ASEAN in implementing relevant initiatives, such as the ASEAN Comprehensive Recovery Framework (ACRF), Ha Noi Plan of Action on Strengthening ASEAN Economic Cooperation and Supply Chain Connectivity in Response to the COVID-19 Pandemic, and the ASEAN Agreement on Electronic Commerce.

The US-ABC also lauded the support and assistance provided by the DTI led by Secretary Lopez on the launching of the ASEAN SME Academy, a US-funded online training tool and information portal to develop globally competitive MSMEs.

“We appreciate the proposed initiatives of the USABC, particularly in advancing the region’s digital transformation agenda. Digital trade is indeed a key area that ASEAN should look into to ensure synergies between the private and the public sector, and to fast-track recovery of affected businesses and MSMEs. We will ensure the proposals are considered by the relevant sectoral bodies,” Secretary Lopez noted.

The AEM-USTR Consultations was convened at the sidelines of the 53rd AEM Meeting, which was held in view of the 38th ASEAN Leaders’ Summit and Related Summits to be held on 26-28 October 2021.

PH receives USD 185.7M-worth of investments from SG

The Philippines (PH) continues to be an investment destination for Singaporean companies as USD 185.7 million-worth of investment pledges providing 1,920 job opportunities were signed at the sidelines of the 32nd Association of Southeast Asian Nations (ASEAN) Summit on 28 April 2018.

The Department of Trade and Industry (DTI) reported that the investment pledges will cover collaborative works on aviation, solutions for sustainable urbanization, as well as development of marine renewable energy, packaging, film manufacturing, information, communications technology, financial technology, water solutions, prefabricated projects, food, and blockchain technology.

“With our robust bilateral trade and investments ties, we are confident that these new business agreements will even deepen our relationship further. These will push Philippine-Singapore trade engagement to even greater heights,” said President Rodrigo Roa Duterte.

“With these investments coming in, I am fulfilling a personal commitment to my countrymen to bring them more job opportunities. That’s why I am appreciative of your investment in the Philippines. I promise you that when you invest in the Philippines, we will ensure that your investments will be protected,” the President added.

The President witnessed the presentation of six Memorandum of Understanding (MOU) and four Letters of Intent (LOI) signed between the PH business delegation—composed of Filinvest Development Corporation, Everhydro Corporation, Cebu Air, Inc., ICS ICT Support Service Corporation, Ascent Solutions Philippines Inc., and Jollibee Foods Corporation—and Singaporean companies, including Keppel Corporation, OceanPixel, SIA Engineering Company Limited, Hitachi Asia Ltd., Robin Village International Pte. Ltd., Ascent Solutions Pte. Ltd., and Golden Beeworks Pte. Ltd.

Trade and Industry Secretary Ramon Lopez also signed an LOI with the ASEAN Business Advisory Council Chairman Robert Yap, which involves a feasibility study on a suitable site for the implementation of a free online marketplace, SGConnect™ legacy project. 

Sec. Lopez also signed an LOI with Lepack Packaging Pte. Ltd. Director Lim Seong Nam, which will explore opportunities to help and assist micro, small, and medium enterprises (MSMEs) by developing innovative packaging.

In 2017, Singapore (SG) was PH’s 6th trading partner, 5th export market, and 7th import supplier with total bilateral trade valued at USD 9.34 billion. Exports of semiconductor devices manufactured on consignment basis also boosted PH export to SG by 1.16% in 2017.

Likewise, a significant growth of 378% (or Php 2.13 billion in 2017 from Php 444 million in 2016) approved investments from SG was noted in electricity, gas, steam, and air conditioning supply industry.  

Meanwhile, Secretary Lopez encouraged SG’s business community to join PH’s growth story by locating and expanding their businesses in the country.

“There are enormous opportunities for companies partnering with Philippines as the country is on its economic breakout,” said Sec. Lopez.

"The 6.7% GDP growth, increasing consumer base, and highly-skilled and young workforce complement the various reforms and infrastructure programs of the government, as well as new policies in enhancing business environment and competitiveness,” Sec. Lopez added.

The trade chief also highlighted PH’s preferential agreements and market access to Europe, the European Union and United States.

“We are a strategic partner as the Philippines is located at the crossroads of international shipping and airlines, and a natural gateway to the East Asian economies. With our preferential agreements to big economies, we can also provide access to the large US and EU markets,” Sec. Lopez concluded.