The joint associations of ACI Phils, FMAP, IHAP, MART, NASBI and TOAP held their regular general assembly at the Grand Ballroom of Intercontinental Manila last September 24, 2013, attended by more than 300 participants across all associations.

The invocation was led by the NASBI President, Peter Anthony Bautista, VP from FMIC and welcoming remarks were given by the current MART President, Michael Calleja, SVP/Treasury Head of BPI.

Roberto Baltazar, SVP/Teasury Head of Global Markets of HSBC and the current ACI Phils. President, introduced the Guest of Honor and Speaker for the evening, the Hon. Amado M. Tetangco, Jr., Governor of the Bangko Sentral ng Pilipinas (BSP).

Mr. Tetangco opened his presentation with encouraging statements regarding the BSP’s ability to withstand current challenges of the world economy and market volatility. He cited the central bank’s buffers against vulnerabilities such as a strong reserve position enough to cover 12 months worth of import of goods and lending growth, which is due to current market dynamics.

Strong reform agenda was also cited in the BSP’s policy agenda with the latest briefing on the implementation of Basel III capital standards, giving banks greater cushion against market, credit and operational risk. Basel III is expected to be fully implemented in 2014.

Mr. Tetangco also allayed concerns regarding the possible negative effects due to freed up liquidity brought about by the eventual removal of the SDA. He believes an asset bubble is not likely due to the more conservative nature of SDA investors, as most will elect to shift to traditional bank deposits.

Mr. Tetangco concluded his speech with confidence that the Philippines has what it takes to move forward amidst uncertainty with the current policies in place. The country has the ability to go past short term volatility and always look to expand businesses and think about long-term developments.

The program ended with presentation of the Token of Appreciation to the Guest of Honor and Speaker by the IHAP President, Manuel Tordesillas, President and CEO of Maybank ATR KimEng Capital Partners, Inc.

 

Closing remarks were given by the TOAP President, Rafael Ayuste, Jr. SVP and Trust Officer of BDO Private Bank

 

By: Kamille Ganzon and Danica Shasha Tan