Central Bank Governor Amando Tetangco about to speak.
BSP's Tetangco says, "their recovery is our game." He was referring to other economies experiencing financial-turned-economic crisis, especially European economies.
Also stressed that Philippine funds in loan facility of IMF didn't come from budget.
BSP's Tetangco touts strong peso, strong international reserves, other monetary policy tools that help Philippine economy grow stronger.
SPOTTTED: Washington Sycip, a lot -- and I mean, a lot -- of bankers.
Bangko Sentral ng Pilipinas (BSP)'s Tetangco was recently cited as one of the Top 5 best central bank governors in the world.
Now playing: Video that explains the first 6 months of 2012. Note: Philippines grew a phenomenal 6.3% in January to March, and 5.9% in April to June.
Purisma: we are basically in control of our fiscal destiny.
My observation: Last time the economic managers held a briefing, also here at PICC, the summit hall was packed. This time, there are more available seats.
BENEDICT HERNANDEZ, President and CEO OF Business Processing Association of the Philippines (BPAP), says Philippines a major choice of global firms.
BPAP Hernandez: BPO sector looking forward to better infrastructure to improve flood control.
BPAP's Hernandez: non-call center segment growing faster than call centers. 41% growth there last year.
BPAP's Fernandez: BPO sector aiming for at least 20% annual growth.
BPAP's Fernandez: Our main aims: Protect cost competitiveness and maintain predictable business environment.
BPAP's Fernandez: 2016 goals are 1.6 million direct jobs and 3.2 million indirect jobs; P1.3 billion wages
BPAP's Hernnadez: Philippine BPOs have cost advantages and issues (due to strong peso). Costs here 6-10% more than India last year. 20% now due to strong peso, weakness of rupee.
MONTINOLA: Can Philippines become a "triathlete"?
He was referring to strong growth performance of Philippines.
MONTINOLA: Of the social contracts of the Aquino government, I particularly like the jobs target and ratings upgrades.
MONTINOLA: Banks are healthy and will continue to lend at low rates
MONTINOLA: Strong/resilient remittance first wave. Strong BPO another.
"Let's hope that the next wave is TOURISM since this is expected to raise dollars and create jobs... improve tourism in BPO-fashion."
MONTINOLA: PPP projects should continue and connector roads should
On the medium-term, we should focus on MANUFACTURING. We should get back what we lost to China. Today, their cost advantage has disappeared. Now, well-run PEZA are attractive.
AGRICULATURE and FISHERIES, also. We just need improve cheaper bank financing for farmers.
MONTINOLA on EDUCATION: Thankfully the government realizes need for better education. K-12 key to gaining competitiveness in future. Any help from Congress on K-12 budget will be helpful.
MONTINOLA: Healthy banking supports good economics.
IFC's ANG: I focus also on "Doing Business" survey. The Philippine ranking has been weak in last few years.
The issue is not cost or time, the issue is number of procedures, which increases opportunity for corruption.