I hadn’t been out with a large crowd for the two years of the pandemic. So, I thought it would be worth my while to personally attend the economic briefing Tuesday at the Philippine International Convention Center (PICC).
I wasn’t disappointed as the atmosphere was just like normal. PICC’s Reception Hall was teeming with some of the top brass in the banking community. It was a sea of black and white, most wearing either barong or suits, which had languished in their cabinet. It’s a bit difficult to recognize the who’s who with their facial mask on while others have trimmed down and some need to shed the additional, unwanted pounds.
From a distance as well as by close proximity, Philippine National Bank President Jose Arnulfo Veloso, Dondee Baltazar, BDO Universal Bank President Nestor V. Tan, who will continue to steer the bank on an extended five-year term, and chief market analyst Jonas Ravelas were among those who personally listened to the valedictory reports of Finance Secretary Carlos “Sonny” Dominguez and Bangko Sentral ng Pilipinas (BSP) Governor Benjamin “BED” Diokono.
Both SecFin Sonny and Gov. BED were on the same page, reading rosier economic outlook, though, the former took an unflinching view for the gross domestic product to expand between seven and nine percent this year, higher than the six percent forecast by the Asian Development Bank.
The two rattled off the accomplishments of the outgoing administration notwithstanding the enormous irritants that came courtesy of the pandemic, which brought off track the country’s economic growth momentum.
The chief of the economic team acknowledged everyone from “friends in the private sector, our reliable development partners, and my colleagues in the Cabinet,” who contributed to these successes.
Everybody and his uncle, so to speak, were mentioned, from Defense Secretary Delfin Lorenzana, to National Security Adviser Secretary Hermogenes Esperon Jr., to Health Secretary Francisco Duque, and Tourism Secretary Bernadette Puyat.
Senatorial candidate Mark Villar, who used to steer the Department of Public Works and Highways as well as National Irrigation Administrator Ricardo Visaya and Transportation Secretary Arthur Tugade were cited for their contributions.
But caught my lion’s ear was the omission in the list of honorable mentions of former Department of Budget and Management (DBM) Secretary Wendel Avisado while mentioning the Gov. BED, who headed DBM prior to his BSP posting, as well as Officer-in-Charge Tina Canda.
Also not in the list was Agriculture Secretary Manny Pinol. The attendees were curious if this was a tell-tale sign that all is not well among the co-Davaoenos in the Cabinet family.
The valedictory report ending of SecFin and the BSP Governor was also attention grabbing. It was like a battle of who quoted the best. Winding it up in his report, SecFin Sonny quoted Japanese Admiral Heihachiro Togo: “The weather today is fine but the waves are higher.” For his part, Gov. BED ended with a Chinese proverb “when the winds of change blow, some people build walls, others build windmills.”
Both referred to the enormous challenges that the country is facing should the Russia-Ukraine conflict becomes protracted, a high wave and strong wind that could “easily break and imperil our prospects.”
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