The Sagana Ballroom played host to the Plenary Conference Session of the 2010 ACI Philippines Convention held at the Shangri-la’s Boracay Resort and Spa.
The Plenary Conference Session was held on Saturday, April 24, and featured several distinguished guest speakers who shared their expertise on current issues and topics in the FX market. This was topped by a keynote speech by Treasurer of the Philippines, Roberto B. Tan, who discussed the prospects for the Philippine economy and the policy direction of the government. The Session was ably managed by Master of Ceremonies, Boopsie Erana (ICAP).
The formal program was opened with the National Anthem followed by the Invocation led by Social Action & Scholarship Committee Head, Carlos Cesar B. Mercado (RCBC).
ACI Philippines President, Estelito C. Biacora (BPI), then delivered his welcome remarks to the members highlighting the different activities of the organization in line with the adopted theme for the year: “Involved. Professional. Global.”
A short presentation was also conducted by Thomson Reuters Country Manager, Mr. Rainier Fuchsluger, being ACI’s Diamond Sponsor for the event.
The talk on “FX Strategies in a Post-Crisis World” was delivered by Mr. Michael Zhao, CFA. Michael is currently Director, FX Structuring Asia at Credit Agricole.
In his talk, Michael highlighted the recent high correlation between risk appetite and currency movements and proceeded to discuss several structured FX products that investors may use to express their FX view to take advantage of the various opportunities in the market. Michael also shared his views of the renminbi revaluation citing the Chinese government’s concern on employment and economic stability as a key driver for any changes in policy directions.
Mr. Olivier Desbarres, Head of Asia FX Strategy at Credit Suisse, discussed the topic “Asian and Emerging Currencies in the Global Context”.
In his presentation, he touched on the outlook for the euro, in line with the recent events surrounding Greece, as well as provided commentary on the renminbi. Mr. Desbarres noted that any potential renminbi revaluation may follow the historical pattern exhibited by policy makers in 2005, with a possible one-off revaluation some time in the second half of 2010. Of note, Mr. Desbarres opined that the much talked about revaluation of the renminbi may actually have a small effect on Asian trade flows and that other Chinese policies such as those related to credit may need to be given more attention in the near future.
After the presentations, distinguished panelists, HSBC Treasurer, Mr. Jose Arnulfo A. Veloso, and PNB Treasurer, Mr. Ramon L. Lim, joined the presentors in discussing further the key points raised. The panel discussions were moderated by ACI Phils. President, Mr. Lito Biacora of BPI.
The highlight of the morning was the keynote speech of the Treasurer of the Philippines (TOP), Roberto B. Tan.
In his speech, TOP Tan highlighted the economic gains of the country and summarized the key initiatives undertaken by the Bureau of Treasury to support these gains. He highlighted the recent fiscal performance of the government and the debt management strategies being implemented. He also discussed maintaining a prudent debt mix, lengthening the average maturity profile, opportunisitic borrowing/refinancing and diversifying the Republic’s investor base as key areas the Bureau is pursuing to manage its debt profile. He also touched on planned bond market reforms that are expected to deepen market liquidity and to provide more innovative instruments. Finally, he outlined future reforms including the strengthening of risk management and aligning capital market conventions to international best practices. Overall, he expressed confidence that the positive outlook for the Philippines will remain and will be maintained as a result of prudent fiscal management.
To further discuss the topic, TOP Tan was joined by RCBC Treasurer, Mr. Jose Emmanuel U. Hilado, and Citibank Country Treasurer, Mr. Marcelo C. Fernando, Jr.
After the discussions and questions from the audience, Mr. Biacora proceeded to confer on the distinguished speakers tokens of appreciation for their contribution to the conference.
The Closing Remarks were then delivered by the Membership Committee Head, Mr. Roland R. Avante (Sterling Bank) to close the convention proper. |
