Inside ASEAN: The Philippines
Enduring Strengths and Emerging Risks as the Region Reopens
IN-PERSON EVENT
Fairmont Makati, Manila
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08:30
Registration & Networking
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09:00
Opening Remarks
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09:10
Keynote Address by Secretary of Finance
Discussion Topics:
- General overview of the Philippines economy and economic outlook from 2022 to 2028
- The Marcos administration's comprehensive 8-point socioeconomic agenda
- Measures under the Medium-Term Fiscal Framework
- Economic legislative priorities of the Macros administration
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09:25
Sovereign: Recovering in a Riskier World
The Philippines is re-emerging from the coronavirus pandemic with a new government in place. But it must also now grapple with new challenges such as inflation, rising energy prices and spill overs from the Russia-Ukraine crisis.
Discussion Topics:
- Will the economy avoid a relapse into recession, given the challenging external environment?
- Can the new administration effectively restore investment momentum and fiscal discipline?
- How does the 2022 election inform institutional, governance and political risks?
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09:45
Conversation with the Treasurer
Discussion Topics:
- How will the Treasury meet the challenges posed by policy tightening, a weaker peso and global capital volatility?
- What is the outlook for the domestic capital market over the next six years?
- What is the future of sustainable finance for the Philippine government and private sector?
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10:20
Coffee Break & Networking
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10:40
Banks: Post-pandemic Recovery Amid Rising Inflation
Philippine banks are facing accelerating inflation, economic scarring from the pandemic and possible rate hikes, which could dampen recovery but will not derail it.
Discussion Topics:
- What are the key areas of growth and challenges facing banks?
- How will rising inflation and rate hikes affect recovery?
- How competitive are conventional banks’ new strategies against the rise of digital banks and fintech?
- What is the impact of the Philippines’ Sustainable Finance Framework on banks’ business and strategies?
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11:40
ESG Panel: First Steps Towards Net Zero
While the Philippines has yet to officially set specific net-zero goals, it has released conditional greenhouse gas reduction targets for 2020-30 and a sustainable finance framework.
Discussion Topics:
- What is Moody’s assessment of Philippine companies’ and the sovereign’s ESG risks?
- What lessons can the country learn when it comes to its sustainable finance taxonomy, regional and international approach?
- How will its decarbonization goals change under the new administration?
- What is the impact of its Sustainable Finance Framework on business and strategies?
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12:25
Intermission
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12:35
Lunch & Learn: Rating Conglomerates – A Practical Deep-Dive
Conglomerates are complex entities spanning several industries and companies, making it challenging to get a clear picture of credit quality. Join Moody’s analysts in this interactive session as they break down their approach to analyzing conglomerates with a few case studies.
Topics covered:
- What differentiates conglomerates from investment holding companies?
- How do we unpack complex corporate structures?
- To notch or not to notch on debt issued at the parent?
- How do ESG considerations factor into the ratings?
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13:20
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13:30
End of Event
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Dr. Diokno is the current Secretary of the Department of Finance (DOF). Prior to his appointment as fiscal chief, he served as Governor of the Bangko Sentral ng Pilipinas (BSP) from 2019 to 2022. Under his leadership, the BSP was among the first to respond to the pandemic and deploy decisive measures to cushion the adverse impact of the pandemic and pave the road to recovery. Before taking charge of monetary affairs, he served as Budget Secretary under three presidents where he pursued an expansionary fiscal policy to finance investments in human capital development and public infrastructure.
As Finance Secretary, Sec. Diokno seeks to rally the economic team to achieve three broad development goals by 2028: reduce the deficit-to-GDP ratio to pre-pandemic rates, bring down poverty incidence to single-digit, and achieve upper-middle-income economy status by the end of the Marcos administration. Sec. Diokno seeks to go beyond headline economic expansion and achieve a brand of inclusive and sustainable growth with equity.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Ms Rosalia V De Leon is reappointed as Treasurer of the Philippines for the third time by President Ferdinand R. Marcos Jr on July 18, 2022. As Treasurer of the Philippines, she directs the formulation of policies on borrowing, investment and capital market development.
Prior to her designation, Ms. De Leon served as the Alternate Executive Director (for the constituency of Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname and Trinidad and Tobago) at the World Bank Group, Washington D.C. USA. She also assumed key positions in the Department of Finance, including Undersecretary for International Finance Group from July 2007 to November 2012, Finance Secretary’s Chief of Staff from July 2005 to June 2010 and Director for International Finance Group from September 1995 to August 1998. She served as Advisor to the Executive Director of the Asian Development Bank from August 1998 to August 2004. As the Undersecretary for the International Finance Group, she task managed several landmark transactions including the issuance of Global Peso Notes as well as several Liability Management Exercises to reduce funding costs, extend maturity profiles and redenominate foreign exchange liabilities to local currency. Ms. De Leon has represented the Department of Finance in many international fund mobilization activities for public sector entities and formulated borrowing strategies and appropriate credit enhancements to access least cost financing options.
Ms. De Leon earned her Master of Arts in Development Economics from Williams College, Massachusetts, USA.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Patrick D. Cheng, 59, Filipino, Executive Vice President, is the Chief Finance Officer (CFO) of the Bank.
He is also in the boards of Bank subsidiaries – China Bank Insurance Brokers, Inc. (CBC-IBI) as Chairman, and China Bank Savings, Inc. (CBSI) as Director, and in the Bank’s JV affiliate – Manulife Chinabank Life Assurance Corporation (MCBLife) as Director. From 2008 to 2013, he was the President and Chief Executive Officer of HSBC Savings Bank (Philippines), and from 2011 to 2012, he was a two term President of the Chamber of Thrift Banks.
In addition, he previously held various key senior executive positions at the Philippine Bank of Communications (PBCom), HSBC Savings Bank (Philippines), HSBC (Philippine Branch), and Citibank N.A. (Philippine Branch).
A Certified Public Accountant (CPA) placing 7th at the CPA Board Examinations, he graduated magna cum laude from the University of the Philippines (UP) with a Bachelor of Science degree in Business Administration and Accountancy. He obtained his Master’s in Management degree, with Distinction, from the Hult International Business School in Cambridge, Massachusetts, and completed the Trust Operations and Investment Management course, also with Distinction, from the Trust Institute of the Philippines.
In 2010, he was named a Distinguished Alumnus Awardee of the Virata School of Business, University of the Philippines – Diliman.
Fernand Antonio A. Tansingco (Toto) is currently Senior Executive Vice President and Head of the Financial Markets Sector for Metropolitan Bank and Trust Company. He has oversight of Treasury, Wealth Management, Private Banking, and Strategic Planning, and asset management. He also serves as the Vice Chairman of the board for AXA Philippines, and advisor to the board of Metrobank (China) limited and First Metro Investment Bank.
Prior to joining Metrobank in 2007, he was the Treasurer, Head of Global Markets, and co-head of the Wholesale Bank for the Philippine branch of Standard Chartered Bank from 1997-2007.
Toto holds a Chartered Financial Analyst (CFA) designation from the CFA Institute and passed the Electrical Engineering licensure examinations in 1988. He earned a Bachelor of Science degree in Electrical Engineering from the University of the Philippines and attended the Advance Management Program of the Wharton School, University of Pennsylvania. He also attended the International Management Program in the Euro-Asia center of INSEAD.
Toto is an active contributor to the development of the financial markets in the Philippines. He is a member of the Bankers Association of the Philippines Capital Markets Development Committee where he is Vice Chairman.
Eduardo Olbes has over 20 years of corporate finance, capital markets, and corporate banking experience arranging financings for corporate, bank, and public sector clients. He has originated and executed debt and equity financings as well as advisory assignments in relation to restructurings, mergers and acquisitions in the US, Europe, and Asia. He is the Chief Financial Officer of Security Bank Corporation. He is also the Chairman of Credit and Sustainability Committees, the Vice Chairman of Finance and Assets & Liabilities Committees of the Bank, and a contributing member of the Philippine Interpretations Committee (PIC), Financial Executives Institute of the Philippines (FINEX) and Management Association of the Philippines (MAP).
Prior to rejoining Security Bank Corporation in 2010, he was a Director at Citibank NA’s (Philippines) Global Banking unit responsible for the local corporate coverage. From 2003 to 2006, he was a restructuring advisor to various Philippine based corporations. Previously, he worked in the Investment Banking division of Morgan Stanley until 2003 with stints in the Global Communications and Media (New York and San Francisco/Menlo Park) and Global Retail and Consumer (New York) groups. Prior to that, he worked in the Investment Banking division of Bear Stearns & Co in the Global Telecommunications Group (New York). He holds a master’s degree in Finance and Management from Leonard N. Stern School of Management, New York University, and a BA degree major in Economics from the University of California, Berkeley.
Srikanth Vadlamani is a Vice President – Group Credit Officer, APAC Banking for the Financial Institutions Group in Asia. Based in Singapore, he is primarily responsible for the credit ratings of banks and finance companies in India, Indonesia and Sri Lanka.
Prior to joining Moody’s, he was a Director in Daiwa Securities’ research department in Singapore, where he was responsible for the coverage of banks in the ASEAN region. He has also worked for other investment banks, including J.P. Morgan, Lehman Brothers and Nomura, where he covered banks and other financial institutions in India, Southeast Asia and emerging Europe.
Srikanth holds an MBA from the Indian Institute of Management, majoring in Finance and Economics.
Joyce Ong is an Assistant Vice President within Moody’s Financial Institutions Group.
Based in Singapore, she is responsible for the analysis and credit ratings of financial institutions in Vietnam, the Philippines and Indonesia.
Prior to joining Moody’s in 2020, Joyce worked for Standard Chartered Bank in Hong Kong as a credit analyst covering banks and non-bank financial institutions in Greater China. She has also worked for Credit Suisse in Singapore as a credit risk analyst and at the Monetary Authority of Singapore as a banking regulator.
Joyce holds a Bachelor of Business Administration (Honours) from the National University of Singapore.
Gabby is currently the Chief Risk Officer and Risk Management Group Head at Rizal Commercial Banking Corporation (RCBC) covering all enterprise risk areas including Market and Liquidity Risk, Operational Risk, Fraud Risk, Information Security and Sustainable Finance.
He has spoken at several fora both domestic and international on the topics of Sustainability and Fraud Prevention.
Prior to assuming his current position, he headed the Central Operations Segment of RCBC responsible for all Head Office and nationwide Cash Center Operations. Before joining RCBC he worked for 15 years with Citibank N.A. Philippines eventually heading Capital Markets and Custody Operations.
Prior to banking, he also worked as an IT professional for 5 years with Accenture (formerly Andersen Consulting) under their Process Competency Group. Gabby graduated from the Ateneo de Manila University with a Bachelor of Science degree in Management and completed his Masters in Business Management major in Finance at the Asian Institute of Management.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
John Wang is a Vice President and Senior Analyst for Moody’s ESG, based in Singapore.
In his role, John is involved in integrating ESG into Moody’s credit rating research and is the point person for Moody’s ESG outreach in the Asia-Pacific region. He is also responsible for publishing thematic and issuer-specific research on ESG risks relevant to credit analysis.
Prior to joining Moody’s, John was CEO of Visiondom ESG, an independent ESG consultancy in China, which helped institutional investors integrate ESG into their investment process. He also worked as an ESG specialist with Fidelity International’s Asia Stewardship and Sustainable Investing team, focusing on the Greater China and Oceania markets for five years. At Fidelity, he was closely involved in promoting ESG best practices in Asia and ESG integration, and had a special focus on corporate governance and carbon trading.
John holds a Bachelor of Science in Economics from Singapore Management University and is a CFA Charterholder.
Ibrahim works as Associate Lead Analyst, Sustainable Finance at Moody’s and is primarily responsible for conducting external reviews on the frameworks of Green, Social and Sustainability-labelled financial instruments. Ibrahim has worked on issuing more than 10 Second Party Opinions covering sovereigns and issuers across various sectors in APAC and Europe.
Prior to Moody’s, Ibrahim was a lead researcher at NUS Business School’s Centre for Governance and Sustainability, publishing ESG indices covering APAC markets. He has co-authored numerous industry reports in corporate governance, sustainability and family business domains and has been a regular speaker promulgating good governance and responsible investing in the region.
Ibrahim holds a Master of Business Administration (Strategy and Finance) and Bachelor of Business Administration (Accountancy), both from National University of Singapore, and is a Chartered Accountant (CA) of Singapore.
Annalisa Di Chiara is a Senior Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, Annalisa covers a portfolio of telecommunications, media and beverage companies throughout South and South East Asia. Annalisa is also a lead coordinator for Moody’s high-yield research and outreach initiatives for the Asia Pacific region.
Prior to joining Moody’s, Annalisa worked for UBS in credit related roles across debt capital markets and leveraged finance. She spent a significant portion of her career as a senior ratings advisor covering corporates across a variety of industries throughout the US, Asia and Europe. Annalisa has also worked for Credit Suisse and the Bank of New York as a Ratings Advisor and a Corporate Finance Banker. She has worked in Hong Kong for over 13 years.
Annalisa holds a double major from Brown University in Business Economics and English & American Literature.
Laura Acres is Managing Director for the Corporate Finance Group for Asia. Based in Singapore, she has overall responsibility for Moody’s corporate ratings and research for the region, managing teams in Sydney, Singapore, Hong Kong, Beijing, Shanghai and Tokyo. Laura also spearheads our global Emerging Markets initiative, leading many of our aggregated research based publications in this space and helping to coordinate Moody’s approach to this large and growing area of focus. Laura joined the company in 2006 taking a number of Lead Analyst roles for a variety of corporates around the region; she also created Moody’s aggregated high-yield research and outreach initiatives for the Asia Pacific region. She was appointed Managing Director in 2015 and led the Singapore based South & South East Asia corporate rating teams and was then appointed to her current role in 2020. Before joining Moody’s, Laura worked for Schroders PLC in London and Singapore, and Dresdner Kleinwort Wasserstein in Singapore, where she specialized in corporate restructuring and recovery throughout Southeast Asia. Laura holds a BSc (Econ) from the London School of Economics and Political Science.