MY REMARKS ON THE 80TH BDAY OF @Bobby De Ocampo AND BOOK LAUNCH (Feb 27, Manila Polo Club)

Good afternoon dear friends and admirers of the man of the hour ( and of all seasons ).

I have known Sir Bobby for almost half a century, as young long haired professionals in the World Bank in the last millennium.  I actually knew him much earlier, and was already a fan,  although he did not know me. When i first joined the staff of then Sec Fin Cesar Virata in the 70’s, i kept hearing about the youngest head of a government corporation, still in his twenties.  While he had a legitimate claim to fame for massive rural electrification as head of NEA,  what the source of envy of all was his squiring the Ann Curtis of the day.

Amina and I finally met in DC  together w his “Sweet Caroline”, and i immediately came to the conclusion that here was a man who follows his head and heart and not other body parts.

  I would see validation of this time and again in the many endeavors we’ve been together. 

He ran as President of the IMF WB Filipino Association, winning handily with the support of his campaign team led by Amina.  Though he would win the confidence and admiration Presidents, Ministers, Boards and Shareholders,  this will be in the only at large election he would ever win.   Our country’s loss.

He decided to go back to the Phl post EDSA to help contribute to nation  rebuilding in 1987 via DBP, eventually being appointed by Tita Cory as Chair and CEO.

I was already Finance Usec when PFVR tapped him to be Finance Sec where he would stay till the end of the Ramos Administration, reaping every award along the way including Finance Minister of the Year by Euromoney and Institutional Investor and  a number of other journals. 

And achieving milestones for the administration like -- highest tax to GDP ratio ever , record Privatization receipts ( Petron , BGC, PNB, MWSS PPP, PAL etc.) returning the Phl back to the international capital markets, working w Del Lazaro to bring the lights back on literally and figuratively as investors confidence was restored. Some of these stellar achievements are well covered in the book we are launching today .

All these  while winning golf championships— yes declaring his handicap honestly each time.  😉

(And by the way he continues to win golf trophies even if he is no longer Finance Sec, most unusual. )

And this is not the only unusual fact about Sir Bobby.  He is
the only Filipino to have been “knighted” thrice by 3 foreign governments : UK, France and the Vatican.  And while it has been said that “Once a king always a king”, for Sir Bobby, once a knight is not enough !

After we both left govt our paths continue to intertwine in one board or another. The one closest to our hearts is the one that pays us nothing-- the Foundation for Economic Freedom where he serves as our Chair. For those who don't know FEF -- we are a bunch of ex bureaucrats, academics, corporate executives pushing for good governance and market friendly reforms . Raging incrementalists we call ourselves . ). Several of the Fellows are here --
Sec @Gary Teves , Prof @Joseph Angeles Prof Nieves Confessor‬ , Pres @Ramon Garcia Jr  Jr‬  USec Chil Soriano , Atty @Ephyro Luis B Amatong ‪. Earlier President @Calixto Chikiamco was here.

Here’s to you Sir Bobby, on your 80th, on your  most consequential life in public service and business leadership,  and to our almost half a century of partnership and friendship.

Mabuhay! Live long and prosper -- maybe live long na lang , you've prospered more than enough! 🖖🏽😁

 

MY OPENING REMARKS AT OUTLOOK FORUM, LEVERAGE INT L , FEB 27, 2026 New World Hotel

 

Good morning. I will speak in my personal capacity, drawing from the BSP’s assessments and the work of our research teams.

The Philippine economy entered 2026 after a slowdown in 2025, driven mainly by weaker investment, softer household spending, and moderation in government expenditures. Industry and services decelerated, while agriculture showed a modest recovery. Looking ahead, growth is expected to improve gradually, supported by private consumption, steady remittances, targeted public spending on education, health, and social services, the rollout of public‑private partnership projects, and the accelerated use of local government cash balances. That said, the pace of recovery will depend heavily on how quickly business and consumer confidence strengthens.

Inflation expectations remain well anchored, and inflation is projected to stay within the target range over the policy horizon. Temporary pressures from electricity rate adjustments and higher oil prices may emerge around mid‑2026, but inflation is expected to ease as global commodity prices stabilize. In this environment, monetary policy continues to focus on maintaining price stability while remaining responsive to evolving conditions.

From the business perspective, external conditions remain challenging. Trade policy uncertainty, including shifting tariff regimes and sector‑based measures, continues to weigh on global demand and investment planning. While the Philippines’ direct exposure is relatively contained—particularly for electronics and agriculture—uncertainty itself affects decisions along global value chains. Services exports face headwinds from weaker tourism and increasing competition in IT‑BPM, even as opportunities emerge from Global Capability Centers and the move toward higher‑value services.

Technology plays an increasingly important role in this landscape. Artificial intelligence is already influencing export performance, business processes, and service delivery. It offers productivity gains and new opportunities, particularly in IT‑BPM and electronics, but it also raises challenges related to skills mismatches, uneven adoption across firms, and adjustment pressures in certain service‑sector roles.

In this setting, macroeconomic and financial stability remain essential. A low and predictable inflation environment, a resilient financial system, and a safe and efficient payments infrastructure help reduce uncertainty and risk premia, giving businesses the space to plan, invest, and adapt amid global volatility.

Looking ahead to 2026, the key issue for Philippine enterprises is how to navigate external uncertainty while positioning for gradual recovery—by managing risks, investing in skills and technology, and taking advantage of opportunities from regional integration, digitalization, and evolving global value chains.