Sunday, May 17, 2026

REMARKS FOR AMB RAPHAEL PERPETUO M. LOTILLA’S DESPEDIDA DINNER

REMARKS FOR AMB RAPHAEL PERPETUO M. LOTILLA’S DESPEDIDA DINNER 


When President Toti and I first reached out to Popo to ask when we might hold a proper despedida before he leaves for the Vatican, he characteristically demurred. He did not wish to be fussed over. He finally relented only when Toti offered to bundle it with our usual FEF dinner—thus no incremental fuel cost and no additional carbon damage, especially in these difficult times.


When I sent him the program, he replied with a simple request: could we keep the tribute toast and his response to no more than five minutes?


Knowing how impossible it is to compress into two and a half minutes the long list of what Popo has done for the nation—as a public servant and as a leader of FEF initiatives—I am sending these remarks in advance.


This is, incidentally, the second time Popo has spurned our attempts to recognize him.


The first was in 2012, when several of us on the Board—Chair Bobby, President Toti, Vice Simon, Bong Montes, and dear Gloria Tan Climaco—nominated him for Chief Justice of the Supreme Court. In a letter that became public, he modestly declined in favor of then–Senior Associate Justice Carpio, citing the importance of preserving long-standing succession tradition.


At the time, I wrote a column on why Popo belonged on the Court. I noted that he had become the gold standard for integrity. There was a story—perhaps apocryphal—that he stayed in UP student dormitory housing long after he had begun working, leaving only when he feared being evicted for overstaying. He moved to a small faculty walk-up apartment, which later led critics to joke, when he was Energy Secretary, that he could not fully appreciate high power costs because his electricity use qualified him for a subsidized lifeline rate. The joke, of course, said more about his simplicity than about his understanding of policy. ( http://romeobernardo.blogspot.com/2012/06/appointment-to-supreme-court.html)


In hindsight, it may be a good thing that he declined the Court. It allowed him to lead FEF advocacies that produced real, consequential reforms—and later to serve as Energy Secretary and, most recently, as DENR Secretary.


Working with President Toti and other partners, Popo helped unlock a path to liberalizing public utilities without Charter change, through legislation redefining public utilities under the Revised Public Services Act. This opened telecommunications, airports, and other key infrastructure to foreign investment and real competition. As Energy Secretary, he had the DOJ revisit the flawed view that renewable energy fell under constitutional foreign-ownership restrictions, clearing the way for massive inflows into solar and wind—exactly when the country needed them most.


These are only highlights of decades of service: as a law professor and legal scholar; as NEDA Undersecretary during the Ramos and Estrada administrations, helping push through the ODA Law, oil deregulation, and early water PPPs; as PSALM head and twice Energy Secretary, guiding the operationalization of EPIRA; and as an international public servant, including as a UN regional director. Over the years, government has repeatedly turned to him on UNCLOS and maritime issues.


Some have asked whether Popo is a devout Catholic—apparently an important qualification for his new post in the minds of some.


What I can say is this: I know him to be a good man—defined by kindness, humility, integrity, simplicity, and self-sacrifice. As close to a saint as one can reasonably expect in public life. He will feel very much at home in the Vatican.


Dear FEF Fellows and friends, please raise your glasses to honor the man of the hour, indeed a man for all seasons—our fellow Fellow and dear friend, the honorable (with a small “h”) Popo Lotilla. Mabuhay. Bene vobis.

My toast at FEF send off dinner in honor of his Excellency, Amb Raphael Perpetuo M Lotilla.

 Short version

My toast at FEF send off dinner in honor of his Excellency, 

Amb Raphael Perpetuo M Lotilla. 😊🍷


Dear fellow Fellows and Friends :


When FEF Pres. Calixto V. Chikiamco and i first proposed a despedida for Popo, he politely declined—until we assured him it would be bundled with our regular FEF dinner, with no additional fuel cost or carbon damage. 


This is, in fact, the second time he has resisted recognition: the first was when he declined a Supreme Court nomination out of humility and respect for tradition—proving that Popo’s instinct is always to serve, never to seek. After decades of public service, landmark reforms, and a lifestyle so austere it once qualified him for a subsidized electricity rate, the Vatican may be the only place left where he truly fits in.


Please raise your glasses to our fellow Fellow, a man for all seasons, the honorable—with a small “h”—his Excellency, Amb Popo Lotilla. Mabuhay!”  


( The one minute version .  The full version in Comments. )

Sunday, March 1, 2026

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.