Security Bank maps out future of glocal economy at the SBC Economic Forum 2022

Key experts in the fields of the local and global economy and as well as the upcoming national elections gave their outlook for 2022 in the Security Bank Economic Forum, which was moderated by the Bank’s chief economist, Robert Dan Roces.

Security Bank Corporation held its 2022 Economic Forum last April 28, 2022, where key economists and analysts shared their outlook on the local and global economy, against a backdrop of the Russia-Ukraine war, the COVID-19 aftermath, and the upcoming 2022 Philippine national elections.

Prof. Victor Andres C. Manhit, founder and managing director of the independent, international research organization, Stratbase Group, discussed the dynamics of the 2022 national election campaigns, the profile of the Filipino voter, considerations in selecting a presidential candidate, and how social media has changed the way campaigns work.

He also highlighted how the economy in the next six months will be determined based on who wins and who will sit on the cabinet, citing that once the elected president gives their first State of the Nation address, the economy will move based on the statements made.

“Social media is shaping the discourse; mainstream media is catching up. If the presidency is shaped by what is happening on social media, then imagine what governance would be and that for me is the great challenge,” said Manhit.

Dr. Cielito Habito, Chairman of economic think tank, Brain Trust Inc, and a professor at the Ateneo de Manila University, shared his insights on moving the local economy forward despite the fallouts from the COVID-19 aftermath and the Russia-Ukraine conflict.

“The economic fallout from the Russia-Ukraine crisis is very minimal, the effect however will come from the indirect impact of the conflict in terms of oil prices and boycotts and sanctions being done by western countries,” said Habito.

Despite this, Habito noted two positive streams that could help boost the economy back on its feet: the agricultural and e-commerce sectors.

“Agricultural production has been prevalent across all regions, and the sector has been the biggest provider of jobs for Filipinos. Meanwhile, the digital economy has introduced disruption in the form of improvements in operational processes. We have also seen new products in the market, such as those offered by financial technological companies, which benefit consumers,” added Habito.

The event’s final speaker, Akihiro Sato, Chief Economist & Managing Director, and the head of the Economic Research office at MUFG Bank Ltd. showed stakeholders how the Russia-Ukraine conflict has made an impact on ASEAN countries and the Philippines.

Sato presented data on how the war of the two neighboring countries has affected not only the economy but the world’s global supply chain, which has heavily contributed to the increase of oil prices and other commodities globally.

“One factor that contributes highly to this disruption is China’s zero COVID policy, the lockdowns have contributed greatly to port congestion and production delays, if this continues, we will also see continued disruption on the global supply chain,” said Sato.

Each year, Security Bank organizes a “by-invitation only” economic forum to support its vision to become the most customer-centric bank in the Philippines—investing in its customers and in what matters most to them. Through this event, the Bank provides valuable information to arm business leaders and guide them in making sound business and financial decisions.

“As we keep a watchful eye on developments on the global [and local] stage, we remain very focused on helping our clients meet their goals for 2022. We look forward to continued collaboration with our partners as we all contribute to economic recovery,” said Sanjiv Vohra, Security Bank President and CEO.

The event was moderated by Security Bank’s Chief Economist, Robert Dan Roces, and was attended by over 700 participants from various industries in the country, including Security Bank clients and stakeholders.