CCCI holds Economic Forum on the Impact of Investment Grade in the Local Economy

In line with its mission to be the vehicle of progress for Cebu’s businesses, the Cebu Chamber of Commerce and Industry brings the Economic Forum on the “Impact of Investment Grade in the Local Economy” to be held on June 11, 2013, 1:00 p.m. at Diamond Suites & Residences. In cooperation with the Cebu Bankers Club and the Philippine Stock Exchange, CCCI brings the forum as part of its thrusts for Cebu Business Month 2013. The forum aims to discuss the significant impact to Cebu’s economy of the recent upgrade of the Philippines’ sovereign rating to investment grade status.

The Philippines’ credit rating was upgraded a notch from BB+ to BBB- by debt watcher Fitch Rating on March 27, 2013. It was the first upgrade of the year followed by Standard and Poor’s Rating Services on May 2, 2013 and by the Japan Credit Rating Agency Ltd. on May 7, 2013 – both institutions giving the same upgrade as Fitch Ratings.

CCCI President Lito Maderazo stated that this credit upgrade is a welcome development and cited its significant impact on the economy which includes the lowering cost of money in both private and government borrowings. An investment grade status, he added, is a positive indicator of a country’s financial condition and management on its financial affairs. It attracts direct investors from the international community that generates more employment, thus making the economic growth inclusive and sustainable.

Cebu, which is now seen as an investment hub in the country, has to sustain this economic development. Any credit upgrade is very critical at this stage. Therefore, this economic forum will provide an opportunity for Cebuano businessmen to discuss its impact to the local economy to ensure a sustainable economic growth.

To speak in the forum are Atty. Roel Refran, Chief Operating Officer of the Philippine Stock Exchange; Patrick M. Ella,* *Resident Economist of Security Bank,  Robin Galang of the FX & Rates Hedging Division/Treasury Group, and Rafael Ayuste of the Philippine National Bank who will talk on *“ *What is Investment Grade to the Savings and Investments of Juan de la Cruz.”

CEO’s, Entrepreneurs and Business Owners are highly encouraged to attend. For booking/ reservations please contact CCCI at 2321421 to 24 local 105 / 109 and look for Maribel Melgar or Gary Paloma. A minimal fee of P500.00 per participant will be charged to cover cost of meals and kits or reference materials.