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Bangko Sentral ng Pilipinas International Sub-Sector Managing Director Talks on ASEAN Economic Integration and National Patrimony

February 26,2015

As one of the highlights of the College Week celebration of the St. Scholastica’s College, the School of Business invited the Head of the International Sub-Sector of the Bangko Sentral ng Pilipinas (BSP) to talk about issues on ASEAN economic integration and the nation’s patrimony.  BSP Managing Director Wilhelmina C. Mañalac is the expert in the ASEAN economic integration having served as Chair of the Working Committee on Capital Account Liberalization (WC-CAL) of the ASEAN Region from 2009 to 2012.  In just the recent few months, Ms. Mañalac has shared her expertise in at least 20 fora here and abroad, either conducting briefing for government officials or discussion meetings with regional working committees.

Attended by students, faculty and administrators, the forum was a virtual executive briefing session as Ms. Mañalac neatly presented imperatives for the integration of the ASEAN countries.  She elaborated that such direction “embodies unity, collaboration and cooperation for mutual protection, greater positive impact and growth; integration brings about “bigger market of 616 million people”; and “an ASEAN community provides a stronger clout: 10 is better than 1.  Mrs. Mañalac stressed however, that there are safety nets in place designed by government to protect the nation from possible adverse consequence of boundary less collaboration. In the banking system for example, while 100% foreign ownership of an existing bank is allowed, it limits to at least 60% of resources/assets of entire banking system, instead of 70%  to be held by banks which are majority-owned by the Filipinos.

There were interesting queries and discussions participated in by the students and faculty during the open forum.  The interaction brought more enlightenment about the issues raised as Mrs. Mañalac gladly responded to them.

Among the SSC administrators present in the forum were VPAA Virginia Fornias, Dean of College Remedios Ching, Dean of Arts & Sciences Ma. Asuncion Azcuna, and Dean of Business Ramon R. Mañalac.

By: Mr. Ramon Mañalac
Dean of School of Business