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Diwa C. Guinigundo Speaks at College Week Business Talk Forum

February 3,2016

diwaGDeputy Governor Diwa C. Guinigundo of the Bangko Sentral ng Pilipinas (BSP) was the distinguished resource speaker at the Business Talk Forum of the School of Business last 13 January 2016.  Deputy Governor Guinigundo talked on the topic “Emerging Asia-Pacific and ASEAN Communities:  Alignments in Business and Economics Learning.”

The Business Talk Forum is one of the highlights of the annual College Week celebration of the College Unit.  This year’s celebrated theme is “Liberal Arts in the 21st Century.”

In his talk, Deputy Governor Guinigundo presented overviews of the Asia-Pacific Economic Cooperation and the ASEAN Integration.  He highlighted the rationale of the two arrangements while differentiating their scope of operations and initiatives.  In both imperatives, he sees the forthcoming realization of regional financial integration goals involving 1.) removal of restrictions on financial services by 2020 (financial services liberalization); 2.) removal or relaxation of restrictions on capital flows across the region by 2015-2020 (capital account liberalization); 3.) harmonization of domestic laws and regulations and linkage of systems beyond 2015 (payments and settlements systems); and 4.) deep, liquid and integrated capital market thereby building capacity and infrastructure (capital market development).

On the future of business and economics education, he maintains that

   –  Philippine business and economics education curricula should reflect and cover the current affairs and issues involving APEC and ASEAN integration;
   –  Educational institutions should participate in more faculty and student exchange with our ASEAN and APEC counterparts;
   –  Educational institutions must be prepared to compete with peers from other ASEAN Member States.
   –  Educational institutions should continue to prepare its students to excel in niches where women have the most opportunities to participate and shine.
   –  SSC must continue to benchmark its standards with ASEAN peers and increase its enrolment capacity to accommodate the influx of ASEAN students who wish to study in the Philippines.

Mr. Guinigundo’s take away points affirm that regional integration and cooperation offer benefits and opportunities, but there are also challenges that need to be addressed.  He said that regional and international cooperation is a necessary condition for long term growth and stability. Finally, he asserts that integration is a slow, continuous and conscious process.  It does not happen overnight and will inevitably affect each and every one of us.

By  Ramon R. Manalac,  Dean, School of Business