ANVIL PRIVATE DINNER WITH CREDIT SUISSE

The officers of the Association of Young Filipino-Chinese Entrepreneurs (Anvil Business Club) were delightfully treated an exclusive, private dinner with Mr. Jose Isidro "Lito" N. Chamacho, Vice-Chairman and Managing Director of Credit Suisse Asia-Pacific, as he discussed the implications of the impending ASEAN Economic Community (AEC) in 2015.
In his soft-spoken, yet firm demeanor, Mr. Camacho clearly explained the nuances of the AEC, beginning with a short history of the ASEAN, and concluded with the circumstances which led to the formation of the AEC concept in 2007. He cited the four "pillars" that would characterize the said Community:
(a) A single market and production base;
(b) A highly competitive economic region;
(c) A region of equitable economic development; and,
(d) A region fully integrated into the global economy.

For the leaders of the ASEAN, the establishment of the AEC would be the realization of a vision to create a highly competitive single market that promotes equitable economic development for its members and integration with the global community. He talked about the proliferation of various Free-Trade Agreements among member-countries which could make the very concept of ASEAN irrelevant, as one of the reasons for accelerating the AEC deadline by five years and expediting the ASEAN economic integration. The rise of China and India as economic superpowers has also shifted the global market focus to Asia, thereby creating the concept "Asian Consumer" as the world's newest market attraction, as compared to being just a source of cheap goods and services.
Drawing from his impressive background as former Cabinet Secretary and business leader in the private sector, Mr. Camacho adroitly answered many of the most pressing questions in the minds of the young entrepreneurs in the audience, assuaging their misgivings about issues concerning cutthroat competition, price wars, and economic displacement concomitant with the impending open trade. He, nevertheless, urged them to be more competitive by investing more in the country to stem the realization that many local enterprises have no competitive advantages to speak of in the free trade arena.
Thanks to business leaders like Mr. Lito Camacho who has just enlightened us on the consequences of the imminent economic integration next year, the young members of the Anvil Business Club hope to embark on various measures that need to be undertaken to shore up our respective enterprises in preparation for the vigorous competition as well as the tremendous opportunities that AEC will foster.
A graduate of Don Bosco in Makati, Mr. Lito Camacho completed BS Mathematics (cum laude) at De La Salle University and earned his Masters degree in Business Administration (MBA) with finance concentration at the Harvard Business School. Before joining the government, he was the managing director and chief country officer of Deutsche Bank AG, and previously managing director and head of South Asia Investment Banking for Bankers Trust Company (managing the investment banking business for Singapore, Malaysia, Indonesia, Thailand, the Philippines and India). He served in the Cabinet of President Gloria Macapagal-Arroyo briefly as Energy Secretary, before becoming the Secretary of Finance in 2001 until he resigned from government service in 2003. Concurrent with his position in Credit Suisse, Mr. Camacho is also the Chairman of the Board of Sun Life of Canada (Philippines), Inc.
The private dinner was hosted by Credit Suisse Asia-Pacific officials, led by Johnny Escaler, Managing Director for Investment Banking Credit Suisse Group (Philippines); Albert K.B. Ma, Managing Director of Private Banking Division and Team Leader for the Philippines Market at Credit Suisse Group (Hong Kong); Kelly Ho, Vice-President Credit Suisse Group (Hong Kong) and Mary Jeanne Cu-Lee, Vice-President Credit Suisse Group (Hong Kong).