PCCI Representatives Attend ADB 58th annual meeting in Milan: Strengthening Economic Ties Between the Philippines and Italy

May 8

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May 6, 2025 – Milan, Allianz MiCo Convention Center

Representatives from the Philippine Chamber of Commerce in Italy (PCCI) participated in the Philippine Economic Dialogue held at the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB). The event, organized by the Philippine Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP), in cooperation with the Philippine Embassy in Rome and the Philippine Consulate General in Milan, highlighted key initiatives aimed at strengthening economic cooperation between the Philippines and Italy.

Officials from PCCI (Rome) and FCCI (Milan) joined Consul General Elmer Cato (Milan), DCM Donna Gatmaytan, and H.E. Ambassador to Italy Nathaniel Imperial at the ADB Annual Summit. The event also served as a meaningful opportunity for both chambers to express their commitment to strengthening mutual ties and collaboration.

In his opening remarks, His Excellency Philippine Ambassador Nathaniel Imperial emphasized the Philippines’ openness to business and investment. He underscored the growing economic ties between the two nations and, together with Consul General Elmer Cato, highlighted efforts to establish Filipino business chambers in Rome and Milan. These chambers, largely composed of small and medium enterprises (SMEs), aim to serve as platforms to support and connect Filipino entrepreneurs in Italy.

Secretary Arsenio M. Balisacan, PhD of the Department of Economy, Planning and Development presented robust economic data showcasing the country as one of Asia's most promising investment destinations. He pointed to recent reforms and approved legislation supporting foreign investors, as well as the country's young, English-proficient workforce—with a median age of 27—as competitive advantages. He also introduced the new Public-Private Partnership (PPP) Code, which encourages investments in infrastructure, green economy, health, and education, reinforcing the government's commitment to inclusive economic growth.

Secretary Arsenio M. Balisacan, PhD, of the Department of Economy, Planning, and Development, presented an overview of the current state and future outlook of the Philippine economy.

Hon. Raffaele Cattaneo, Undersecretary for International and European Relations, keynote.

From the Italian side, Hon. Raffaele Cattaneo, Undersecretary for International and European Relations, expressed optimism about the Philippines’ role in the Asian century. He urged for a fresh perspective among European stakeholders, moving away from outdated views of the Philippines’ past economic position. He proposed the establishment of a direct flight between Manila and Milan-Malpensa, and advocated for investment in the skills development of second-generation Filipino immigrants in Italy. He also suggested greater focus on regional SME development in the Philippines, taking inspiration from the economic success of Lombardy.

Budget Secretary Amenah Pangandaman highlighted that infrastructure remains the top priority in the national budget, reflecting the administration’s focus on long-term economic development.

ADB Southeast Asia Department Director General Mr. Winfried Wicklein delivers his closing remarks

In his closing remarks, ADB Southeast Asia Department Director General Mr. Winfried Wicklein affirmed that there has never been a more exciting time to invest in the Philippines. He cited the positive effects of government policies and reforms, echoing the Philippine DTI Attaché’s remarks on the country’s enhanced ease of doing business and investor-friendly environment. He reiterated the ADB’s strong partnership with the Philippines and its continued support for sustainable economic initiatives. The Economic dialogue was followed by an open forum, providing participants with the opportunity to interact and ask questions to the panelists. After the event, a group photo session was held.