Reverse The Curse
Reverse The Curse
Manila, Philippines -- On June 16, 2014, Asia Society Philippines in partnership with McKinsey & Company, with the support of the Asian Institute of Management (AIM), held a discussion on a recently released report by the McKinsey Global Institute, Reverse the curse: Maximizing the potential of resource driven economies.
The discussion featured a presentation by the lead author of the report, Dr. Fraser Thompson, followed by reactions from a panel that contextualized the report’s findings to the Philippine experience.
Guest panelists included Mr. Benjamin Philip G. Romualdez, President of Chamber of Mines, Mr. Jocot de Dios, CEO of General Electric Philippines, Secretary Juan Romeo Nereus Acosta, Presidential Adviser of Environment Protection and Mr. Guillermo Luz, Private Sector Co-Chairman of the National Competitiveness Council. The discussion was moderated by AIM Professor Mario Antonio G. Lopez.
Dr. Thompson’s presentation addressed the central questions on how sub-soil wealth can be translated into economic growth and long-term prosperity. It highlighted the paradoxical trend that resources have been more of a burden than a blessing in several countries, and the need to learn from the experiences of countries such as the Philippines.
Currently, the Philippines ranks as the 5th most mineralized country in the world, the Department of Natural Resources says.
Dr. Thompson warned that extractive companies must avoid common mistakes, including the failure to communicate performance or to align their focus with local stakeholders. He elaborated on how extractive companies can contribute to local development through job creation, fiscal contribution, environmental preservation, improved infrastructure and positive contributions towards the community.
Participants during the open forum raised important questions regarding the role of the government in extractive industries and that of corporations in society. It was noted that a common vision shared by corporations, the community and the country is necessary if the Philippines is to move forward in reversing a “resource curse” in the country.
The forum gathered more than 40 professionals from nearly 30 different organizations in the private sector, extractive industries, government, civil society and the academe.
About McKinsey & Company
McKinsey & Company is a global management consulting firm dedicated to helping the world's leading organizations address their strategic challenges. With consultants deployed in more than 50 countries around the globe, McKinsey advises on strategic, operational, organizational and technological issues. For more than eight decades, the firm's primary objective has been to serve as an organization's most trusted external advisor on critical issues facing senior management.