Remarks at the Philippine Institute of Certified Public Accountants (PICPA) 3rd International Conference

19 May 2006

Hong Kong SAR

Distinguished guests, ladies and gentlemen, good morning.

It is my pleasure to welcome you all to Hong Kong and to join you in the opening of the Third International Conference of your esteemed institution.  I would like to thank Ms. Myrna Javier, Executive Director of the PICPA Metro Manila Region, for personally extending to me the invitation to participate in this important activity.

To open this conference, Ms. Javier has requested me to speak about the Filipino professionals in Hong Kong.

All of us appreciate the importance of Hong Kong as an important hub for business and commerce in this part of the world, as well as a gateway to China.  Hong Kong is one of the world’s most open and dynamic economies, holding many important records: the world’s freest economy, the world’s second highest per capita holding of foreign currency, the world’s fifth largest foreign exchange reserves holdings, the world’s busiest container port and airport for international cargoes, the second largest venture capital center in Asia, the second largest stock market in Asia and eighth in the world, and the third largest foreign exchange market in Asia and sixth in the world.  Hong Kong is also host to over 3,600 overseas companies, as well as about 300 banks and representative offices, including our very own Philippine National Bank and Equitable PCI Bank, both of which offer full banking services.

The factors I stated comprise one of the reasons why Hong Kong is important to the Philippines.  Hong Kong is the sixth most important trading partner of our country as well as a significant source of foreign direct investments.  In many respects, Hong Kong is a “made market” for Philippine products.  The challenge for the Philippines today is to sustain this market in the face of increased competition from fellow ASEAN-member countries as a result of Hong Kong’s remarkable economic progress.

The second reason why Hong Kong is important to the Philippines is the presence of many Filipinos.  Its service-oriented economy has attracted talent from overseas, and has made Hong Kong a melting pot of many cultures.  I am proud to say that Filipinos in Hong Kong working in the various sectors of society have successfully integrated themselves into the local community and, more importantly, have become important contributors to the progress of this city.  The Hong Kong government no less has, on many occasions, acknowledged the important role of the Filipino community in Hong Kong in sustaining this city’s economic growth and enriching its cultural diversity.

Hong Kong is home to some 130,000 Filipinos.  A good number of them – around 120,000 – work as helpers in the homes of Hong Kong residents, meaning their stay in Hong Kong is temporary, depending on the length of their employment contracts.  The rest work in the services sector – bankers, musicians, I.T. professionals, staff and managers in hotels – as engineers and architects in construction companies, and in the various schools and universities as members of the faculty.

Many of our fellow Filipinos in Hong Kong have organized themselves into groups: religious or parish-based, regional or those based on professions.  Under the third group, we have associations of Filipino bankers, teachers, nurses, engineers and lawyers.  I have had the pleasure of meeting all of these groups, and I was extremely pleased to learn that they are actively involved in advancing the interests of the Philippines and the Filipino community in Hong Kong.  Their programs are designed to empower the Filipino migrant worker, and to provide a time and place for our kababayans for fellowship activities and to celebrate their identity as a people and nation.

A recent item in the International Herald Tribune said that Hong Kong’s growing role as a financial and supply hub for the China region has created a demand for professionals which cannot be met by its local work force of 3.6 million.  A government study, it said, has shown that Hong Kong would be short by 100,000 well-educated workers by next year and it is now finding ways to address the problem. 

As Hong Kong continues to progress economically, I believe we will also continue to see the Filipino professionals as  visible and significant players, having established and proven, through the years, their skill, commitment and creativity in their chosen fields.

Indeed, the Filipino professionals in Hong Kong are a great source of pride for the Philippines as a whole.  They play a crucial role not only in contributing to the economic progress of our country but also in serving to boost the image of the Philippines and Filipinos.  The respect they generate as a result of their dedication, skill and a strong sense of service affirms not only themselves but the country and people that they represent.

With this, I convey to all of you this evening, the support and best wishes of the Philippine Consulate General.  I am certain that this conference will serve to motivate you to strive for the best in your profession for the benefit of our country.

Muli, maraming salamat po at mabuhay kayong lahat!