McKinsey & Company report: Reverse the Curse

McKinsey & Company report: Reverse the Curse

REVERSE THE CURSE

Maximizing the potential of resource driven economies

 

Manila, Philippines -- On 16 June, 2014, Asia Society Philippines in partnership with McKinsey & Company, and 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 event featured a presentation by Dr. Fraser Thompson, the lead author of the report, followed by a panel discussion that contextualized the report’s findings to the Philippines.
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 key questions of how natural resource wealth can be translated into economic growth and long-term prosperity. He highlighted the paradoxical trend when resources become more of a burden than a blessing to several countries, and the value of those insights to the Philippines. Currently, the Philippines ranks as the 5th most mineralized country in the world, according to the Department of Natural Resources.

During the open forum, participants raised important questions regarding the role of the government in extractive industries and the role of business in society. Several participants noted that a common vision shared by the country, corporations and community was important for the Philippines to develop its mining sector in the longer term.

The forum was attended by more than 40 professionals from nearly 30 different organizations in the private sector, extractive industries, government and academia.

 

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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.

For copies of the full report, click here: http://bit.ly/mgireverse

For more information on the event, click here: http://bit.ly/U4Myw5

 

Reported by Rina Laurel, Asia Society Philippines
 

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June 23, 2014