Financial market dealers host 45th ACI World Congress

The Association Cambiste Internationale (ACI) Philippines, a group of financial market dealers in the country, will host the 45th ACI World Congress in May 2006 in Manila.

ACI president and Banco de Oro-Private Bank treasurer Jose Emmanuel Hilado said about 600 delegates from more than 60 countries are expected to attend the event.

The ACI-The Financial Markets Association is comprised of foreign exchange traders, fixed income traders, derivatives traders, international trade officers, regional and country heads of large financial institutions and even regulators from the leading monetary authorities.

Hilado said this event signifies the Philippines financial market’s resilience to any political pressures.

"Now, more than ever, the ACI World Congress shall be a resounding statement made to the world, that despite our political situation, the Philippines continues to be an investment destination," Hilado said.

According to Hilado, "by moving forward with all the preparations for the World Congress in May 2006, our group, composed of bankers and other financial market practitioners, hope to show that developments in the financial markets can proceed undeterred, whatever the political situation in the country. It will be difficult but we are determined to see to its successful implementation with the help of the banking community and the government."

The congress, with the theme "Rising to the Challenge," will focus on various issues in the world financial markets particularly on currency exchange.

Given the rapidly changing global business environment characterized by unprecedented high oil prices, security threats and global competition, the Congress intends to discuss and clarify the best ways to step up to these challenges.

HSBC treasurer and head of global markets Wick Veloso said prominent speakers from all over the world will facilitate the discussions on topics ranging from market direction to regulatory changes.

Aside from the Congress proper, this event aims to showcase the country’s significant economic gains and promote the Philippines as an investment destination.

The Congress will also be attended by local business organizations especially those who wish to tap or have been tapping the offshore market for their funding needs.

"This is a significant opportunity for Manila to provide the world’s leading financial executives with a view of the strides the Philippines has taken towards economic development. This is a chance for the Philippines to showcase our potential to become a preferred investment destination," Veloso said.

In 1955, ACI was founded in France as an association of foreign exchange dealers in Paris and London. It is the largest umbrella association of financial market practitioners in the world with 14,000 members from 69 member countries.