Brazil
President of the Philippines meets with senior McKinsey delegation
The President of the Philippines, Ferdinand Marcos Junior, welcomed a senior delegation from McKinsey & Company on Thursday at Malacañan Palace with the hope that the management firm could play a role in the development of the Philippine economy.
Spearheading the McKinsey & Company delegation was CEO Bob Sternfels, who was flanked by Southeast Asia Managing Partner Albert Chang and Philippines Managing Partner Jon Canto.
At the meeting, the Philippine President expressed optimism about collaborating with the global consulting firm to drive the transformation of the Philippine economy. “Hopefully we can gain something from McKinsey’s insights on the transformation of the Philippine economy. It’s really the process that we are presently undertaking,” Marcos stated, emphasizing the government’s commitment to reshaping the nation’s economic landscape.
McKinsey & Company, a strategy and management consulting firm founded in 1926, is known for advising governments, corporations, and organizations around the world. As one of the most prominent firms in the field, McKinsey provides strategic insights to help clients achieve long-lasting improvements in performance.
During the meeting, Sternfels, Chang, and Canto discussed ways in which McKinsey could contribute to the economic transformation efforts currently underway in the Philippines.
They highlighted a number of findings from recent McKinsey research, which found that despite challenges, the Philippine economy experienced a growth rate of 5.6 percent in 2023, making it the fastest-growing economy in Southeast Asia. This growth, though below the government’s target of 6 to 7 percent, is projected to continue at a healthy pace into 2024, according to McKinsey’s forecasts.
Against this economic backdrop, McKinsey’s expertise could prove valuable in shaping further reforms and initiatives aimed at sustaining and accelerating growth.
Marcos acknowledged the need for a “cooperative approach” in transforming the economy, signaling a potential future collaboration between the Philippine government and McKinsey & Company. The President’s engagement with the consulting firm reflects his administration’s broader goal of seeking external insights to steer the nation through complex economic challenges.
