BBM seeks McKinsey’s economic insights

President Ferdinand Marcos Jr. on Thursday expressed the hope of further transforming the Philippine economy after “gaining insights” from international consulting firm McKinsey & Company.

This after McKinsey & Company chief executive officer Bob Sternfels paid a courtesy call on the President at Malacañang yesterday.

“Hopefully we will be able to gain something from your insights on the transformation of the Philippine economy,” Marcos said. “That’s the process that we are presently undertaking.”

Global business management consulting firm McKinsey & Company counsels governments, companies, and organizations around the world.

Founded in 1926, McKinsey has functioned as a single worldwide partnership bound by a strong set of values and driven to provide positive, long-lasting change.

In a blog in March 2024, McKinsey & Company observed that “the Philippine economy was more resilient than expected in 2023” and that “current projections indicate that it could again achieve healthy growth in 2024.”

With a growth rate of 5.6 percent at the end of 2023, the Philippines is the “fastest growing economy across Southeast Asia” despite falling below the government target of 6 to 7 percent.

Sternfels was accompanied by Jon Canto, managing partner of McKinsey in the Philippines, and Albert Chang, managing partner in Southeast Asia.

Speaker Martin Romualdez, Executive Secretary Lucas Bersamin, Information Communications and Technology Secretary Ivan John Uy, Energy Secretary Raphael Lotilla, National Economic and Development Authority Secretary Arsenio Balisacan, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go, and Trade and Industry Acting Secretary Ma. Cristina Aldeguer-Roque were among the Philippine officials at the meeting.