Promoting good governance goes hand in hand with initiatives to deepen cooperation between the state and the private sector, speakers highlighted during Monday’s Financial Executives Institute of the Philippines (FINEX) golden anniversary.
US Ambassador to the Philippines Sung Kim lauded the organization for its efforts and said that Washington was also committed to improving how public institutions conduct their affairs and utilize public resources.
“I do have great respect for efforts to strengthen cooperation in the private sector and government. We appreciate what you are doing to promote good governance, holding institutions accountable,” Kim told FINEX members.
“The US government also doing its part to promote good governance,” he added, noting a focus on the rule of law and individual rights.
Promoting democracy and protecting human rights globally remains central to US foreign policy, Kim said, with Washington ready to use a wide range of tools that includes bilateral diplomacy and foreign assistance.
In Philippines, much of the effort is being conducted through the United States Agency for International Development’s partnerships with local institutions, civil society and the private sector.
“A key panel for our partnership for inclusive growth is corporate governance. As you all know, good governance is good for business. Efficiency, transparency, competition, accountability are needed both by government and private sector,” he said.
Economic growth and lasting prosperity, the envoy stressed, can only be provided in an environment of good governance where there are strong and accountable relationships between citizens and their elected officials.
“As business and civil society leaders, you all have a very important role to play,” he told the gathering
For his part, Metro Pacific Investments Corp. Chairman Manuel Pangilinan said business leaders must take advantage of technology and globalization to deepen their understanding of good governance.
“The more we learn of the society we are part of, the wider … and the deeper our sense of responsibilities to the communities we serve,” he said.