Hong Kong, May 25, 2017 – “International Finance Centres (IFCs) provide security in the Age of Uncertainty,” said BVI House Asia Director Ms. Elise Donovan on May 25during the Philippines Wealth Management Forum. “IFCs have been described as the plumbing or wiring of the global economic system.”
This year’s forum, held in Manila, was attended by more than 200 industry leaders from top tier securities firms, retail banks, investment banks, trust banks, insurance companies, and local asset management firms.
This year’s forum was organized by Hubbis. BVI House Asia was a lead sponsor.
Ms. Donovan introduced the globalization of the capital markets and illustrated how it facilitated foreign direct investment flows in Asia as well as uncertainty.
“What is not often understood is the role that the BVI and other IFCs play in this global economy and its investment flows,” said Ms. Donovan. She said IFCs provide the structures that allow individuals and businesses to engage in cross-border trade and economic activity while offering jurisdictional neutrality, tax neutrality, administrative convenience, regulatory specialization, country risk mitigation, as well as specialist and expert services.
Ms. Donovan added, “Rather than avoiding taxes, the main source of the global financial services industry’s growth over the next five years is likely to come from wealthy investors in emerging economies who are seeking geographical diversity, high-quality services, political stability and security in this age of uncertainty. IFCs provide that option.”