Join the event for the presentation of the December 2025 edition of the Philippines Economic Update (PEU) titled “Growth Corridors: Pathways Out of Poverty.” The PEU report includes World Bank's latest economic outlook for the Philippines and provides an analysis and summary of key economic and social developments, significant policy changes, and the evolution of external conditions over the past six months.

This edition's special focus chapter, titled “Closing the Gaps: The Role of Urbanization and Local Service Delivery for Integrated Development in the Philippines,” explains how the Philippines has made notable progress over the last decade in integrated development, with low-income and middle-income regions growing faster than the National Capital Region. The chapter goes on to discuss how the country can leverage emerging urban corridors outside the National Capital Region to accelerate growth and job creation nationwide.

13:00-13:10

Opening Remarks

 

Zafer Mustafaoğlu

Division Director for the Philippines, Malaysia and Brunei, World Bank 

 

13:10-13:25

Keynote Address

 

Juanito Victor C. Remulla
Secretary, Department of the Interior and Local Government

13:25-13:45

Presentation: Philippines Economic Update December 2025

Jaffar Al-Rikabi, Senior Country Economist, World Bank

13:45-14:15

Macroeconomics Panel

 

Alvin Joseph A. Arogo, FVP, Head of Research Division & Chief

Economist, Philippine National Bank

 

Jaffar Al-Rikabi, World Bank Senior Country Economist

 

John Paolo R. Rivera, Senior Research Fellow, Philippine

Institute for Development Studies

 

Ruben Carlo O. Asuncion, Chief Economist, Union Bank of the Philippines

 

Moderator: Gonzalo J. Varela, World Bank Lead Country Economist

14:15-14:30

Presentation: Growth Corridors: Pathways out of Poverty

Narae Choi, Senior Urban Development Specialist

14:30-15:15

Special Topic Panel Discussion

 

Guillermo “Bill” M. Luz, Chairman, Liveable Cities Philippines

 

Irene E. Arzadon, Economist, Poverty Unit, World Bank 

 

Mark Mateo Morales, Professor and College Secretary, UP School of Urban and Regional Planning 

 

Mary Jean T. Pacheco, Undersecretary, Department of Trade and Industry - Supply Chain and Logistics Group 

 

Moderator: Karen Davila, Multi-awarded Broadcast Journalist

15:15-15:35

Open Forum

15:35-15:45

Closing Remarks

Gonzalo J. Varela, Lead Country Economist, World Bank 

  Master of Ceremonies: Remrick E. Patagan, Economist, World Bank
Zafer Mustafaoğlu, Division Director for the Philippines, Malaysia, and Brunei

Zafer Mustafaoğlu Opening Remarks

Division Director, World Bank

Zafer Mustafaoğlu is the Division Director for the Philippines, Malaysia, and Brunei. In this capacity, he oversees the World Bank's program of support in the three countries, advancing the institution's policy dialogues with government officials, civil society, academia, the private sector, and other key stakeholders.

Mr. Mustafaoğlu, a Turkish National, joined the World Bank in 2005. His latest assignment was the Practice Manager for Finance, Competitiveness and Innovation in the East Asia and Pacific Region, covering China, Mongolia, Korea, Laos, Cambodia, Myanmar, and Vietnam. Previously, he held the positions of Practice Manager for Finance, Competitiveness and Innovation Global Practice in the Latin America and the Caribbean Region and Lead Economist and Program Leader for Argentina, Paraguay, and Uruguay. Zafer worked on various operations and research projects at the World Bank, spanning both macroeconomic and microeconomic policies.

Juanito Victor C. Remulla Secretary, Department of the Interior and Local Government

Honorable Juanito Victor C. Remulla Keynote Address

Secretary, Department of the Interior and Local Government

Juanito Victor "Jonvic" Catibayan Remulla is the Secretary of the Department of the Interior and Local Government. He has almost three decades of experience in public service, having served as Governor and Vice Governor of Cavite province, and Board Member of the 2nd District of Cavite.

Under his leadership, Cavite was cited as the most business-friendly province in the country in 2024, and the first provincial government in Asia to be ISO 9001:2008 certified. The province was also recognized by the DILG as one of the Top 10 High Performing Provinces in the Philippines based on the Local Government Performance Management System.

Other notable accomplishments of Cavite under Remulla’s leadership include the Gawad Edukampyon for Capacity Development – Province Category in 2024; the Beyond Compliant commendation in the 22nd Gawad KALASAG Awards in 2022; Most Business-Friendly Local Government Unit – Province Category awarded by the Philippine Chamber of Commerce and Industry in 2021; and the Seal of Good Housekeeping Award from 2010 to 2012.

Jaffar Al-Rikabi, World Bank Senior Country Economist

Jaffar Al-Rikabi Presenter | Philippines Economic Update December 2025

Senior Country Economist, World Bank

Jaffar Al-Rikabi is the Senior Country Economist for the Philippines for the Economic Policy Unit of the World Bank Group, based in Manila. In this role, he leads the team’s work in the areas of macro-economic monitoring, fiscal reform to support fiscal sustainability, and structural reform to safeguard and accelerate medium-term growth and jobs. At the World Bank, he previously served as a Senior Economist in the Fiscal Policy and Sustainable Growth global team in Washington DC and as a Country Economist for Indonesia, based in Jakarta. Jaffar Al-Rikabi has degrees from Oxford, Georgetown, and Harvard universities, and his previous experience includes work in academia, in the private sector, and for the United Nations across East Asia, Europe, the United States, and the Middle East and North Africa regions.

Alvin Joseph A. Arogo, FVP, Head of Research Division & Chief Economist, Philippine National Bank

Alvin Joseph A. Arogo Panelist | Macroeconomics Discussion

First Vice President, Head of Research Division & Chief Economist, Philippine National Bank

Alvin Arogo is First Vice President and Chief Economist at Philippine National Bank. He is also the Head of Research Division under the Office of the CFO. Alvin and his team studies and forecasts the key economic indicators of the Philippines. He also has analysts conducting fundamental analysis of publicly listed firms. PNB was recognized as Best for Investment Research in the Philippines by the Asiamoney (2021-2023) and Euromoney (2024-2025) Private Banking Awards.

Alvin has over 21 years of work experience, mostly in the finance industry. His previous experience includes Head of Research at Credit Suisse Philippines and Philippine Equity Partners (Bank of America Securities research and trading partner).

Alvin has a Masters in Applied Economics and dual undergraduate degrees, majoring in Applied Economics and Financial Management, from DLSU Manila.

John Paolo R. Rivera, Senior Research Fellow, Philippine Institute for Development Studies

John Paolo R. Rivera Panelist | Macroeconomics Discussion

Senior Research Fellow, Philippine Institute for Development Studies

John Paolo R. Rivera boasts a comprehensive research portfolio spanning the realms of macroeconomics, development economics, management, and tourism. He holds a Doctor of Philosophy in Economics, and his expertise is underscored by active participation in a spectrum of international and local academic and industry conferences, coupled with a prolific record of authoring scientific and technical publications, and teaching experience at the undergraduate, graduate, and executive levels. Not limited to academia, he is a subject matter expert engaged in diverse research and management consulting projects with both the private and public sectors. He was officer-in-charge executive director at the Asian Institute of Management – Dr. Andrew L. Tan Center for Tourism. His leadership extends to his role as the founder of Oikonomia Advisory & Research, Inc. He is currently senior research fellow at the Philippine Institute for Development Studies where he is involved in the study areas of macroeconomics, tourism development, trade and industry. He is currently visiting research fellow at the Ritsumeikan Asia Pacific University in Japan. He was awarded the 2024 Outstanding Young Scientist in the field of Economics by the Philippine Department of Science and Technology – National Academy of Science and Technology.

Ruben Carlo O. Asuncion, Chief Economist, Union Bank of the Philippines

Ruben Carlo O. Asuncion Panelist | Macroeconomics Discussion

Chief Economist, Union Bank of the Philippines

Ruben Carlo Asuncion is the Chief Economist of Union Bank of the Philippines, where he leads economic research and market strategy, translating complex data into clear, actionable insights. With nearly 25 years of experience spanning the UnionBank Group and the Asian Development Bank, he brings a deep understanding of Asian economies, financial systems, and the dynamics that shape growth and inclusion.

His current work focuses on rethinking how we interpret economic movements—integrating nowcasting, big data analytics, and artificial intelligence to generate timely and relevant assessments of market and policy developments.

A consistent and independent voice on the Philippine economy, Asuncion is committed to shaping conversations on how macro trends affect businesses, communities, and local livelihoods. Guided by the belief that national growth only matters when it improves local realities, his advocacy centers on ensuring that economic progress reaches cities, barangays, and households alike—because every local economy matters.

Gonzalo Varela, Lead Economist covering the Philippines, Malaysia and Brunei

Gonzalo J. Varela Moderator of the Macroeconomics Discussion and Closing Remarks

Lead Economist, World Bank

Gonzalo is the Lead Economist covering the Philippines, Malaysia, and Brunei. He specializes in growth, trade, and open macro, with more than twenty years of experience in policy advisory, policymaking, operations, and research. He has worked in a vast number of countries, across regions, and income levels, and in the public and private sector as well as international organizations. His work has been published as reports, books, and articles in peer-reviewed economic journals.

Gonzalo has a PhD in Economics from the University of Sussex.

Narae Choi, Senior Urban Development Specialist, World Bank

Narae Choi Presenter | Growth Corridors: Pathways Out of Poverty

Senior Urban Development Specialist, World Bank

Narae Choi is a Senior Urban Development Specialist at the World Bank. She is based in the Korea Office as part of the Urban, Resilience and Land Global Department for the East Asia Pacific and is leading the urban engagement in the Philippines. Before moving to Korea, she led the Global Smart City Partnership Program (GSCP) and Inclusive Cities Program at the World Bank Headquarters in DC. She first joined the World Bank in 2013 as a Young Professional and has worked on the national community empowerment program of Indonesia, and led urban operations in Rwanda, Tanzania and Kenya, as well as a number of analytical works in Africa. She holds a PhD (DPhil) in International Development from the University of Oxford, specializing in development-induced displacement and resettlement, slum upgrading and affordable housing.

Mary Jean T. Pacheco, Undersecretary, Department of Trade and Industry - Supply Chain and Logistics Group

Mary Jean T. Pacheco Panelist | Growth Corridors Discussion

Undersecretary, Department of Trade and Industry - Supply Chain and Logistics Group (DTI-SCLG)

A highly motivated, dedicated Career Executive Service Officer (CESO) with significant contribution and experience in public sector management, specifically in planning, monitoring & evaluation, performance management, public administration, and public policy formulation. As a CESO, USEC Pacheco is a 2015 CES VIP (Very Innovative Person 2015) awardee for introducing innovation and institutionalizing good governance initiatives in the DTI and a Gawad CES nominee in 2023. Last 2021, she participated the Lee Kuan Yew Senior Fellowship in Singapore and became a Lee Kuan Yew Fellow. Lastly, on 2022, she received two significant awards from her alma mater, the University of Santo Tomas. First is the Commerce Outstanding Alumni 2022 by the College of Commerce Alumni Foundation (Cocafi) in the field of government service as a graduate the UST College of Commerce and Business Administration. Second as one of the Most Distinguished Thomasian Alumna conferred by the UST Alumni Association and nominated by PMT/CAT alumni association. And just recently, she was an awardee of Institute for Solidarity of Asia's (ISA) 2024 College of Fellows as champion and leader of governance reform.

Appointed last December 6, 2023 as DTI Undersecretary, Usec Pacheco now manages the DTI Supply Chain and Logistics Group (SCLG).

Guillermo “Bill” M. Luz, Chairman, Liveable Cities Philippines

Guillermo “Bill” M. Luz Panelist | Growth Corridors Discussion

Chairman, Liveable Cities Philippines

Guillermo M. Luz is a consultant at Ayala Corporation, one of the oldest and largest business groups in the Philippines, with holdings in property development, banking and financial services, telecommunications, renewable energy, manufacturing, logistics, health, education, and automobile distribution.

He is also Chief Resilience Officer of Philippine Disaster Resilience Foundation (PDRF), an organization dedicated to disaster preparedness, prevention, mitigation, response, and recovery.

He leads Liveable Cities Philippines which focuses on improving urban planning and development. He served as the private sector co-chairman of the National Competitiveness Council from 2011 – 2018, a public-private council that developed strategy for the long-term competitiveness of the Philippines.

He currently serves as Chairman of the Board of Advisors of the Rizalino S. Navarro Policy Center for Competitiveness at the Asian Institute of Management; Trustee of the Ramon Magsaysay Award Foundation; Honorary Advisor of the Asia New Zealand Foundation; Advisory Group member of Common Purpose (ASEAN Leadership Programme); Alternate Member, APEC Business Advisory Council (ABAC); Advisory Board Member, Center for Human Rights and Humanitarian Studies (Brown University, USA) and Harvard Humanitarian Initiative; Chairman, Multisectoral Governance Council of the Office of the Presidential Adviser on Peace, Reconciliation, and Unity (OPAPRU).

He was one of the convenors of Task Force T3 (Test, Trace, Treat), a private sector task force which worked with government from 2020 to 2022 on the national COVID-19 response.

His previous positions include Executive Director of Makati Business Club, Executive Vice President and Chief Operating Officer of the Ayala Foundation, and Secretary General of the National Citizens Movement for Free Elections (NAMFREL).

Irene E. Arzadon, Economist, Poverty Unit, World Bank

Irene E. Arzadon Panelist | Growth Corridors Discussion

Economist, Poverty Unit, World Bank

Irene E. Arzadon is an economist from the Poverty Unit of the World Bank.

Mark Mateo Morales, Professor and College Secretary UP School of Urban and Regional Planning

Mark Mateo Morales Panelist | Growth Corridors Discussion

Professor and College Secretary UP School of Urban and Regional Planning (UP-SURP)

Mark Mateo Morales is a Professor and the College Secretary UP School of Urban and Regional Planning (UP-SURP).

Karen Davila, Multi-awarded Broadcast Journalist

Karen Davila Moderator | Growth Corridors Discussion

Multi-awarded Broadcast Journalist, UN WOMEN National Goodwill Ambassador

Karen Davila is the first UN WOMEN National Goodwill Ambassador. She was appointed and received at the UN Headquarters in New York last October 2023. 

Karen is a prominent Filipina broadcast journalist, radio commentator, and news anchor with over 30 years of experience. She's known for her work in television news, particularly for her incisive interviews and insightful reporting. Davila has been a familiar face on Philippine television for years, having worked with various networks. She's recognized for her professionalism and dedication to journalism, often covering significant events and conducting interviews with key figures in politics, entertainment, and society. Karen Davila is respected for her contributions to Philippine media and for her advocacy for various social issues.