BVI House Asia Director Ms. Elise Donovan has highlighted the role of International Financial Centres (IFCs) in providing security in the ‘Age of Uncertainty’.
Ms. Donovan was addressing the Philippines Wealth Management Forum, held in Manila on May 25. The session 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.
Ms. Donovan introduced the globalisation of the capital markets and illustrated how it facilitated foreign direct investment flows as well as uncertainty in Asia.
“IFCs have been described as the plumbing or wiring of the global economic system,” she said adding, “What is not often understood is the role that the BVI and other IFCs play in this global economy and its investment flows.”
The Director stated that 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 specialisation, 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.”
BVI House Asia was a lead sponsor at this year’s forum.