The author reflects on the invaluable lessons learned from two prominent mentors, Paul Volcker and Washington Sycip, emphasizing their insights on infrastructure development and the merits of public-private partnerships (PPPs) in financing these projects.
I was blessed with two legendary mentors in nation-building. One was the late Paul Volcker, who I met in the early part of 2007 upon the recommendation of the Harvard Kennedy School; the other was the late Washington Sycip, who invited me over to his office when I was still a young lawyer at BCDA. The two were also the best of friends. Paul told me about how the two of them helped save the Philippine peso in the 1980s.
Whenever I was in the US, Paul and I would have lunch together at his Rockefeller Center office. Wash would call for me to visit him at his office at the top of the SGV Building, where he would grill me with questions on my thoughts on history, economy, politics, national security and others.Paul shared his thoughts through the lens of that of a former chairman of the US Federal Reserve and his close association with the World Bank and the International Monetary Fund (IMF) that funded numerous projects across the globe. Wash's ideas came from his countless interactions with local and global clients, and friendships with global leaders as well. I was in awe of their genius and experience. The leadership lessons I learned from them served as guiding lights in my career over the years.One of the topics we discussed was investing in infrastructure and the challenges associated in building them, particularly corruption. This led me to my bias toward public private partnerships (PPPs) versus foreign loans in infrastructure financing.Infrastructure development is key for economic growth. Foreign loans and PPPs have their own merits. But it is important to assess them against factors such as the risks of moral hazard and corruption, which can undermine the effectiveness of these financing models.The shift of the Marcos administration in financing public infrastructure projects toward PPP as against foreign loan financing is a move in the right directio
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