“Economic sovereignty isn’t about closing doors. It’s about choosing who we open them to, and on what terms”
As Deputy Managing Director of Stratbase Group, I had the privilege to participate in the 2025 Center for International Private Enterprise Global Conference in Washington, DC, where experts, business leaders, and policy advocates from across the world discussed one of the most urgent threats to modern economies: corrosive capital.
CIPE, an affiliate of the US Chamber of Commerce and a pillar of the National Endowment for Democracy, stands at the forefront of defending democratic institutions through economic empowerment and rule-of-law-based investment.
The conference theme – “Building Resilient Economies Through Market-Driven Investment” – underscored how corrosive capital – opaque, state-backed financing – has become a geopolitical tool. Nowhere is this more evident than in the Indo-Pacific, where countries like the Philippines face asymmetric threats masked as development deals or foreign investment.
CIPE’s senior leadership – Andrew Wilson, Executive Director; Eric Hontz, Director for Center for Accountable Investment; and Cathy Tai, Director for Asia and the Pacific – outlined the growing risks.
In an era of great power rivalry, investment is no longer neutral. It either strengthens institutions or erodes them. Their message was clear: support constructive capital – transparent, rules-based investment – and reject corrosive influence.
Hon. Peter Roskam, Chairperson of the National Endowment for Democracy, reinforced this vision. He stressed the need to counter corrosive capital through transparency, rule of law, and support for democratic values.
Empowering local institutions and leveraging market-driven tools, he argued, will build economies resilient to authoritarian pressure.
The panel discussions reflected this coherent vision. In “Good Governance, Better Business,” moderated by Ambassador Lisa Gable, Neil Bradley (US Chamber of Commerce), Rick Johnston (Citi), Teruko Wada (Keidanren USA), and John Dickerman (Business Council of Canada) emphasized that strong institutions and regulatory clarity are essential to attract and retain sound investments.
Panel two, “Business Leadership in Building Economic Resilience,” moderated by CIPE’s Jeff Lightfoot, featured Margaret Olele (American Business Council Nigeria), former Colombian Vice President Marta Lucía Ramírez, and Bulgarian lawmaker Delyan Dobrev.
They emphasized the role of private sector leadership in pushing back against corrosive influence through transparency and inclusive growth.
In the third panel, “Rethinking Infrastructure Finance,” moderated by Becky Johnson, Kwame Owino (Institute of Economic Affairs, Kenya) and Nishan de Mel (Verité Research, Sri Lanka) outlined the risks of hidden debt and poor public finance. Henry Oporto Castro (Fundación Milenio, Bolivia) and Farrukh Irnazarov (Central Asian Development Institute) shared how stronger fundamentals and governance attract quality investment.
I spoke in the fourth panel, “Practical Tools to Map, Identify, and Track Corrosive Capital.” Experts from North Macedonia, Armenia, Colombia, and the Philippines shared methods to follow opaque capital, enhance investment screening, and ensure funds support democratic, sustainable growth.
In the Philippines, this is clear and present threat. The $24 billion in Chinese investment pledges from 2016 – promising ports, railways, dams, and telecoms – mostly vanished. Where projects materialized, they brought debt traps, environmental damage, and sovereign compromises.
The Chico River Pump Irrigation, Kaliwa Dam, and the canceled Safe Philippines surveillance system serve as warnings. Strategic infrastructure, built without transparency, becomes a channel for influence– not development. Corrosive capital binds, distorts, and undermines.
President Ferdinand Marcos Jr. said it best: economic security is national security. Pulse Asia data shows 73 percent of Filipinos want to assert our rights in the West Philippine Sea, despite China’s aggression. Only 7 percent see China as an economic partner.
But the path forward isn’t isolation. Over 80 percent of our equity inflows in 2024 came from Japan, the UK, Singapore, and the US – democratic partners that respect our sovereignty and fuel real growth. That’s the model we must strengthen.
CIPE and its global partners are building defenses against corrosive capital – using tools like ownership registries, fiscal audits, GIS mapping, and strategic communication.
These practical solutions are driving a global push for transparency, accountability, and constructive investment.
The takeaway is simple: we have the tools, the data, and growing public awareness. What we need now is leadership—across government, business, and civil society—to act together.
In today’s Indo-Pacific, the Philippines must be more than a passive player. We must be a trusted, rules-based partner. That means choosing our capital – and our partners – wisely.
Economic sovereignty isn’t about closing doors. It’s about choosing who we open them to, and on what terms.
To experience the impassioned discussions of this rare gathering of warriors for economic empowerment, watch the full conference thru this link: https://www.youtube.com/watch?v=bDR6JiP9JxQ&t=25150s
