| Statement of Secretary Ignacio R. Bunye: Davos Forum Backgrounder |
|
The Davos Forum is an excellent opportunity for the President to discuss
with world leaders the Philippines’ point of view and approach in addressing
issues, such as the global economy and world trade, the role and prospects
of Asia within this framework, the impact of the sub-prime crisis and the
subsequent credit crunch, and the likely consequences of climate change and
measures to limit its effects. Davos is a great place to share experiences outside the home country environment. At a time when we must all collaborate more closely, any time that she has to meet new leaders and thinkers is time well spent for her and for the nation. It is an opportunity to showcase how the Philippine economy has turned around and continues to gain ground, although we still are a generation from first world status, and of our deep commitment to investing not just in growth at any price, but healthy growth that reflects our national values of concern for our island nation and all its wonders. |
| PGMA leaves for Switzerland tomorrow; First order of business is keynote speech before Swiss Chamber of Commerce |
|
President Gloria Macapagal-Arroyo leaves at past noon tomorrow for
Switzerland where her first order of business will be her keynote speech
before the Swiss Chamber of Commerce in Zurich. The President and her delegation are scheduled to take the 12:30 p.m. flight from Manila and are expected to land at the Zurich International Airport about 18 hours later (Wednesday morning, Manila time). The President’s latest working trip overseas will have her attending the International Board of Advisors’ Meeting in Zurich, and the World Economic Forum (WEF) Annual Meeting 2008 in Davos. The President is scheduled to have 11 other events in Zurich, including dinner with Dr. Henry Kissinger of the United States; and eight other events in Davos, including a meeting with Netherlands Prime Minister Jan Peter Balkenende. Press Secretary and Presidential Spokesperson Ignacio R. Bunye, who will be joining the President in her European working trip, said the Davos Forum is an “excellent opportunity for the President to discuss with world leaders the Philippines’ point of view and approach in addressing issues…” Such issues include the “global economy and world trade, the role and prospects of Asia within this framework, the impact of the sub-prime crisis and the subsequent credit crunch, and the likely consequences of climate change and measures to limit its effects,” said Bunye. “At a time when we must all collaborate more closely, any time that she (President Arroyo) has to meet new leaders and thinkers is time well spent for her and for the nation,” stressed Bunye, who added that Davos is a “great place to share experiences outside the home country environment.” The Press Secretary added that the President’s attendance in the annual World Economic Forum is “an opportunity to showcase how the Philippine economy has turned around and continues to gain ground, although we still are a generation away from First World status.” Also to be showcased in the Davos event is “our deep commitment to investing not just in growth at any price, but healthy growth that reflects our national values of concern for our island nation and all its wonders,” Bunye said. |
| PGMA begins busy 4-day working visit to Switzerland on Wednesday |
|
ZURICH, Switzerland - President Gloria Macapagal-Arroyo is
expected to arrive here at 11 p.m. Tuesday (6:00 a.m. Wednesday, Manila
time) for her four-day working visit to Switzerland to discuss key issues
with world leaders and entice more investments, trade and cooperation by
showcasing the advantages and economic upsurge of the Philippines due to
various reforms initiated by her administration. The President's visit here will be highlighted by her attendance at the annual meeting of the World Economic Forum (WEF) in the ski resort city of Davos, which gathers more than 2,500 participants from 88 countries, including 27 heads of state or government, 113 Cabinet members, along with religious and media leaders, and heads of non-governmental organizations. For over three decades, the annual meeting has become a venue and platform for collaboration and action for the leaders of governments and various sectors to address priorities and global issues at the start of each year. The world leaders, top business officials and other guests would be officially welcomed to the 2008 WEF annual meeting during a reception Wednesday in Davos, located some three hours by land travel from Zurich. On her first day here Wednesday, the President is scheduled to meet with top Swiss businessmen when she addresses the Swiss Chamber of Commerce at the Savoy Hotel in this city, the largest and the main commercial and cultural center of Switzerland. This would be followed by a series of business and courtesy calls led by Zuellig Pharmaceuticals Chairman Dr. Stephen Zuellig, and the luncheon with the International Board of Advisors before departing in the afternoon for Davos. On Thursday, the President is scheduled to hold a series of meetings with business leaders in Davos, highlighted by the bilateral meetings with Swiss Confederation President Pascal Couchepin and Malaysian Prime Minister Abdulah Bin Hadji Ahmad Badawis. The President is also scheduled to hold meetings with World Trade Organization (WTO) Director General Pascal Lamy, and former US Secretary of State Henry Kissinger who is one of the co-chairmen of the 2008 WEF annual meet. On Friday morning, the President would have a 10-minute live interview by Reuters senior journalist Steve Clark in the official breakfast program of WEF, "Davos Today." Afterwards, the President would have a series of courtesy calls and meetings led by Netherlands Prime Minister Jan Peter Balkenende, WEF Executive Chairman and Founder Prof. Klaus Schwab, Association of Southeast Asian (ASEAN) Secretary-General Surin Pitsuwan, Japan International Cooperation Agency (JICA) President Sadako Ogata, and International Monetary Fund (IMF) Managing Director Dominique Strauss-Khan. President Arroyo would then address the high-level plenary session of the Swiss Congress on the “Emerging Role of the Association of Southeast Asian Nations (ASEAN) in the Asian Community.” The President's working visit here will be highlighted by her address at the WEF on "Gender Parity Group: Agenda for the Future" at the Congress Centre, Parsenn Workspace in Davos, on Friday evening. The President will leave for Dubai on Saturday morning. |
| President Gloria Macapagal-Arroyo's departure statement on her visits to Switzerland and the Middle East |
|
(Read by the President at the opening of the joint National
Economic and Development Authority-Cabinet Group and National Anti-Poverty
Commission-Cabinet Group meeting at Malacanang’s Aguinaldo State Dining
Room, January 22, 2008) Mga kababayan, nagagalak tayo sa malaking pagbaba ng dami ng mga mamamayang nagsasabing naghihirap sila, pinakamababa sa dalawampung taon. Ito ang bunga ng ating mga reporma sa ekonomiya, katatagan ng sambayanan laban sa pamumulitika at pag-aalsa, at lumalagong kumpyansa at pagtingala ng mundo sa ating bansa. Sa tumitinding tagumpay ng ating sama-samang pagsulong ng progreso, kailangan din nating bigyang-pansin ang ilang pangkat na hindi pa lubos na nabibigyan ng ating lumalagong ekonomiya at kaban ng bayan. Kaya naman patuloy ang pakikipag-konsulta ng Gabinete sa iba’t-ibang sector, kasama ang mga pinuno ng simbahan at iba pang tinig ng mahihirap. Bahagi ng pulong ng Gabinete ngayon ang kagyat na pagtugon ng pamahalaan sa mga usapin, hinaing at pangangailangang inilapit sa mga opisyal ng pamahalaan. Umasa kayo: nakinig at kikilos tayo. Pangunahin sa ating pagkilos para sa mahihirap ang paggamit ng lumalagong kaban ng bayan para sa mga programang pangkabuhayan, pangkalusugan, pang-edukasyon, pabahay, koryente at tubig, at tulong sa magsasaka at mangingisda. Sa patuloy na pagsigla ng ekonomiya at paghahatid ng biyaya sa taong bayan, pinakamahalaga ang nagkakaisang pagsisikap ng lahat, lalo na ngayong may banta hindi lamang ng presyo ng langis, kundi ang paghina ng ekonomiya ng Amerika na baka mag-epekto sa Pilipinas. Kaya naman lalo nating pag-iibayuhin ang kabuhayan sa kabila ng mga ligalig sa pandaigdigang ekonomiya. Ito rin ang mensaheng ihahatid natin sa mga pinuno ng negosyo sa mundo na magpupulong sa Switzerland. Global engagement and a robust foreign policy are central pillars of our plan for a safe and strong Philippines. We depart today for Europe and the Middle East to continue to advance the strategic interests of the Philippines and press the need for closer economic, political and social relations between the Philippines and the world. At the World Economic Forum in Davos, Switzerland, we will meet with a number of the world leaders who are partners with the Philippines in bringing peace to Mindanao, aid assistance to our poor and greater security in the fight against terrorism. Another central goal of our trip is to continue the relentless promotion of the Philippines as a great place to invest and do business. For the first time in a generation, the Philippine economy is on a path to sustained economic growth, creating millions of new jobs and billions of new pesos in revenue to invest in our people and our infrastructure to build up our nation. Foreign investment is central to that progress. We are proud of the results of our ability to attract more and more business to the Philippines the last seven years. We will also be meeting with our International Board of Advisors which is comprised of some of the world’s top business leaders who are helping communicate the dynamism and the very positive new environment for business that is being created in our nation. Our journey will also take us to the Arabian Gulf and the Emirate of Dubai where we will meet with top businessmen from the Gulf and the leaders of the United Arab Emirates, a government that is playing an important role in global flows of investment capital and energy resources. This is also a country that employs hundreds of thousands of our countrymen and women. We will work to ensure that they continue to enjoy the positive working conditions that they deserve. In our meetings with these fellow Filipinos we will assure them that their contributions to their families and their country are recognized and appreciated. These visits are part of the commitment of our Administration to global engagement that broadens and deepens our ties, strengthens our security alliances, encourages trade and investment agreements, and protects our overseas Filipino workers. We will continue this engagement in 2008 as we have done throughout my presidency. We need the world and we like to think the world needs us – our hardworking people, our ideal geographic location, and our reliability as a friend and ally. |
| PGMA off to Switzerland for World Economic Forum and Dubai to meet investors and overseas Filipino workers |
|
President Gloria Macapagal-Arroyo flew to Switzerland at noon
today to attend the annual World Economic Forum (WEF) in Davos where the
Chief Executive will “meet with a number of the world leaders who are
partners with the Philippines in bringing peace to Mindanao, aid and
assistance to our poor, and greater security in the fight against
terrorism.” After her Switzerland events, the President will proceed to the Emirate of Dubai in the Middle East on the way back to Manila to meet top businessmen from the Gulf and overseas Filipino workers in the region. Wearing an all-black outfit, the President arrived 15 minutes early at the Ninoy Aquino International Airport’s Centennial II terminal where Philippine Airlines (PAL) PR-001 awaited her at the south-most bay. President Arroyo was accompanied by First Gentleman Jose Miguel Arroyo who skirted the Philippine Air Force (PAF) honor guards that gave foyer honors for the departing President, passing at the back of the said guards as President Arroyo was escorted by Armed Forces chief Hermogenes Esperon Jr., through the line. With the PAF band playing in the background, the President bid farewell to the military, police and government officials who saw her off, including Vice President Noli de Castro. Also on hand to bid the President farewell were Executive Secretary Eduardo Ermita, Justice Secretary Raul Gonzalez, Defense Secretary Gilbert Teodoro, and Environment Secretary Jose Atienza, among others. Among the President’s delegation to Europe is Press Secretary and Presidential Spokesman Ignacio R. Bunye who earlier stressed that “at a time when we must all collaborate more closely, any time that she (President Arroyo) has to meet new leaders and thinkers is time well spent for her and for the nation.” The Presidential spokesman had also pointed out that the Davos forum is an “excellent opportunity for the President to discuss with world leaders the Philippines’ point of view and approach in addressing issues…” Indeed, President Arroyo – who presided over the regular Tuesday Cabinet meeting at Malacanang before leaving for Europe – stated, thus: “…We depart today for Europe and the Middle East to continue to advance the strategic interests of the Philippines, and press the need for close economic, political, and social relations between the Philippines and the world.” In her statement at the start of the joint National Economic and Development Authority (NEDA)-Cabinet cluster and the National Anti-Poverty Commission-Cabinet cluster meeting, the President added that “another central goal of our trip is to continue the relentless promotion of the Philippines as a great place to invest and do business.” “For the first time in a generation, the Philippine economy is on a path to sustained economic growth, creating millions of new jobs and billions of new pesos in revenue to invest in our people and our infrastructure to build up our nation. Foreign investment is central to that progress,” the President stressed. “We are proud of the results of our ability to attract more and more business to the Philippines the last seven years,” she added. Before Davos, the President will touch down in Zurich where her first order of business is her keynote speech before the Swiss Chamber of Commerce. While there, President Arroyo will also be “meeting with our International Board of Advisors which is comprised of some of the world’s top business leaders who are helping communicate the dynamism and the very positive new environment for business that is being created in our nation.” After her Switzerland events, the President will proceed to the Middle East on the way back to Manila: “Our journey will also take us to the Arabian Gulf and the Emirate of Dubai where we will meet with top businessmen from the Gulf and the leaders of the United Arab Emirates (UAE), a government that is playing an important role in global flows of investment capital and energy resources.” The President added about the UAE: “This is also a country that employs hundreds of thousands of our countrymen and women. We will work to ensure that they continue to enjoy the positive working conditions that they deserve.” “In our meetings with these fellow Filipinos, we will assure them that their contributions to their families and their country are recognized and appreciated.” President Arroyo -- who embarked on her first foreign trip this year – explained that “these visits are part of the commitment of our Administration to global engagement that broadens and deepens our ties, strengthens our security alliances, encourages trade and investment agreements, and protects our overseas Filipino workers.” “We will continue this engagement in 2008 as we have done throughout my presidency. We need the world and we like to think the world needs us – our hardworking people, our ideal geographic location, and our reliability as a friend and ally.” |
| PGMA meeting RP-born CEO of giant Zuellig pharmaceutical company |
|
ZURICH, Switzerland - President Gloria Macapagal-Arroyo will
meet with Philippine-born Zuellig Pharmaceuticals chairman and CEO Stephen
Zuellig on Wednesday, her first working day here. The meeting between the President and the executive of the giant pharmaceutical firm is set for Wednesday morning, local time, (5:30 p.m. in Manila) at the Savoy Hotel. Dr. Zuellig, who was born in the Philippines, has steered the pharmaceutical company to its present status as the largest distributor of medicines in Southeast Asia, Australia, New Zealand, South Korea, Taiwan and China. Founded in the Philippines in 1901 by his father, Dr. Fredrick Edward Zuellig, a migrant from Switzerland, the pharmaceutical company is a truly global Filipino company with a turnover of some $5 billion annually. As part of its corporate social responsibility, the pharmaceutical company has distinguished itself as a leading example of government-private sector partnership. In January 2007, Zuellig forged an agreement with the Philippine International Trading Corporation (PITC) on the manufacture of some 24 generic drugs under the government's half-priced medicines for the poor program. Dr. Zuellig's pro-bono assistance was also instrumental in the unfreezing in 2004 of the Marcos funds in Switzerland. He has been serving as Monaco's honorary consul to the Philippines for the last 40 years. For his contributions to the country and the Filipino people, the President awarded Dr. Zuellig with the Order of Lakandula (Grand Cross) with the Rank of Bayani in Malacanang in May 2007. |
| PGMA to offer Philippines' "best values for investments" to Swiss businessmen |
|
ZURICH, Switzerland - President Gloria Macapagal-Arroyo will
offer the Philippines as one of the best values for investments when she
addresses the Swiss Chamber of Commerce on the first day of her four-day
visit to Switzerland at the Savoy Hotel here. The President is expected to promote the country’s competitive advantage as a result of various reforms that were instituted, the present economic turnaround, and the world-class and English-speaking Filipino workforce. Although RP-Switzerland diplomatic relations started only in August 1956, the Philippines and Switzerland have long standing relations that flourished since the establishment in 1862 of the first Swiss Honorary Consulate in Manila, the first Swiss diplomatic post in Asia. Recent exchanges of visits also strengthened political, economic and cultural relations, particularly in 2004 when both countries conducted the 2nd Political Consultation in Manila. A Philippine mission also visited Switzerland in November 2004 to promote the Philippines' competitive advantage in business process outsourcing (BPO) and information and technology (IT) services. Although the overall trade, estimated in 2006 at $82 million, remains a little bit in favor of Switzerland, products that are up for promotion to Switzerland are electronic goods, BPO and IT services, decorative ceramics, clothing apparel, rattan products, Christmas decors, toys and dolls, jewelry and fashion accessories. |
| PGMA arrives in Switzerland for WEF |
|
ZURICH, Switzerland (via PLDT)--The temperature was a chilly
four degrees Centigrade when Philippine Airlines (PAL) Flight PR 001 bearing
President Gloria Macapagal-Arroyo and her official delegation touched down
at the Zurich International Airport at 11:15 p.m. Tuesday (6:15 a.m.
Wednesday, Manila time). Wearing a dark gray trench coat, the President and First Gentleman Atty. Jose Miguel Arroyo alighted at the airport tarmac and were welcomed by Philippine Ambassador to Switzerland Minerva Falcon, Philippine Mission to Geneva Ambassador Erlinda Basilio, and Philippine Ambassador to the World Trade Organization (WTO) Manuel Teehankee. After the brief welcome ceremony, the President and her party immediately proceeded to the Baur Au Lac Hotel located in the City Center of Zurich. The President's brief stay in Zurich will be highlighted by her keynote address during the meeting of the Swiss Chamber of Commerce at 10:00 a.m. Wednesday (Swiss time, 5:00 p.m. in Manila) at the Savoy Hotel here. This would be followed by the call of Philippine-born Zuellig Pharmaceuticals owner Dr. Stephen Zuellig, also at the Savoy Hotel. The President will have lunch with the International Board of Advisors in nearby Bocken, Landhaus before departing at 1:45 p.m (8:45 p.m. in Manila) for Casa Bracke, Davos, where she will attend the annual meeting of the World Economic Forum (WEF). The President’s first day in Davos will be highlighted by courtesy calls on her by the officials of the Aragon Financial Group (AFG) and Dredging International NV. |
| President to promote RP's energy independence program in Davos meetings |
|
ZURICH, Switzerland (via PLDT)—In a move to advance the
country's energy independence program, President Gloria Macapagal-Arroyo
will meet with the officials of the Aragon Financial Group (AFG) Wednesday
afternoon in Davos, her first activity in the ski resort city after arriving
Tuesday night at the Zurich International Airport from Manila. The President is scheduled to meet with the Aragon Group executives at 5:15 p.m. Wednesday (Swiss time, 12:15 a.m. Thursday in Manila) at the Casa Bracke in Klosters, Davos. The financial group is assisting oil and natural gas companies that need funding from financial partners such as private investors, venture capital, equity and institutional and banking sources. The AFG has available funding for natural gas projects in the United States and is currently looking for clients with existing operations that require funding through build-operate-transfer (BOT) scheme, debt finance, equity refinance and even merger. The financial group could help the government in its policy to ensure continuous and adequate supply of energy through integrated and intensive exploration, production, management and development of the country's indigenous energy resources such as oil and natural gas. The natural gas industry in the Philippines began with the operation of the Malampaya gas-to-power project in offshore Palawan that now has three gas-fired power plants with a capacity of some 2,760 megawatts. However, this output is insufficient to advance the government's program to utilize natural gas for cheaper public transport operation costs. Also, the country still needs to explore and develop more energy sources to lessen its dependence on imported and expensive fossil fuel. Under Executive Order No. 473 that was signed by the President in November 2005, the Department of Energy (DOE) has been tasked to pursue the immediate exploration, development and production of crude oil from the Camago-Malampaya reservoir. Under E.O. 473, the Philippine National Oil Company (PNOC) that manages the Malampaya operations, or its designated subsidiary, was likewise directed to engage the participation of third parties, if necessary, in the exploration, development and production of crude oil in the country. After her meeting with the Aragon Group officials, the President will also entertain a courtesy call of the executives of the Dredging International NV, a Dutch-based company that has more than 100 years of experience in river dredging, building ports and reclamation projects in Europe, South America, Australia, Singapore and Africa. Under Executive Order No. 380 signed by the President in October 2004, reclamation has been identified as one of the primary sources of government revenue generation under the Medium Term Philippine Development Program (MTPDP) from 2004 to 2010. |
| Strong macroeconomic fundamentals make RP more resilient to external volatility - PGMA |
|
ZURICH, Switzerland (via PLDT)-- President
Gloria Macapagal-Arroyo said on Wednesday she is confident that the
Philippines’ strong macroeconomic fundamentals would make the country more
resilient to external volatility, particularly with the anxiousness about
the recent economic slowdown in the United States that could affect emerging
economies. |
| PGMA invites Swiss businessmen to invest in RP; cites country's competitive advantage |
|
ZURICH, Switzerland (via PLDT)--President Gloria Macapagal-Arroyo
enticed on Wednesday Swiss businessmen to invest in the Philippines which,
she stressed, “offers one of the best values in Asia for investment,”
particularly in the outsourcing industry. "The Philippines is ranked among the most attractive off-shoring destinations in the world because of cost competitiveness and more importantly our country's highly trainable, English-proficient, IT-enabled quality manpower,” the President said in her speech before the officers and members of the Swiss Chamber of Commerce at the Savoy Hotel here. “Our outsourcing sector has the potential to grow 40 percent per year from 2007 until 2010, which would put it on track to double its global market share in three years," she added. The President said this rate of growth also means revenues from the outsourcing sector would grow four-fold from the current level of $1.3 billion, and employment would triple to 900,000 jobs. She said the Philippine government and private sector are working “together to develop talent to support the rising demand for quality workers in outsourcing and expand outsourcing capabilities to new locations across the country beyond the centers of Manila and Cebu to tap larger talent pools.” The joint initiatives include training, funding for education, and creating awareness of career opportunities to attract more graduates to pursue jobs in the outsourcing sector, she said. The government and the private sector also work together to reassess current tertiary and secondary education curricula to respond to the emerging needs of the market, the President said. To develop next wave cities after Manila and Cebu , the President said the government is also developing other IT (Information Technology) hubs in other strategic parts of the country to encourage greater levels of outsourcing investment in these locations. "In recent years, the outsourcing sector has expanded not only geographically but also beyond call centers and IT to include a range of professional and business processes, including accounting, human resources, financial analysis, design engineering, animation, medical services, legal services, insurance processes, banking processes, map making, publishing, content creation, and research,” the President stated. "We are certainly a leader in the outsourcing space,“ the President said, adding that in 2007, the United Kingdom outsourcing association awarded the Philippines as the “outsourcing destination of the year." The President also asked the Swiss businessmen to invest in other sunshine and high-growth industries in the Philippines such as in manufacturing, technology, mining, energy, tourism, infrastructure, and health care. "In fact, recently, the European Chamber of Commerce and Industry together with the American, Japanese and Korean Chambers of Commerce have endorsed our strengths in this area by forming a coalition to promote the Philippines as a healthcare destination for foreigners," the President said. She said the surge of foreign investment in the Philippines has grown more than five-fold from 2003 to 2007 anchored by billion-dollars plus investments by several major international companies. |
| PGMA to DOLE: Review contracts of OFWs to protect them from peso-dollar fluctuations |
|
ZURICH, Switzerland (via PLDT)--President Gloria Macapagal-Arroyo
directed on Wednesday the Department of Labor and Employment (DOLE) to start
reviewing the contracts of overseas Filipino workers (OFWs) to ensure that
their remittances are protected from fluctuations in the peso-dollar rate. Answering questions after delivering her speech at the meeting of the Swiss Chamber of Commerce at the Savoy Hotel here, the President said wages of OFWs should be paid by foreign employers in dollars or pesos, whichever is stronger, to protect Filipino workers from monetary fluctuations. "I have instructed the DOLE to review the contracts between foreign employers and Filipino workers so that such contracts will stipulate that they will be paid in pesos or dollars, whichever is stronger," she said. The President's directive is one of the facilities under the government's hedging program that include the OFW bond which she is expected to unveil when she visits Dubai after her attendance at the 2008 World Economic Forum (WEF) in Davos. The government would also launch soon the financial literacy campaign to help educate OFWs on the proper way to invest their dollars and become overseas Filipino investors (OFIs). |
|
President Gloria
Macapagal-Arroyo's speech before the
Swiss Chamber of
Commerce Savoy Hotel, Zurich, Switzerland January 23, 2008 |
|
A PATH TO PERMANENT ECONOMIC GROWTH AND STABILITY:
CREATING A NEW PHILIPPINES I thank the Swiss Asian Chamber for your warm reception and hospitality and I thank each of you for taking time out to join us today. I also want to thank those of you who visited the Philippines last September. This meeting is timely because it is taking place during a period of great uncertainty for the global economy. This is an especially crucial time for world leaders in business and government to band together to turn the challenges we face today into opportunities, from the issue of climate change to volatility in the world markets and the rise of Asia against these uncertainties. The Philippines offers a strategic location in the fast-growing region of Southeast Asia. Our workforce is well educated, productive and English speaking and we are cutting red tape to simplify the requirements for investment. In the midst of world uncertainties, we remain a competitive location for a wide range of manufacturing and high-end services. The Philippines is on a path to permanent economic growth and stability. We have created seven million new jobs in seven years. We have achieved 28 consecutive quarters of economic growth even when many of our neighbors experienced negative growth or even recession at some time or another of the last seven years. In fact, our economy, which rose 7.1 percent in the first three quarters of 2007, is experiencing its fastest growth in more than a decade. The Philippine economy grew faster than the rest of Southeast Asia, despite oil price volatility and a global economic slowdown. Our international reserves are also at record levels. We have a balance of payments surplus, a low inflation rate and low interest rates. Business and investor confidence is on the rise, the peso is one of the world’s best performing currencies, and our stock market has reached historic heights. Our budget is under control and we are raising unprecedented amounts of revenue. The Philippines offers one of the best values in Asia for investment. Over the last seven years, our Administration and our people have aimed high. We have met the challenge of economic and fiscal reform. Seven years ago, expanding the taxpayer base, strengthening the peso and attracting foreign investment were our biggest challenges. To some, our goals of balancing the budget, lowering debt levels and raising employment seemed ambitious at best. Seven years down the road, our unwavering commitment to installing the necessary reforms to move our nation forward has allowed us to make important progress on all these fronts. In the midst of world uncertainties, it helps that we have one of the best and most awarded Central Banks in the world, which has helped the Philippines achieve a stable macroeconomic environment that is making us much more resilient to external volatility. We are vigilant that our efforts should not be derailed by the sub-prime crisis and the subsequent credit crunch. We count on the Central Bank Governor and his team, who operate independently, to continue to ensure stable macroeconomic fundamentals to support our robust economic growth during a time of continued global economic volatility. Foreign investment in the Philippines has grown more than five-fold from 2003 to 2007. This surge of investments has been anchored by billion dollar plus investments by several major international companies, including Texas Instruments, which chose the Philippines over other locations including China for its $1.6 billon wafer fabrication plant, Korea’s Hanjin which is putting up two shipyards for $3.7 billion, making us the fourth largest shipbuilder in the world; Marubeni, Tokyo Electric and America’s AES which have put in billions in our electric power industry and Mittal Global which has conveyed to me their plans for putting up a $1.6 billion integrated steel mill in Mindanao. Significant new investments are being made across the board in a number of industries, especially mining, technology, energy, tourism, business process outsourcing and infrastructure, are also creating significant investment opportunities for both domestic and international investors alike. The Philippines is ranked among the most attractive off-shoring destinations in the world because of cost competitiveness and more importantly our country’s highly trainable, English-proficient, IT-enabled quality manpower. Our outsourcing sector has the potential to grow 40 percent per year from 2007 until 2010, which would put it on track to double its global market share in three years. This rate of growth also means revenues from the outsourcing sector would grow four-fold from the current level of $1.3 billion, and employment would triple to 900,000 jobs. The Government and private sector work together to develop talent to support the rising demand for quality workers in outsourcing and expand outsourcing capabilities to new locations across the country beyond the centers of Manila and Cebu to tap larger talent pools. Some of the joint initiatives include training, funding for education, and creating awareness of career opportunities to attract more graduates to pursue jobs in the outsourcing sector. The Government and the private sector also work together to reassess current tertiary and secondary education curricula to respond to the emerging needs of the market. To develop next wave cities, the Government is developing IT hubs in Clark, Dumaguete and Iloilo to encourage greater levels of outsourcing investment in these locations. In recent years, the outsourcing sector has expanded beyond call centers and IT to include a range of professional and business processes including accounting, human resources, financial analysis, design engineering, animation, medical services, legal services, insurance processes, banking processes, map making, publishing, content creation, and research. We are certainly a leader in the outsourcing space, but we cannot underestimate the contribution of other high growth sectors to our economy: manufacturing, technology, mining, energy, tourism and infrastructure. Our strongest competitive advantage – our people – is also opening doors for us in medical tourism. The Philippines is recognized internationally for the uniquely Filipino brand of hospitality, care and compassion that makes us a competitive player in this sector. In fact, recently, the European Chamber of Commerce and Industry together with the American, Japanese and Korean chambers of commerce have endorsed our strengths in this area by forming a coalition to promote the Philippines as a healthcare destination for foreigners. Mining is a key driver of our economy and an important sector that is bringing in significant levels of investment, creating jobs for the people and spurring exports. The world’s biggest players from Australia, America, China and Japan have already been flocking to our country to invest and to conduct exploration. Last year, investments grew more than the last three years combined. Mining will grow into a US$10 billion industry by 2010. Our economy is booming, but like so many places in rich and poor nations alike, we must fight to close the gap in income inequality. There is no justification in this time and place in history that government policies should be tilted to maintaining the status quo that ensures the domination of the many by the few. And while I am fighting for social justice, I am fighting even harder for economic justice, for a strong economy is the best weapon for the liberation of the poor and oppressed. We are now focused on further raising our competitiveness to sustain our momentum. For the first time in decades, less of our revenue is being used to service debt and more resources are being directed towards investment in human and physical infrastructure including education, healthcare and training as well as new bridges, roads and ports. Hopefully this will attract more investment, including Swiss investment. We take pride in the discipline of our Administration to focus on the economy and our overall economic health. Our economy is performing at an all-time high in every aspect. We are in a stronger position than ever to instill permanent economic change in our country and to work together to ensure we achieve long-term prosperity for many generations to come. There is no better time for investors to take advantage of the many opportunities created by our strengthening economy. |
| WEF cites Asean as new actor in Asia's drive for regional peace, stability |
|
DAVOS, Switzerland (via PLDT) - The World Economic Forum (WEF)
has cited the Association of Southeast Asian Nations (Asean) as a new actor
in the promotion of peace and stability in the region. An update on the Asean by the WEF secretariat said the regional grouping’s commitment to sign a charter would move Asean beyond economic cooperation into the realm of regional stability and peace. "A new actor in Asia is the revamped Asean, committed to signing a Charter that will move the group beyond economic cooperation to become a regional force to promote peace and stability," the WEF secretariat said. President Gloria Macapagal-Arroyo, Singapore Prime Minister Lee Hsien Loong and Malaysian Prime Minister Abdullah Badawi will talk about Asean at a session and Asean reception here Friday. The President was largely responsible in pushing for the Asean Charter when the Philippines chaired the 12th Asean Leaders Summit in Cebu in January 2007. During the Cebu summit, the10-nation regional grouping agreed to draft an Asean Charter, which was formally signed by the Asean leaders at the 13th Asean Summit in Singapore last year. The signing of the landmark document strengthened the regional grouping’s alliance as a cohesive bloc committed under a binding legal, institutional framework. To further promote peace and stability in the region, the President has consistently expressed her support for a more democratic Myanmar, a stand that was echoed by US Secretary of State Condoleezza Rice at the WEF’s opening here Wednesday. The Myanmar issue would likely be a major point of discussion during the ASEAN sessions of the WEF on Friday. |
| Strong macroeconomic fundamentals make RP more resilient to external volatility - PGMA |
|
ZURICH, Switzerland (via PLDT)-- President Gloria Macapagal-Arroyo
said on Wednesday she is confident that the Philippines’ strong
macroeconomic fundamentals would make the country more resilient to external
volatility, particularly with the anxiousness about the recent economic
slowdown in the United States that could affect emerging economies. |
| World's top business leaders cite PGMA for excellent handling of RP economy |
|
DAVOS, Switzerland (via PLDT) -- President Gloria Macapagal-Arroyo's
handling of the Philippine economy, which is experiencing its fastest growth
in more than a decade, is nothing short of phenomenal. This was the consensus of the 11 members of her International Board of Advisors (IBA) who met with the President in Zurich before she proceeded to Davos to attend the annual meeting of the World Economic Forum (WEF). Presidential Adviser for International Competitiveness Roberto Romulo, who attended the Zurich meeting on Wednesday, said the President decided way back in 2001 to create the IBA composed of chief executive officers (CEOs) and noted businessmen from top international corporations to seek their views and make comments on her economic programs. During the meeting, Romulo said the advisors, including Zuellig Pharmaceuticals Chairman Dr. Stephen Zuellig and other key international players from various industries, freely expressed their views on the President's handling of the country’s economy. According to Romulo, the advisors congratulated the President for her sound economic programs and praised the Bangko Sentral ng Pilipinas (BSP) for its excellent handling of the country's monetary policies. Romulo said the advisors expressed concern over a possible revenue shortfall but Finance Secretary Margarito Teves, who also attended the meeting, explained that any shortfall could be offset by earnings from the government's ongoing privatization program. The advisors also said that the Philippines is well on its way towards achieving a strong economy but expressed concern if the President's programs can be sustained even beyond her term in 2010. Romulo said the President expressed confidence that her programs, particularly in infrastructure and education sector, are strongly in place and the Philippines would continue to reap the benefits of these investments regardless of who succeeds her in 2010. |
| PGMA renews call for advancement of Doha Round of Trade Talks |
|
DAVOS, Switzerland (via PLDT)—President Gloria Macapagal-Arroyo
renewed her call for the advancement of the World Trade Organization (WTO)
Doha Round of Talks in a meeting here on Thursday with Ms. Susan Schwab, the
US Permanent Trade Representative to the WTO. Philippine Trade and Industry Secretary Peter Favila said that in the meeting held at the Casa Bracke in the ski resort of Davos, the US sought the Philippines' commitment "to have an ambitious outcome of the Doha Talks." "The President did say that she is not changing her position. In fact, she has called upon her colleagues in the ASEAN (Association of Southeast Asian Nations) to get this moving forward," Favila said. The Philippines is included in the G-33, a grouping of developing countries that coordinate trade and economic issues pertinent to negotiations within the WTO. During the Philippines' chairmanship of the 12th ASEAN Summit in Cebu in 2006, the ASEAN leaders approved the President's proposal for a stand-alone statement that reinforces the region's commitment to the Doha Round of Talks calling for a fair and liberal global trade and offers a tangible means to reduce poverty globally, particularly in the ASEAN region. However, negotiations continue to hang in the air as industrialized countries refused to cut down on their subsidies, particularly to their farming sectors. Developing countries have been asking the developed nations to remove their agricultural subsidies to level the playing field that have resulted in trade distortions and made their products artificially cheaper. The President has a scheduled meeting here with WTO Director General Pascal Lamy to push for the conclusion of an agreement to reduce these subsidies to provide increased market access to developing countries such as the Philippines. |
| PGMA invites Intel Corp. to consider RP as site for remote diagnostics medical projects |
|
DAVOS, Switzerland (via PLDT)--President Gloria Macapagal-Arroyo
has invited computer electronics giant Intel Corporation to consider the
Philippines as a site for the company's revolutionary remote diagnostics
medical project. The President made the invitation after learning of the company's experimental remote diagnostics project in strife-torn Lebanon during the courtesy call on her of Intel Chairman Craig Barret on Thursday at the Congress Center here. Barret said the Intel project utilizes sophisticated computers linked through the Internet that can enable doctors in urban centers to remotely conduct diagnosis of patients in rural areas. Barret said Intel is also an active partner of the government and private sector in the Philippines in conducting training programs for teachers and the information and communications technology (ICT) sector. Currently, the Philippines is using a similar scheme in the government's distance learning program that enables students in rural areas to interact with teachers electronically. The President told Barret that if Intel can undertake the remote diagnostics program in Lebanon, they can easily do it in the Philippines because of the country's existing ICT infrastructure. "We will look into that," Barret said. |
| PGMA, Swiss Confederation president hold 30-minute bilateral meeting |
|
DAVOS, Switzerland (via PLDT) - They were both born on the
same date – April 5 - and the uncanny coincidence gave an added warmth and
sense of camaraderie between President Gloria Macapagal-Arroyo and her Swiss
host, President Pascal Couchepin during their bilateral meeting. The two Presidents met for 30 minutes before noon Thursday (Swiss time) at the sidelines of the 2008 World Economic Forum (WEF). Before they got down to the substantive topics of their meeting at the Morosani Posthotel here, President Couchepin pointed out to President Arroyo that they were both born April 5. The President replied that she was born on a “Sabado de Gloria,” the Saturday following the Maundy Thursday and Good Friday, the holiest two days of the Catholics’ Holy Week calendar. To this, the Swiss leader responded that he, too, was named after a saint who was born April 5. Press Secretary Ignacio R. Bunye said the President was surprised at President Couchepin's wide range of knowledge about the reform policies and economic growth of the Philippines, as well as its relations with other countries. He said that during the 30-minute meeting between the two leaders, President Couchepin congratulated President Arroyo on the Philippines' excellent economic performance, including the enactment of the expanded Valued Added Tax (VAT) Law. While describing the 12 percent expanded VAT as “very modest,” the Swiss Confederation president said the passage of the tax law was a good strategy to improve the government's fiscal position, Bunye said. He said President Couchepin expressed satisfaction with the growth of trade between Switzerland and the Philippines that reached $2 billion last year. For her part, President Arroyo expressed her appreciation for the role of leading Swiss investors in the development of the Philippines of leading Swiss companies including Zuellig Pharmaceuticals, UBS, Nestle, and Credit Suisse. Bunye said the President also made a strong pitch for the country's booming outsourcing industry, which has emerged as big contributor to economic growth. |
| PGMA confident RP will ride out storm affecting global economy |
|
DAVOS, Switzerland (via PLDT) – President Gloria Macapagal-Arroyo expressed
optimism today that owing to its strong macroeconomic fundamentals, the
Philippines would be able to ride out the storm now affecting the global
economy. The good news is that because of the implementation of wide-ranging fiscal and economic reforms, the Philippines has achieved a level of maturity and stability that will enable it to withstand external shocks, the President said in a live interview here by Reuters senior reporter Steve Clark Friday morning. She added that the economic and fiscal reforms instituted by her administration have made the Philippines more resilient to withstand external shocks at any point in its history. The interview was carried on the official website of the 2008 World Economic Forum (WEF) here. In response to Clark’s question on the Philippines' growth projection in the face of unfolding negative world developments such as the looming US recession and Asian markets tumble this week, the President said: "Well, let us put it this way. Because we are very interconnected in the world today, every nation should be able to manage another, the ups and downs of another nation's bubbles.” She added: “But having said that, the good news is that the Philippines seems to have, because of our reforms, achieved a level of maturity and stability, that can help us to withstand, that makes us more resilient than at any other point in time in our history to be able to withstand the external shock.” The President told Clark the country's strong economic fundamentals have been acknowledged and praised by her International Board of Advisors composed of the top financial Chief Executive Officers (CEOs) from around the world during their meeting wednesday. She said that on top of her objective in attending the global economic forum here is to showcase the Philippines as one of the best value destinations for investments. The Davos gathering is also an opportunity for the world and financial leaders to collaborate with one another especially at this time of uncertainties in the world economy. With major events in the world happening this week, all the more the Davos gathering of world political and business leaders is viewed with great importance, the President said. |
| Highlights of the courtesy call of Citigroup Chair Bill Rhodes on President Gloria Macapagal-Arroyo at Casa Bracke Klosters in Davos, Switzerland, January 24, 2008, as released by Press Secretary Ignacio R. Bunye |
|
Mr. Rhodes raised the following points: Congratulated the President and her team for the great economy, and noted that everything has gone better than projected. Renewed commitment to work with the Philippines in, among others, the power sector and in privatization efforts. On the US economy: One aspect of the current problem in the US is that very lowly capitalized insurance companies have issued a significant amount of guarantees. This has undermined the people’s confidence in the economy. In the past days, the US markets went up in anticipation of a bail out- but this has not been organized yet. The market remains nervous, so there is much volatility. The credit markets are not yet back where they need to be, so there is uncertainty and turmoil. One of the things we should be looking at is the possible global repercussion from what is happening in the US economy. The real question is not whether it is recession or just slow growth. The markets have to work through all these; all these plus the slowing US market will have ripple effect. Even China is talking about tightening, but there is an anomaly here because China is worried about overheating, but at the same time it knows there will be repercussions from the slowdown of the global economy. Now they are talking about moving the RMB closer to the dollar more rapidly. We are looking at a challenging situation over the next 6 months not just for the US economy but worldwide. Everyone is very positive about the Philippines; the peso is at an all time high, and the President and her economic team have turned everything around. However, we all need to be cautious in the next six months. Systemic risks, price stability, crisis prevention = all of these come into focus. In reply, BSP Governor Tetangco pointed out that: There are mitigating factors in the case of the Philippines. We have a comfortable level of external liquidity and our reserves are high. On the real sector side, domestic demand will absorb some of the impact of the downturn in the US and other major economies. This is not to say we will not be affected; we will be, but we will have some buffer. Remittances continue to be healthy. A lot will depend on depth and duration of slowdown. If it will take only a couple of quarters, impact will not be too much. However, there will be repercussions if it takes longer and if the slowdown is deeper. Mr. Rhodes: The Philippines is going into the crisis in very good shape. I think that the slowdown will only be for a couple of quarters, maximum 3 quarters. Unlike in the 1990s when you have isolated incidents affecting then S and Ls, the difference now is credit markets are more volatile and disturbed adjustment of rates is all that Central Bank is doing. Everything I see about RP indicates that you are in best position to go into the crisis. BSP: There are varying reactions to what the Fed is doing. They are trying a combination of fiscal stimulus and easing of monetary policy. Some sectors remain skeptical. Mr. Rhodes: For now, the credit crunch is in real estate, eventually, it may spill over to credit cards. We don’t like to see a situation where we have financial institutions pulling back because they are worried about asset quality. Need to create confidence so people don’t pull back from lending side and people don’t stop spending on consumer side. Let’s all hope it’s a shallow adjustment and these measures kick in. People like to take these measures because it’s election year. PGMA: We realize the uncertainty of the situation, and the need to play our cards right. But knowing the danger and doing the right thing are two different things. We are happy to be coming in from a strong position, but we still need to play our cards right. Mr. Rhodes: John Negroponte sends his regards. We are still working on the WTO. Protectionism in the US growing, and this is not good. I will be happy to continue in helping the Philippines in the IBA. DOF: Citigroup helped refine approach to private public partnership. We would like to work further with them on a project. It is not quite there yet, but we are still polishing. Mr. Rhodes: I will be glad to help. Thank you for making time for me. |
| Moody's investors upgrades Philippines credit outlook from stable to positive |
|
DAVOS, Switzerland (via PLDT)- President Gloria Macapagal-Arroyo could not
do but smile when Reuters senior reporter Steve Clark told her that
international ratings agency Moody's Investors has upgraded the country's
credit outlook because of her sound economic fundamentals. This was the President's simple reaction as no one knows but probably an economist that her sound and sometime stringent economic reform measures would eventually pay dividends in the end. "There has been a ratings upgrade from Moody's today and there is the good news for you," Clark said. The President was among the world personalities interviewed live by Clark at 7:30 a.m. today (Swiss time) over the official television channel of the ongoing 2008 World Economic Forum here. In newspapers today, Moody's senior vice president Tom Byrne announced that it raised the country's credit rating outlook from stable to positive because of the Philippines' stabilized public sector finances and lesser dependence on foreign money. "Improved macroeconomic conditions and fiscal performance are mutually reinforcing each other. Low inflation has anchored inflationary expectations, despite upward pressure from high international food and oil prices," Byrne said in a statement. The Philippines’ strong macroeconomic fundamentals resulted to a stronger peso and low domestic interest rates that have lowered debt service payments, allowing the government to invest in much needed infrastructure projects, Byrne said. "The government has not masked inflation by subsidizing retail petroleum prices, thereby avoiding contingent fiscal liabilities and adding pressure on the balance of payments by encouraging higher oil imports," said Byrne. The ratings agency also warned some of Filipino senators against their move to suspend the value-added tax on oil products as a stop-gap measure to cushion the impact of the high prices of oil in the world market. Byrne said such a move would deprive the government from raising the much-needed revenues from the implementation of tax reforms. |
| Military support me -- PGMA |
|
DAVOS, Switzerland (via PLDT) - President Gloria Macapagal-Arroyo
is not deterred by rumors of destabilization as the Armed Forces of the
Philippines (AFP) fully supports her and the Filipinos are tired of
instability. The President told this to Reuters senior reporter Steve Clark during the live interview Friday morning at the Davos Library aired at the official television program of the 2008 World Economic Forum (WEF). Clark told the President of talks of destabilization while she is in Davos. "Well, they (armed forces) have been supporting me fully in all of the challenges to peace and order that we have been having, and also the people do not want any more instability," the President said. The President said the Philippines achieved a 7.1 percent growth rate in the last three quarters of 2007, and the poverty and unemployment rate is down due to strong macroeconomic fundamentals in place. She said the Philippines is winning its war against rebels through an amnesty program and bringing development to the grassroots to clear them from being breeding grounds of insurgency. "The people want peace and order, and they want progress and they want jobs, they don't want political instability," the President said. |
| PGMA: RP on way to balancing its budget ahead of schedule |
|
DAVOS, Switzerland (via PLDT)— President Gloria Macapagal-Arroyo
told the world today that the Philippines is well on its way to balancing
its budget way ahead of schedule. The President said this during the live interview by Reuters senior reporter Steve Clark at the Davos Library aired Friday morning (Swiss time) at the official television program of the 2008 World Economic Forum here. Because of the country's strong macroeconomic fundamentals, the President said the Philippines achieved a 7.1 percent growth average in the last three quarters of 2007 "way beyond the projections of the international financial institutions." Under the Medium-Term Philippine Development Plan (MTPDP), the President said balancing the country's budget does not come until 2010. However, due to the administration’s implementation of vital tax reforms, the President said her economic managers moved the target to 2008. She said that in November of last year, the country recorded a 7.1 percent average growth rate, coupled with a surplus of P11.7 billion. "So when the figures of the last month will come out, well, my economic managers might surprise even themselves, that we might have had a balanced budget in 2007. But in any case, the market wasn't expecting that, but so if it comes, then it’s going to be a windfall," the President said. |
| PGMA heads for Dubai from Switzerland today |
|
DAVOS, Switzerland (via PLDT) -- President Gloria Macapagal-Arroyo is
scheduled to leave for Dubai Saturday (Swiss time) to have more serious
discussions with businessmen in the United Arab Emirates on the prospects of
pouring in more investments in the Philippines. In a coffee meeting with members of the Philippine media here last night, the President said the Dubai trip is somewhat an extension of her trip in Davos to open up and possibly finalize several negotiations in the Gulf state. She went to Davos to attend the annual meeting of the World Economic Forum (WEF). The President said the Dubai trip materialized upon the request of investment houses of the Philippine Stock Exchange (PSE) that asked her to “piggyback their international road shows,” including in Dubai. "Because Dubai is a financial capital, several of the businessmen around the Gulf also made appointments to see me. So I am going to have like an extension of Davos there," the President said. The President leaves Zurich Saturday morning (afternoon in Manila) and is expected to arrive in Dubai in the evening. On Sunday, the President is scheduled to have a roundtable discussion with Union Bank of Switzerland (UBS) investors and speak before members of the Dubai Chamber of Commerce and Industry. The President is also expected to meet with Prince Talal Bin Abdul Aziz and Sheikh Mohammed Bin Rashid Al Maktoum. Highlighting the first working day of the President's visit to Dubai is the launching of the hedging facility for overseas Filipino workers (OFWs) whose dollar remittances are being affected by the strong peso. The President is also expected to meet with the Filipino community in Dubai, the second largest destination of OFWs after Saudi Arabia. On Monday, Jan. 28, the President will be interviewed by Al Jazeera at the Philippine Consulate in Dubai before heading back home to Manila. |
| President renews call on Myanmar to return to the path of democracy |
|
DAVOS, Switzerland (via PLDT) -- President Gloria Macapagal-Arroyo said
Friday Myanmar should return to the path of democracy by freeing freedom
fighter Aung San Suu Kyi as part of its commitment when it signed the
Association of Southeast Asian Nations (ASEAN) Charter in Singapore last
year. The President asserted this in her opening statement during the high-level plenary session of the 2008 World Economic Forum (WEF) tackling the role of ASEAN as an emerging Asian community. In her four-minute speech, the President said that ASEAN is well aware of the Philippine position on the need for political reforms in Myanmar, stressing that the Philippine Senate would not ratify the ASEAN Charter unless Myanmar returns to the path of democracy. During the signing of the ASEAN Charter by the 10 leaders in Singapore last year, the President noted that by signing the Charter, Myanmar had committed itself to democratic reforms and should start by releasing Aung San Suu Kyi. "Not only are we committed to seeing political reforms in Myanmar. Our Senate will not ratify the ASEAN Charter, unless they see real political reforms take place in Myanmar. So we must work together to make the tough choices to make ASEAN to reel and Aung San Suu Kyi free," the President said. ASEAN is composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam |
| Citigroup chair congratulates PGMA on RP's great economy |
|
The chairman of Citigroup and Citibank has renewed his company’s commitment
to work with the Philippines in the power sector and in privatization
efforts as he congratulated President Gloria Macapagal-Arroyo and her
economic team for the Philippines’ “great economy.” This was revealed by Press Secretary Ignacio R. Bunye who furnished media with the highlights of the courtesy call of Citigroup/Citibank Chair William “Bill” Rhodes on President Arroyo at the Casa Bracke Klosters in Davos, Switzerland last Jan. 24. Rhodes “congratulated the President and her team for the great economy, and noted that everything has gone better than projected,” said Bunye. The Citigroup chair – who “renewed commitment to work with the Philippines in, among others, the power sector and in privatization efforts” – also promised the President, thus: “I will be happy to continue in helping the Philippines in the IBA (International Board of Advisors).” Bunye said Rhodes discussed the ongoing slowdown in the US economy and is bullish on the Philippines’ chances of weathering the impact. “Everyone is very positive about the Philippines -- the peso is at an all time high, and the President and her economic team have turned everything around,” enthused Rhodes who, however, warned about repercussions of what is happening in the United States. “… We all need to be cautious in the next six months. Systemic risks, price stability, crisis prevention -- all of these come into focus,” advised Rhodes who pointed out that “the (US) credit markets are not yet back where they need to be, so there is uncertainty and turmoil…” “One of the things we should be looking at is the possible global repercussion from what is happening in the US economy. The real question is not whether it is recession or just slow growth. The markets have to work through all these, plus the slowing US market will have a ripple effect,” surmised Rhodes. For her part, President Arroyo, an economist, told the Citibank chair that she is well aware of the situation: “We realize the uncertainty of the situation, and the need to play our cards right. But knowing the danger and doing the right thing are two different things…” “We are happy to be coming in from a strong position, but we still need to play our cards right,” the President stressed. Still on the US economic slowdown, Rhodes said, “we are looking at a challenging situation over the next six months, not just for the US economy but worldwide.” But Rhodes enthused, thus: “The Philippines is going into the crisis in very good shape. I think that the slowdown will only be for a couple of quarters, maximum three quarters… Everything I see about RP indicates that you are in best position to go into the crisis,” Rhodes further enthused. President Arroyo created the International Board of Advisors (IBA) in 2001 to seek their views on her economic programs. It is composed of chief executive officers and noted businessmen from top international corporations. |
| RP takes lead in efforts to protect Coral Triangle's marine diversity |
|
DAVOS, Switzerland (via PLDT) - The Philippines is taking the lead in
protecting the Coral Triangle, the world's richest source of marine
biological diversity, from environmental destruction. The Philippines, the eighth largest fish producer in the world, lies in the center of the Coral Triangle bordered by Indonesia, Malaysia, Papua New Guinea, Timor-Leste, and the Solomon islands. During coffee with the Philippine media, the President said administration will host a forum to save the Coral Triangle during the Association of Southeast Asian Nations (Asean) Senior Official's Meeting (SOM) in May this year. The Coral Triangle holds not only the richest source of marine biological diversity, but also directly sustains more than 120 million people living within the area, and supports the livelihood and food security of millions worldwide. Marine experts have warned that unsound practices such as over-fishing and illegal fishing methods, pollution, development and tourism-related activities, and the burgeoning seafood markets have placed the Coral Triangle in peril. The President said the Coral Triangle is a tuna spawning ground that supplies the big demand of top consumer countries such as Japan, China, United States, European Union and Australia. During the high-level plenary session of the World Economic Forum on the role of Asean in an emerging Asia in Davos, Switzerland, the President said the world must be more conscious in protecting the Coral Triangle because it is "the world's epicenter of marine life abundance." Last November, the Philippines proposed the creation of a high-level council composed of leaders from the Southeast Asian nations and states bordered by the Coral Triangle to save it from further ecological degradation. The first formal planning meeting of the Coral Triangle initiative was held in Bali last December. |
| PGMA arrives in Dubai from Switzerland |
|
DUBAI (via PLDT) -- President Gloria Macapagal-Arroyo arrived here at 10
p.m. Saturday (Manila time), two hours ahead of schedule, at the end of a
successful four-day visit to Switzerland highlighted by her participation in
the 2008 World Economic Forum (WEF) in Davos. Speaking to reporters on the eve of her departure from Switzerland, the President described her meetings with the world's business and political leaders as a very beneficial experience, particularly with the current uncertainties roiling the global economy. "This week's global economic uncertainties underscore that business and government leaders around the world must all collaborate more closely. Once again, being in Davos with world business, economic and political leaders at this critical juncture has been a very helpful experience," she said. In her meetings in Davos, the President underscored the good news that investors are now taking note of investment potentials in the Philippines which has achieved 27 consecutive quarters of economic growth, topped off by over 7 percent growth in 2007. "Our stock market is up, seven million jobs have been created in seven years, and our currency is one of the strongest in Asia. Investments are surging and many new companies are investing in us -- we are one of the best values in Asia right now," she pointed out. The Philippines’ booming economy, the President said, would help cushion the effect of any economic uncertainty and raise more opportunities that would help close the income inequality in the country. "I am cautiously optimistic that we have worked to manage our economy so that we weather any storm in the near term and am bullish about our long term economic prognosis," the President said. The President’s visit here is an extension of her Davos trip to bring in more investments to the Philippines. |
| Statement of Secretary Ignacio R. Bunye: WEF, Dubai wrap up |
|
The Philippine economy benefits significantly from the active role our
nation and our people play in the global economy. In addition, our security
interests are well-served by the engagement we have with governments in our
region and around the world during the World Economic Forum sessions and in
informal dialogues outside those meetings. The investment made by the President's participation in the World Economic Forum will deliver benefits in terms of new trade and investment opportunities, increased development assistance and increased role for our country in international economic and political affairs and that is also why she is in Dubai meeting with government and business leaders and our overseas Filipino workers (OFWs). Global engagement is a fact of life for the Philippines and our goal is to make certain we maximize the benefits of that process. |
| Speech of President Gloria Macapagal-Arroyo before Dubai business leaders |
|
*I WANT TO THANK EACH OF YOU FOR TAKING TIME OUT OF YOUR
VERY BUSY SCHEDULES TO JOIN US. * AN AGGRESSIVE FOREIGN POLICY IS ESSENTIAL TO THE LIFEBLOOD OF THE PHILIPPINES. I AM HERE TO MEET WITH INVESTORS WHO HAVE EXPRESSED WILLINGNESS IN INVESTING IN THE PHILIPPINES. *THIS WEEK’S GLOBAL ECONOMIC UNCERTAINTIES UNDERSCORE THAT BUSINESS AND GOVERNMENT LEADERS AROUND THE WORLD MUST ALL COLLABORATE MORE CLOSELY. BEING IN DUBAI WITH THE BUSINESS, ECONOMIC AND POLITICAL LEADERS AT THIS CRITICAL JUNCTURE IS VERY HELPFUL, GIVEN YOUR RAPID RISE IN THE WORLD OF FINANCE AND ECONOMICS. * YOUR SKYSCRAPERS AND GLEAMING OFFICE BLOCKS ATTEST THAT YOUR DEVELOPMENT HAS BEEN WELL MANAGED, DEMONSTRATING THAT THE WEALTH OF A NATION, IF WELL HANDLED AND CHANNELED CAN CHANGE LANDSCAPES FOR BEST. * THE WORLD’S TALLEST BUILDINGS, THE WORLD’S LARGEST MAN-MADE ISLANDS, THE WORLD’S MOST LUXURIOUS HOTELS, SHOPPING MALLS AND ‘THE WORLD’ ARE BUT A FEW OF THESE AS EXAMPLES. * EMIRATES IS FEARLESS OF THE GLOBAL ECONOMY. * FURTHER ECONOMIC INTEGRATION AMONG ASIAN NATIONS IS IMPERATIVE IF WE, AS A REGION, ARE TO TAKE ADVANTAGE OF THE |
