| PGMA to keynote 11th Credit Suisse Asian Investment Conference in Hong Kong |
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President Gloria Macapagal-Arroyo is set to regale investors from
Asia-Pacific including Australia and Japan about the Philippines as a valued
investors’ destination when she flies to Hong Kong on Sunday to address the
11th Credit Suisse Asian Investment Conference (AIC) which will run from
March 31 to April 3. The AIC recently unveiled its “strong lineup of speakers to celebrate a decade of the Asian Investment Conference” and identified President Arroyo as one of three keynote speakers to the investment forum. The future of the US dollar will be the focus of the discussion. President Arroyo shall also talk about the “emerging opportunities for investors and the measures being taken by the Philippines to attract more inward investment,” according to the AIC which revealed that the keynote speakers confirmed to address the conference are President Arroyo; Jesse Wang Jianxi, Executive Vice President and Chief Risk Officer, China Investment Corporation; and Steve Hanke, Professor of Applied Economics of John Hopkins University. "This is our 11th year of hosting the Asian Investment Conference. To reflect this special milestone, we have put together an excellent lineup of keynote speakers, all of whom are experts in their field. Together, they represent the majority of industries and markets that are the focus of the investing community today," said Kai Nargolwala, chief executive officer of Credit Suisse, Asia-Pacific. “Key policy and decision makers from China, the Philippines and Vietnam will speak at the region's premier private sector investment event, joining an expected 1,500 investors and almost 300 of the leading companies in the Asia-Pacific region,” added the AIC. The 2008 Credit Suisse AIC will be held at the Island Shangri-La Hotel and the Conrad International Hotel in Hong Kong. President Arroyo’s speech will be delivered on Day One, Monday, March 31, which will be kicked off by a debate on the future of the US dollar. “The currency experts will then be followed by the second keynote of the day, delivered by Her Excellency the President of the Philippines, Gloria Macapagal-Arroyo, who will speak on the emerging opportunities for investors and the measures being taken by the Philippines to attract more inward investment.” “As usual, the AIC will feature a range of its popular panel sessions, this year focusing on the outlook for China property, the resurgent Philippine economy, Vietnam's much-anticipated privatization pipeline, as well as a host of panels examining ‘green’ industries, such as water, solar and biofuels,” added the AIC. AIC sponsor Credit Suisse is one of the world's leading banks, providing its clients with private banking, investment banking and asset management services worldwide; and offering advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Active in over 50 countries and employs approximately 48,000 people, Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. “In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services,” revealed the AIC. |
| Reception with Filipino community to kick off PGMA’s three-day working visit to Hong Kong |
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HONG KONG SPECIAL ADMINISTRATIVE REGION (via PLDT) – President Gloria
Macapagal-Arroyo will kick off her three-day working visit here from March
30 (Sunday) to April 1 (Tuesday) with an evening cocktail reception for Hong
Kong’s Filipino community during which new administration programs designed
to benefit overseas Filipino workers (OFWs) will be launched formally. The reception -- which President Arroyo will host at the Tiffin Lounge of the Grand Hyatt Hotel where she will be staying with First Gentleman Atty. Jose Miguel Arroyo – will feature a presentation by the Development Bank of the Philippines (DBP) about its Peso Hedging Program, and by the Land Bank of the Philippines (LBP) about its “i-Net Negosyo” program and OFW Cash Card. The DBP’s Peso Hedging Program consists of the “Peso Insurance” and “Peso Protect,” where “OFWs will have the opportunity to mitigate the effects of the Philippine peso appreciation vis-à-vis their US dollar remittances or the equivalent in US dollars,” according to the DBP. Peso Insurance is “an agreement where the OFWs can sell their US dollars at prevailing exchange rate on maturity or at the selected protection rate if the peso appreciates and the OFW pays an insurance fee.” On the other hand, Peso Protect is “an agreement whereby the exchange rate (forward rate) at which OFWs will sell their US dollars in the future is already determined beforehand, and the OFW pays no fee but has to place a hold-out deposit refundable after the delivery of the contract amount to the DBP.” The DBP also has an “i-Net Negosyo” program which is a “loan facility offered to eligible OFWs for the setting up of a mini ‘internet station’ via SMART wireless broadband or other telecom internet service provider offering similar packages.” Meanwhile, the LBP has its “affordable” Long-Term Negotiable Certificate of Deposit (LTNCD) “requiring a minimum investment of only P20,000 while having a high-yielding interest compared to other existing savings or time deposits.” The LBP also has its OFW Cash Card which it dubs as a “safe, convenient, fast and affordable way that the OFWs can send their remittances to the Philippines.” The President’s first working day here following her party’s arrival at 5 p.m. Sunday at the Hong Kong International Airport will be capped by her having coffee with the “GMA Pa Rin” group at the presidential suite. |
| Departure Statement of President Gloria Macapagal-Arroyo on her working visit to Hong Kong (March 30, 2008) |
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Our trip to Hong Kong is dedicated to meeting with our strong OFW contingent
in Hong Kong and to meet with business leaders to encourage them to continue
to make strong investments in the Philippines. At a time when the Philippine economy is at its strongest in over 30 years, it is imperative that we stay focused on continuing to strengthen our economy through aggressive outreach to investors and to enhance our cooperation with governments in the region like Hong Kong. As a result of our economic program in the Philippines, we have diversified our economy, built up our foreign reserves, stimulated a surge of foreign investment and made heavy government investments in human and physical infrastructure. We have done all this while having the strongest balance sheet in a generation, including being on the verge of a balanced budget. One central component of our economic plan has been steady and consistent investment by my government in strengthening our regional political and economic engagement. Taken together, all of these efforts – our economic plan at home and our foreign engagement abroad – have helped prepare us for the global economic forces that are affecting the Philippines today. We are speaking about global forces outside our control that includes a major economic slowdown in North America, a historic spike in the price of oil and a near crippling spike in the price of rice. Our trip to Hong Kong is another action we are taking to continue to bolster our economy through more investments and to confer with vital business and government leaders on cooperative steps we can take to cushion ourselves in Asia against these global issues. We are also taking the opportunity to meet with our precious OFWs and introduce a series of programs we are taking to mitigate the strengthening of the peso against the dollar. The fact that I have been asked to deliver the keynote address at the Asia Investment Conference in Hong Kong to over a thousand investors and fund managers underscores the interest the outside world has in the growing stability and economic fortunes of the Philippines. I am proud to once again carry the banner of our nation and lead the charge for even more investments in our great nation. |
| PGMA's HK trip to attract "strong investments in RP" |
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HONG KONG (via PLDT) – When President Gloria Macapagal-Arroyo
flies over here this afternoon (Sunday, March 30) to start her three-day
working visit, she will be showcasing the Philippines as a valued investors’
destination in the Asia-Pacific region. This she will accomplish via her speech before the much-awaited annual Asian Investment Conference (AIC) of Switzerland’s Credit Suisse, and her meetings, some of them one-on-one, with Hong Kong business leaders. In her departure statement as she left Manila for Hong Kong today, the President said: “Our trip to Hong Kong is dedicated to meeting with our strong OFW contingent in Hong Kong and to meet with business leaders to encourage them to continue to make strong investments in the Philippines.” “Our trip to Hong Kong is another action we are taking to continue to bolster our economy through more investments and to confer with vital business and government leaders…” the President added. Among the business leaders President Arroyo will be meeting here is Sir Gordon Wu of Hopewell Holdings, “one of the premier group(s) of companies in Hong Kong with diverse business interests spread across property investment and development, highway infrastructure, hotel and hospitality, and construction businesses.” It may be recalled that at the start of the year, the President had ordered a “construction surge,” to counter the possible ill effects of global economic downtrend, particularly the slowing down of the United States economy, on RP’s economy. Hopewell, for itself, “pioneered the Build-Operate-Transfer (BOT) concept in the China Hotel project in the PRC (Peoples Republic of China), a method of operating joint ventures with local authorities.” The Hopewell website says the said five-star 1,200-room China Hotel in Guangzhou was then the largest and most modern hotel in the PRC when Hopewell built it 24 years ago in 1984. Listed in the HK Stock Exchange in 1972, the now 36-year-old Hopewell Group has completed three projects in the Philippines, namely, the Navotas I 3x70 or 210-megawatt (MW) turbine power station; the 110-MW power station in 1993; and the Pagbilao 2x367.5 MW power station, the Philippines’ largest coal-fired power plant which commenced operation in 1996. The meeting with the Hopewell Group headed by Sir Gordon Wu will also be attended by other Philippine officials led by Trade and Industry Secretary Peter Favila, Press Secretary and Presidential Spokesperson Ignacio R. Bunye and Bases Conversion and Development Authority (BCDA) head Narciso Abaya, among others. Wu, an engineering graduate of Princeton University, was named ‘International CEO of the Year’ by George Washington University in 1996, among his other international awards and recognitions. |
| PGMA looks forward to meeting with HK OFWs |
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HONG KONG (via PLDT) -- President Gloria Macapagal-Arroyo
awaits with eager anticipation her meeting with what she described as the
“precious” overseas Filipino workers (OFW) here numbering some 123,545. Overseas Filipino workers (OFW) in this special administrative region (SAR) of China are first on the must-meet list of the President during her three-day working visit that starts today (Sunday, March 30). “Our trip to Hong Kong is dedicated to meeting with our strong OFW contingent in Hong Kong,” the President said in her departure statement in Manila. “We are… taking the opportunity to meet with our precious OFWs and introduce a series of programs… to mitigate (the effects of) the strengthening of the peso against the dollar,” the President said. Her first engagement here is a meeting with the HK-based OFWs at the Grand Hyatt Hotel at 7 tonight. To be unveiled by the President to the HK-based OFWs are four bank programs aimed at providing the OFWs and their beneficiaries secure, fast and reliable remittance and savings programs, as follows: The OFW Hedging Program (Peso Insurance and Peso Protect) and i-Net Negosyo Program of the Development Bank of the Philippines (DBP); and the Long-Term Negotiable Certificate of Deposit (LTNCD) and OFW Cash Card of the Land Bank of the Philippines (LBP). As of yearend 2007, some 123,545 Filipinos worked as household service workers (HSW) here, down from the 2001 peak of 155,485. It may be recalled that the President has been trying to stem the brain drain in the country by inviting billion-dollar international business locators to the Philippines so Filipino workers could work at home and be nearer their families instead of going abroad to look for jobs. Filipino HSWs first entered HK in the late 1970’s and early 1980’s. In comparison with other labor-importing countries, particularly in Asia and the Middle East, the HK-SAR has a “generally favorable working environment.” Unlike Filipino workers in some other countries abroad, OFWs in HK are covered by the Hong Kong Employment Ordinance which grants foreign hires the same rights as local workers. The monthly salary of foreign domestic helpers (FDH) here is HK$3,480 or higher. The amount is lower than the former minimum wage for FDHs of HK$3,670 which the HK government lowered to HK$3,270 in 2003 when this former British colony reeled from an economic downturn compounded by the SARS epidemic. Also in 2003, HK had announced the imposition of HK$400 levy on all FDH employers for a re-training program for unskilled local workers. The Philippine Consulate, together with several FDHs and concerned groups, had pushed for a judicial review of the HK policy but the HK Court of First Instance (CFI) dismissed the argument that the levy and the lowered FDH wages were related. The group appealed the decision, but lost in the HK CFI. There are also a “notable number of Filipino professionals in HK,” according to the Philippine Consulate which identified the “significant minority” of HK-based Filipino professionals as “architects and civil engineers, some of them involved in more prominent buildings and construction projects in HK; information technology professionals; and professionals in accounting, law and finance.” Many of the professionals have grouped themselves into organizations such as the Builders, HK Musicians’ Union, Philippine Association of HK, and the Bankers Club. |
| PGMA faces busiest day in HK tomorrow |
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HONG KONG (via PLDT) – Her keynote address at the 11th
Asian Investment Conference (AIC), two separate interviews by leading
writers of International Herald Tribune and Reuters, and the High Tea
Roundtable with Fund Managers will highlight the second day of President
Gloria Macapagal-Arroyo’s three-day working visit here Monday, March 31. At 11 a.m. tomorrow, Don Greenless, a top writer of International Herald Tribune, will conduct a one-on-one interview with the President on various domestic and international issues. This shall be followed by another no-holds-barred interview with the President by Umesh Desai, chief correspondent for Asia, Fixed Income, of Reuters. Both interviews will be held at the Presidential Suite of Grand Hyatt Hotel where the President and First Gentleman Jose Miguel Arroyo are staying. After her Credit Suisse luncheon keynote speech at the 11th AIC to be held at Main Ballroom of Conrad International Hotel with question-and- answer portion, the courtesy call by the Congep Group, headed by Willie Tan, chair and CEO, Luen Thai Private Group of Companies, shall follow at 3:30 p.m. at the Presidential Suite. At 5 p.m., the President’s High Tea Roundtable with Fund Managers will be held at Grand Hyatt where she is expected to offer the Philippines as the best investment destination in Southeast Asia today. |
| PGMA off to HK to keynote investment conference, meet with OFWs |
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President Gloria Macapagal-Arroyo brings with her the
best of what the Filipino and the Philippines can offer when she addresses
the 11th Credit Suisse Asian Investment Conference (AIC) in Hong Kong from
March 30 (Sunday) to April 1 (Tuesday). The President is expected to make a strong pitch for the country as a valued investors’ destination in the Asia-Pacific region to some 1,500 investors from all over the world, including representatives of the top 300 companies in the region. In her departure statement this afternoon, the President stressed that “it is imperative that we stay focused on continuing to strengthen our economy through aggressive outreach to investors and to enhance our cooperation with governments in the region like Hong Kong at a time when the Philippine economy is at its strongest in over 30 years.” “As a result of our economic program in the Philippines, we have diversified our economy, built up our foreign reserves, stimulated a surge of foreign investment and made heavy government investments in human and physical infrastructure. We have done all this while having the strongest balance sheet in a generation, including being on the verge of a balanced budget,” the President added. In an interview before boarding the Philippine Airlines (PAL) commercial flight for Hong Kong, Press Secretary and Presidential Spokesman Ignacio R. Bunye said the President will present to the world business leaders the Philippines as the “best value for foreign investments” in the region. Aside from keynoting the AIC, the President will also meet with the Filipino community in the former Crown Colony, and walk them through several programs designed to protect their remittances from the harsh effects of fluctuating exchange rate and the strengthening peso. A representative of the Development Bank of the Philippines (DBP) will discuss its Peso Hedging Program, while the Land Bank of the Philippines (LBP) will present its “i-Net Negosyo” program and OFW Cash Card. The DBP said its Peso Hedging Program, which consists of the “Peso Insurance” and “Peso Protect,” will give “OFWs the opportunity to mitigate the effects of the Philippine peso appreciation vis-à-vis their US dollar remittances or the equivalent in US dollars.” Peso Insurance is “an agreement where the OFWs can sell their US dollars at prevailing exchange rate on maturity or at the selected protection rate if the peso appreciates and the OFW pays an insurance fee,” DBP explained. On the other hand, Peso Protect is “an agreement whereby the exchange rate (forward rate) at which OFWs will sell their US dollars in the future is already determined beforehand, and the OFW pays no fee but has to place a hold-out deposit refundable after the delivery of the contract amount to the DBP.” The DBP also has an “i-Net Negosyo” program which is a “loan facility offered to eligible OFWs for the setting up of a mini ‘internet station’ via SMART wireless broadband or other telecom internet service provider offering similar packages.” Joining the President on her trip is First Gentleman Jose Miguel Arroyo, Trade Secretary Peter Favila, Finance Secretary Margarito Teves and other government officials. |
| PGMA begins her 3-day working visit to HK, RP's top third export market |
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HONG KONG (via PLDT) – President Gloria Macapagal-Arroyo
arrived at 5 p.m. today for a three-day working visit to this Special
Administrative Region (SAR) of China which has become the Philippines’ third
top export market. Among the highlights of her visit here will be her keynote address at the 11th Asian Investment Conference (AIC), interviews by leading writers of Reuters and International Herald Tribune, and High Tea Roundtable with Fund Managers tomorrow (Monday). Hong Kong, with its estimated Gross Domestic Product (GDP) per capita of US$28,400-US$28,700 in 2007, is a potentially huge market for food and other consumer items from the Philippines . From January to September 2007 alone, Hong Kong bought US$4.324 billion worth of Philippine products. During the same period, Hong Kong ranked as the country’s top fourth trading partner, with total trade reaching US$5.9 billion. “Due to the strong performance of exports during the first nine months of 2007, the Philippines recorded a surplus of US$2.8 billion,” according to the Philippine Consulate in HK. In 2006, HK was the Philippines’ fifth top export market, next only to its mother country, the People’s Republic of China (PROC), which was then RP’s fourth top export market. In that year, HK bought US$3.7 billion in Philippine products. The amount made up 7.82 percent of RP’s total export receipts during that period. Semiconductors worth US$2.8 billion dominated RP exports to HK in 2006, comprising 75.12 percent. Other top performers were gold bullion (US$165 million); parts and accessories of data processing machines (US$118 million); radio receiver parts and accessories (US$70 million); and storage units (US$52 million). Trade balance with HK from 2002 to 2006 “was in the Philippines’ favor, with average annual surpluses amounting to US$1.33 billion,” added the RP Consulate here. |
| PGMA gets warm welcome from Filipino community in HK |
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HONG KONG (via PLDT) -- The Filipino community here
composed mostly of some 123,545 household service workers gave President
Gloria Macapagal-Arroyo a warm welcome this evening during the presentation
by the Development Bank of the Philippines (DBP) and the Land Bank of the
Philippines (LBP) of their two new products each aimed at providing OFWs and
their beneficiaries reliable savings program to soften the effect of the
strong peso and the global economic downtrend. The President, accompanied by First Gentleman Jose Miguel T. Arroyo, arrived here late this afternoon aboard a commercial Philippine Airlines (PAL) flight 306 to address tomorrow the 11th Asian Investment Conference 2008, a private investment sector event organized by Credit Suisse, a leading global financial services company based in Zurich. Right from the Hong Kong International Airport, the President and party went directly to the Tiffin Lounge of the Grand Hyatt Hotel, where she will be staying during her three-day working visit here, for a reception with Filipino community in this Special Administrative Region of China for the formal launch of OFW Savings Instruments of the two government-owned banks. During the evening reception, she unveiled the two new products of the DBP, namely: the OFW Hedging Program and the i-Net Negosyo Program; and two new offerings of the LBP, namely the Long Term Negotiable Certificate of Deposit or LTNCD and the OFW Cash Card. The DBP’s OFW Hedging Program is designed to protect OFWs from foreign exchange volatility. Here, OFWs can soften the effect of the Philippine peso appreciation vis-à-vis their US dollar remittances. The DBP offers two products under its Hedging Program: the Peso Insurance and Peso Protect. The Peso Insurance is an agreement where the OFWs can sell their US dollars at prevailing exchange rate on maturity or at the selected protection rate if the peso appreciates and the OFWs pay an insurance fee. On the other hand, the Peso Protect is an agreement whereby the exchange rate or forward rate at which OFWs will sell their US dollars in the future is already determined beforehand and OFWs pay no fee but they have to place a hold-out deposit refundable after delivery of contract amount to DBP. The second DBP product to be unveiled is the i-Net Negosyo Program to provide livelihood opportunities for the families of OFWs in the Philippines. This loan facility is offered to eligible OFWs for the setting up of a mini Internet Station via SMART Wireless Broadband or other telecom internet service providers offering similar packages. The DBP-SMART OFW i-Net Negosyo Program has P1 billion fund allocation to eligible borrowers. Land Bank of the Philippines, on the other hand, launched its two new products exclusively for OFWs to wit: the Long Term Negotiable Certificate of Deposit where an OFW can invest as low as P20,000 while having a high-yielding interest compared to other existing savings or time deposits; and the OFW Cash Card, developed by Land Bank in collaboration with Smart Communications where overseas Filipino workers can send their remittances to the Philippines, the safe, convenient, fast and affordable way. It is a debit card that can be linked to a Smart mobile phone and likened to an ATM card that can transact in any of the 7,000 Expressnet, Megalink or Bancnet ATMs nationwide. Unlike an ordinary ATM card, it does not require the opening of a deposit or maintaining daily balances. |
| PGMA orders OWWA to set up 'OWWA Tambayan' for OFWs in Hong Kong |
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HONG KONG (via PLDT) – President Gloria Macapagal-Arroyo ordered today the
Overseas Workers Welfare Administration (OWWA) to set up an “OWWA Tambayan”
here where Hong Kong-based overseas Filipino workers (OFWs) could converge
on their days off from work. Filipino workers here, particularly the domestic workers who comprise the bulk of OFWs in this former British colony, usually converge in public parks on Sundays. The President ordered the setting up of the OWWA center cum “tambayan” when she had coffee last night (Sunday, March 30) with officers of five HK-based OFW organizations at the Grand Hyatt Hotel here. The President’s directive was warmly welcomed by the OFWs in this former British crown colony. The Chief Executive, who had just addressed a gathering of the members of the Hong Kong Filipino community at the hotel’s Tiffin Lounge, directed Acting Labor Secretary Marianito Roque to up the said tambayan “as soon as you locate a place.” She also urged the OFWs to sell Filipino products in the soon-to-rise OWWA center, and even become franchise holders of the “Tindahang Pinoy.” The Tindahang Pinoy is a new entrepreneurship program of the Department of Trade and Industry (DTI) to propagate native Philippine products. Thanking the Filipinos here for their continued support, the President also granted their request for the government to set up OFW Affairs Desks in local government units (LGUs) in the Philippines, “especially in areas with substantial OFW deployment.” Also approved was the request of the OFWs for the setting up of OFW wards in government hospitals which the President said could start with the Philippine General Hospital (PGH). Also during the coffee with the President were Foreign Affairs Secretary Alberto Romulo, Press Secretary Ignacio R. Bunye, Philippine Ambassador to China Sonia Cataumber-Brady, RP Consul-General to HK Alejandrino Vicente, and Eastern Samar Governor Ben Evardone, secretary-general of the Union of Local Authorities of the Philippines (ULAP). The OFWs represented in the coffee with the President came from the ranks of the “PGMA Pa Rin,” also known as GMPA for “Galing Manggagawa Pinoy Abroad,” WoMed HK, Federation of Visayas Associations in HK, Black Panther Consolidated – HK, and the World Organizers of Martial Arts–HK. |
| PGMA launches 4 banking assistance programs for benefit of OFWs in HK |
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HONG KONG (via PLDT) – President Gloria Macapagal-Arroyo was literally
mobbed last night by members of the Filipino community (Filcom) here when
she graced the formal launching of four government bank programs to help
alleviate the lives of overseas Filipino workers (OFWs) and their families
back home. Dressed in a cream dress suit, the President needed almost 10 minutes to traverse the Tiffin Lounge of the Grand Hyatt Hotel where the cocktail reception for the Filipino community was held from 7:30 p.m. to 8:30 p.m. Sunday (March 30). The presidential welcome march had to be played seven times before she finally managed to reach the stage despite efforts by the members of the Presidential Security Group (PSG) to clear the way for her. The President, who was accompanied to the reception by First Gentleman Jose Miguel Arroyo, acquiesced to the requests of her countrymen for photo-opportunities with her as she inched her way to the stage. It was the same story when she left the event an hour later – the presidential march had to be repeated four times as the OFWs again surged to press flesh with her. In contrast, small groups of professional demonstrators were making noise in front of the Philippine Consulate and near the Grand Hyatt Hotel with their rehearsed anti-government chants. In her speech, the President thanked the members of the Filcom for coming to the reception, and congratulated them for being the country’s goodwill ambassadors to HK. “Nagagalak akong makasama kayong muli. Ang Linggo ang karaniwang araw ng pahinga, kaya sa pagdalo ninyo sa gabing ito, maraming salamat sa inyong lahat,” she said, adding that “nowhere is foreign policy more important than in protecting and advancing the interests of our overseas workers.” “Kayo ang napaka-importanteng layunin ng ating foreign policy (applause),” the President pointed out, citing the release of a Filipino seaman who languished in a Bangladesh jail for 14 years as the latest foreign-policy accomplishment of her administration. The seaman was released upon the intercession of the Department of Foreign Affairs (DFA) which also worked with other concerned Philippine government agencies for the release of 700 other Filipinos who have been imprisoned in Saudi Arabia jails. The President also said that because her administration’s intercession, some 150 OFWs are also “being freed from Middle East jails.” As for the HK-based OFWs, the President said “sandaan dalawampung libo kayong Pilipinong naninirahan at nagtatrabaho dito. Saludo sa inyo ang lahat na tagarito. Congratulations.” “Dapat naman. Hindi matatawaran ang sipag at kalidad ng inyong trabaho, gayon din ang mabuting asal at katapatan ninyo sa tungkulin,” President Arroyo added, pointing out that aside from the Philippine Ambassador to China who is based in far-away Beijing, “120,000 bagong ambassadors kayo, ang mga Embahador ng Pilipinas sa Hong Kong. “Hindi lamang ito, kundi lalong matimbang kayo sa ating bansa. Ipinagdarangal at binibigyan ng halaga ang inyong sakripisyo at katapatan sa inyong trabaho, sa inyong mga pamilya, at sa ating bansa,” she said. |
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PGMA's
Speech during the
Formal Launch of OFW Savings Instruments of DBP and LBP at the reception
with the Filipino Community in Hong Kong Tiffin Lounge, Grand Hyatt Hotel, Hong Kong SAR March 30, 2008 |
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Maraming salamat. Maraming salamat, Secretary Romulo, sa iyong pagpakilala sa akin. At binabati natin ang ibang mga Cabinet members at national government officials na narito ngayon sa ating business mission; binabati ko rin ang ating mga elected officials na narito sa pamumuno ni Deputy Speaker Girlie Villarosa ng Mindoro Occidental; binabati ko ang ating mga official na Pilipino na nandito sa Hong Kong at saka sa China sa pamumuno ni Ambassador Brady at saka ni Consul General Vicente; at binabati ko rin si Jojo, thank you; at kayong lahat na mga Pilipinong narito, magandang gabi sa inyong lahat. Ako ay nagagalak na makasama kayong muli. Linggo ang karaniwang araw ng pagpapahinga, pero nandito kayo ngayong gabi kaya maraming-maraming salamat sa inyong lahat. At narito si Secretary Romulo at saka si Ambassador Brady mula pa sa Beijing dahil nowhere is foreign policy more important than in protecting and advancing the interests of our overseas workers -- kayo ang napaka-importanteng layunin ng ating foreign policy. Eh doon nga sa mas malayong lugar kay sa Hong Kong -- Bert I'd like to congratulate you all. The DFA recently reported a seaman released after 14 years in a Bangladeshi jail. At kung naalala ninyo noong ako ay nagpunta sa Saudi Arabia napalaya natin ang 700 na mga bilanggo. Ngayon meron namang 150 being freed from Middle East jails. At napaka-importante yun doon sa Middle East dahil dalawang milyon ang Pilipino doon. Pero dito sa Hong Kong, popular na popular din ang Hong Kong bilang destination ng OFWs. Kayo ay 120,000 na Pilipinong nakatira at nagtatrabaho dito, at saludo sa inyong lahat ang lahat ng mga tagarito sa Hong Kong. Congratulations! Dapat naman, hindi matatawaran ang inyong sipag at ang inyong kalidad ng trabaho, yung inyong mabuting asal, yung inyong katapatan sa tungkulin. Kaya bagama't si Sonia Brady ay malayo, nandoon sa Beijing, meron tayong 120,000 Philippine ambassadors here in Hong Kong -- kayo na nga ang ating overseas Filipino. At hindi lamang ito, mas lalong matimbang kayo sa ating bansang Pilipinas. Ikinararangal at binibigyan ng halaga ang inyong sakripisyo at katapatan sa inyong trabaho, sa inyong pamilya, at sa ating bansa. Kanina sabi ni Consul General, kumokonti na raw yung mga nag-e-emigrate mula sa Southern Europe pero kung titingnan natin yung Portugal, medyo mayaman-yaman na rin, 10 percent pa rin ng population nila ay Overseas Portuguese Workers kagaya ng Pilipinas, 10 percent. Doon sa New Zealand, mayaman siya pero 25 percent ng New Zealand population ay nasa overseas din. Ang kaibahan ng New Zealand, bagama't yung kanyang mga yuppie ay nagtatrabaho sa ibang bansa, pinapadalhan pa rin ng pera ng mom and pop iyong anak na nasa ibang bansa. Ang mga Pilipino, kayo ang nagpapadala sa inyong pamilya ng inyong tulong, hindi the other way around, kaya nagtutulong kayo sa pamilya ninyo, tumutulong kayo sa ating bansa. Maraming salamat sa inyong lahat. Ngunit hinahangad natin ang araw, gaya nang sabi ni Consul General na sana hindi na kailangang mangibang-bansa pa ang isang masipag na Pilipino upang makahanap ng desenteng trabaho. We're working for a strong and growing economy to pave the day when Filipinos no longer need to go abroad for a job, and being an overseas worker is just another career option, not the only choice one has to earn a living. A strong and growing economy is the central pillar that we have labored to create to help guarantee peace, order and stability in our country. And it is paying off: 2007 ang pinakamagandang taon para sa ekonomiya ng Pilipinas sa mahigit tatlumpung taon. Kaya lamang pag malakas ang ekonomiya ay malakas din ang piso. Kaya lang hindi rin kaila, talagang hindi kaila, na nakabawas ang paglakas ng piso sa panggastos ng mga pamilyang OFW. Kaya lang naman, nakinabang din ang 80 milyong Pilipino dahil hindi gaanong tumama sa kanila ang buong presyo ng pagtaas ng langis sa mundo. Kasi kung 55 pesos kada dollar ang palitan, gaya noong araw, mas mataas pa sana nang five pesos bawat litro ng presyo ng gasolina at diesel. Nabawasan din ang dolyar na utang ng gobyerno at mga korporasyon, kaya mas nailalaan natin sa budget ang mga proyektong pangmasa. Bumaba rin ang singil sa pautang ng bansa, kaya mas mababa pa rin ang interest sa pabahay at pahiram sa negosyo, six percent na lamang yung Pag-Ibig. Ngayon lang nangyari yun, dahil yun sa malakas na piso. Kung hindi lumakas ang piso, mas malala pa sana ang pagtaas ng presyo sa bansa. Ganunpaman, upang hindi maging lubhang mabigat ang paglakas ng piso sa mga OFW, nakita ninyo kaninang hapon ang mga masigasig na pagkilos ng ating administrasyon. Inatasan natin ang mga institusyong pinansiyal ng gobyerno na lumikha ng mga paraan upang lubos-lubusin ang pakinabang ng OFW sa inyong kinikita. Kung naalala ninyo noong Enero, hindi ba pumunta dito si Bise Presidente Noli de Castro para ilunsad yung programa sa hedging ng Development Bank of the Philippines. Kasama niya noon si Mike Arroyo, ang aking asawa. He was here at that time. Kaya ito ay para proteksiyunan ang halaga ng kinikita ninyo. Sa programang hedging, you can already decide, gaya nang sabi ni Jojo, what exchange rate you can change your U.S. dollars for your pesos in the future. Or you can get some insurance and have the option to sell your dollars for pesos in the future either at a certain protected rate or at the prevailing market rate, whichever is better for you. Itong DBP Hedging Program -- nandito si President ng DBP. Hindi ba nandiyan si Rey David, nakita ko. Ayun! nagre-raise pa nga... Rey, nabanggit na ba niyo kanina yung incentive to the first 100 OFWs? Ang DBP ay magbibigay ng incentive sa unang 100 OFWs na kukuha ng peso insurance. Bibigyan ng 50 percent discount sa insurance fee ng remittance. Basta lang hindi kayo lalampas ng HK$30,000 bawat buwan. Samantala, mayroon naman, binanggit na ni Consul General Vicente yung i-Net Negosyo Program ng DBP para maka-asenso, makapag-negosyo ang inyong mga pamilya sa Pilipinas. Mayroon isang bilyong pautang ang DBP para magtayo ng mga munting istasyon ng internet ang mga OFWs. Atin ding inilunsad ang mga programa ng Bangko Sentral, nandiyan ang ating Central Bank of the Philippines Governor, si Say Tetangco. Alam ninyo si Say, hindi iyan pwedeng mautusan kasi independent yan sa national government, pero nandito siya kasi itinuturo niya iyong Financial Literacy Program sa mga OFWs. At nandito yung mga stock exchange para kayo ay mag-invest sa stock exchange. Mas mabuti yun kaysa doon sa mga pyramid. Yung stock exchange nakikita ninyo minu-minuto kung ano ang presyo ng inyong stock. Itong mga ito ay para magbigay ng kaalaman sa pera at mamuhunan ang mga OFWs para sa inyong mga pamilya. Kasi hangad natin na bigyan ang mga OFWs ng pagkakataon hindi lang para maging overseas Filipino workers, hindi lang para maging ambassador to Hong Kong, kung hindi maging Overseas Filipino Investors o OFI. Isa pang programa ay yung Tindahang Pinoy. Nung pumasok kayo, meron kayong nakitang booth, iyon ay Tindahang Pinoy para sa gustong magbenta ng mga produktong Pinoy sa mga lugar na pinagtatrabahuhan ng mga OFWs. Pinagsama-sama ng Tindahang Pinoy ang iba’t-ibang produkto na gawa sa atin gaya ng Cornick o Boy Bawang -- gapo diyay amyanan -- broas at iba pang kakanin sa Katimugan, sardinas mula sa Saranggani Bay – ang dami yatang mula sa South Cotabato diyan, magbenta kayo ng sardinas from Saranggani Bay sa Mindanao at dried mango mula sa Cebu. At hindi lang pagkain. Bahagi din dito ang pagsasanay sa negosyo para sa uuwing OFWs, na ipinapatupad ng OWWA, na noong araw ang namumuno ng OWWA ay ang ating bagong Secretary of Labor, si Nitoy Roque. Congratulations, Nitoy! Ang DOLE at ang OWWA ay magbubukas ng call center training program para sa mga OFWs dito sa Hong Kong. Di ba maraming OFWs dito na teachers? Mga teachers na magaling mag-Ingles. Iyong Ingles ninyo, kapag may call center training kayo ay lalong lalaki pa ang kita ninyo pagbalik sa Pilipinas. Ang training cost ay bibigyan ng subsidy ng OWWA sa pamamagitan ng kanilang scholarships for OWWA members bilang paghahanda sa inyong pagbabalik-trabaho sa Pilipinas. Iyong Land Bank yong-Term Negotiable of Deposit naman ay tiyak na ligtas at abot-kaya basta meron kayong 20,000 pesos na minimum. In fact, itong 20,000 pesos mas maliit pa kaysa sa maraming time deposit, mas mataas ang interest for five years or ten years na deposito kaysa sa karaniwang pag-iimpok sa bangko. Tungkol naman sa singil sa padala ng pera, may OFW Cash Card ang Land Bank na madaling gamitin at mas mura ang remittance. At nandiyan si Manny Pangilinan, isang OFW sa Hong Kong, by choice not by necessity. Yung Smart, hindi ba, Manny, yung Smart ay yun din ay electronic remittance? So, yun ang serbisyo ni Manny dahil alam niya ang buhay ng OFW bagamat mayaman na mayaman na OFW si Manny Pangilinan. Anyway, binabati ko ang mga gumagamit ng mga produktong ito. Congratulations to those who have availed of these products. Mahikayat nawa ang iba sa pakinabang ninyo sa mga programa ng gobyerno. Siyanga pala, speaking of remittances, nandito si Congressman Danny Suarez. Mayroon siyang panukalang batas, Reducing the Transaction Cost for Money Remittances from Abroad coursed through the Philippine Banking System and Remittance Centers para makatulong sa ating OFWs. Magbalik tayo sa ekonomiya ng Pilipinas. Malakas ang agos ng investment. We're close to balancing our budget. Pero nung araw, we had to make tough and unpopular decisions to raise revenues and crack down on tax cheats, so that we could invest in our physical infrastructure and in our people. Pero alam natin ang mga problemang humaharap sa ating bansa at kung ano ang inaasahan ng taong- bayan. And we are delivering the economy, education and the environment. Gusto natin na pag-uwi ninyo sa Pilipinas maganda ang uuwian ninyo, na may trabaho kayo hindi lamang dahil sa reintegration program ngunit dahil marami ang oportunidad sa Pilipinas. Kaya maraming salamat sa inyong mga sakripisyo dito sa Hong Kong. Sana pag-uwi ninyo sa Pilipinas, maginhawa ang inyong buhay dahil sa ating pagsisikap na palakasin ang ekonomiya ng ating bansang Pilipinas. Maraming salamat sa inyong lahat. |
| PGMA to Asian investors: 'We will invest most where country will benefit most' |
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HONG KONG (via PLDT)--“We will invest most where the country will benefit
most.” Thus declared President Gloria Macapagal-Arroyo today (Monday, March 31) before participants of the 11th Credit Suisse Asian Investment Conference (AIC) that was held at the main ballroom of the Conrad International Hotel here. Some 300 top fund managers from all over the world converged here for the four-day investment conference, according to former Finance Secretary Lito Camacho, now the vice chairman for Asia-Pacific of Credit Suisse. In her speech entitled, “The Path to Modernization, Investing in the Future,” President Arroyo identified the areas of investment that her administration will focus on until she steps down as President in 2010: “We will invest most where the country will benefit most -- in the economy, education and the environment.” The President added, thus: “… We will fight for the economy, education and the environment. “We will fight to feed the poor, improve job creation and do everything in our power to mitigate the global forces increasing the price of commodities like oil and rice,” the President announced. Saying that foreign investments to the Philippines “have been steady and strong,” the President rattled off the country’s billion-dollar locators – including Texas Instruments, Hanjin, Marubeni and the American AES – which joined the earlier “major investors,” among them Shell and Proctor and Gamble. “We will continue to be increasingly strong in manufacturing, high technology, services across the board from outsourcing to aircraft maintenance, as well as tourism and real estate. “We see many, many opportunities for investors…” the President enthused. And while waiting for new foreign investors, the President said her administration is dedicating her last two years in office to one main objective – “to invest, invest and invest some more in our nation.” The President then pointed to the 2008 national budget that she had just signed as a glimpse into her “sense of priorities.” “… The budget reflects our values and policy priorities for investing in our people. This budget invests in what we call the three ‘E’s,’ the essential building blocks of our nation, namely, the economy, education and the environment. “… Our budget provides a buffer to mitigate the pain of a deteriorating global economy and the accompanying rise in prices which affects food and transportation the most. “It is a budget dedicated to investing in the vital physical and human infrastructure to continue to modernize our nation. Roads, bridges and ports along with education and healthcare build up the foundation of the nation and make us more competitive.” |
| President says Filipinos working abroad not sign of weak economy |
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HONG KONG (via PLDT) – President Gloria Macapagal-Arroyo today stressed that
Filipinos working abroad is not a sign of a weak economy. In the question-and-answer portion that followed her keynote speech before the 11th Credit Suisse Asian Investment Conference (AIC) at the Conrad International Hotel here, the President explained that her administration’s human and infrastructure investments are all meant to “increasingly keep the best and brightest at home.” “Going abroad is not necessarily a sign of a weak economy,” the President said as she expressed her confidence that Filipinos’ working abroad is a sign instead that Filipinos work abroad because of more career opportunities for Filipinos in this global economy, “rather than out of necessity.” The President pointed to New Zealand whose 25 percent of the populace work abroad, and also Portugal where 10 percent are overseas contract workers. Earlier last night (Sunday, March 30) at the reception that President Arroyo tendered for the Filipino community at the Grand Hyatt Hotel, Philippine Consul-General to Hong Kong Alejandrino Vicente lauded the President’s vision to improve the country’s economy to prepare it for the eventual homecoming of overseas Filipino workers (OFWs). Vicente had pointed out that the out-migration phenomenon had actually started in Southern Europe -- particularly in Spain, Portugal, Italy and Greece – in the early 50’s to the 70’s. “Many an Italian, Spaniard, Portuguese and Greek went to Northern Europe to find jobs to be able to feed their families back home. “In the 1980’s, this out-migration trend began to level off as Southern Europe marched towards economic progress brought about in part by the savings and remittances and investments of these countries’ overseas workers. “Economists have noted that migration from Southern Europe declined as the average per capita income began to improve,” added Vicente as he pointed out that this European out-migration experience “should resonate well with us.” |
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PGMA's Speech at the 11th
Credit Suisse Asian Investment Conference Main Ballroom, Conrad International Hotel, Hong Kong March 31, 2008 |
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“THE PATH TO MODERNIZATION, INVESTING IN THE FUTURE” 2007 was the best year for the Philippine economy in over 30 years. Economic growth was 7.3 percent; a million new jobs were created; and foreign investments have been steady and strong. We have been cited by London as the "offshore destination of the year" and by the International Data Corporation as the top global outsourcing destination after India. Our billion-dollar investment club includes Texas Instruments with its new 1.6-billion-dollar wafer fabrication facility under construction and two shipyards of Hanjin, one up and one coming up costing 3.7-billion-dollar total which makes us the fourth biggest shipbuilder in the world. In addition, Marubeni and AES have each invested billions of dollars in our power sector. They have joined the ranks of Shell and Proctor and Gamble, to name but a few of our major investors. We will continue to be increasingly strong in manufacturing, high technology, services across the board from outsourcing to aircraft maintenance, as well as tourism and real estate. We see many, many opportunities for investors; the Philippines is one of the best values in Asia. We hope you all find out why. Just this month, the International Monetary Fund lauded our economic growth, the substantial reduction in our budget deficit, low inflation and the improvement in investor confidence. The IMF executive directors highlighted, in particular, our fine central bank for smoothening foreign exchange fluctuations as the peso touched an eight-year high against the U.S. dollar in recent months. During this same time, the country's foreign exchange reserves reached a record high. 2008 holds real promise for a different reason. Not only do we expect continued strong growth, but as a result of our total economic overhaul, we are well-positioned to weather a global economic slowdown which, unfortunately, will affect all of us. The real story for 2008 is that our macroeconomic fundamentals are stronger than ever due to tough choices we have made on boosting revenues, cracking down on tax cheats, bringing reform to our revenue collection and modernizing our banking and financial sector. We have reformed our budget to be in balance ahead of the medium- term plan schedule of 2010. Last year, our deficit was only P12.4 billion, the lowest in ten years and far below the ceiling of P63 billion. Revenues were up 16 percent from 2006. Seven years ago, no one thought we could do it, but we have. There will be no rest. We are continuing the pace of progress that has succeeded in strengthening our economy. Tax revenues in 2008 aren’t stagnant: they are up 17% over 2007. They will continue to improve with more money for enforcement, modernization and computerization and closing of loopholes. This maturity in our economy has brought with it a new confidence that forms the foundation of sustained economic growth moving forward. We are at a tipping point. I’m confident that the Philippines will tip forward in pursuit of reaching the threshold of first-world nation within a generation. Our strengthened economic fortunes come none too soon, for as we are all very aware, there are clouds on the economic horizon that we must guard against. The global economy is facing significant challenges. The slowing of the economies in North America and Europe is top of mind in our calculations to protect our own economy. To that end, we have developed a program that includes: first, to ensure a surge in investments in people and infrastructure; second, to ensure that we continue to pursue anti-corruption initiatives and to cut red tape; and third, to blunt the global rise in the cost of energy and rice by providing targeted relief to the poorest amongst us who suffer the most from the high global price of energy and food. These global forces are putting more strain on our working poor as prices for commodities like rice and fuel increase. We are a price-sensitive nation. So while our macroeconomics are strong, the benefits are still working their way down more slowly than we want to lift up our citizens who live and work paycheck to paycheck. We need a strong middle class is to become a strong modern nation. Our middle class is made up of the families of the overseas Filipino workers. We are working to mitigate the impact of the movement of the peso on them. We are working to soften the blow from the current global economic challenges to those working hardest to make it into the middle class. The best thing we can do in the short term is provide responsible, targeted relief to those most in need. The political environment will not force us to do anything we do not think is in the best interests of the nation. The economic environment, however, will dictate that we provide a buffer, as much as prudently possible, to the poorest who suffer most from rapidly rising prices. We will continue on the path of reform and economic discipline; the near-term pain will provide long-term gain for our nation. It may not be popular, but it is setting the nation on a new course. Within our existing budget, we will frontload investments to stimulate the economy and we will provide additional funds to help cushion the high price of fuel and food. The best thing we can do for the remainder of my term until I step down in 2010 is to stay focused on further economic reforms while providing peace, order and stability. Most importantly, my last two years will be dedicated to one main objective: to invest, invest and invest some more in our nation. The national budget which I signed a few weeks ago provides a roadmap for realizing our priorities in 2008 and for the remainder of my term. It should provide you with a sense of our priorities. First, the budget reflects our values and policy priorities for investing in our people. This budget invests in what we call the three ‘E’s,’ the essential building blocks of our nation, namely, the economy, education and the environment. Every Filipino wants a good job, food on the table, sound education for their children and a healthy environment with clean air, clean water and clean land. Second, our budget represents another important step in the economic development of the Philippines – namely, fiscal discipline. We have the strongest economy in over thirty years as a result of the tough reforms. We have been able to strike the appropriate balance since coming to office between the competing objectives of spending more on much-needed social programs and public investment and keeping the fiscal deficit low. `Part of the plan includes a march toward a balanced budget for the first time in many years. Lastly, this budget proves once again that members of Congress from both the House and the Senate and all parties can come together to work with the Executive branch to get things done for the nation. Political noise need not interfere with economic progress and reform. Our budget provides a buffer to mitigate the pain of a deteriorating global economy and the accompanying rise in prices which affects food and transportation the most. It is a budget dedicated to investing in the vital physical and human infrastructure to continue to modernize our nation. Roads, bridges and ports along with education and healthcare build up the foundation of the nation and make us more competitive. Let me also address head-on the issue of corruption. It is an issue we take seriously. As an economist, I know that first and foremost, a strong economy is an economy that is transparent and free from corruption. We are freeing ourselves of the shackles of corruption evidenced by our growing economy – which is increasingly free of corruption and inefficiency. Our budget invests more and more to clean up the culture of corruption. It pumps billions of pesos into the country’s investigative arm to weed out corruption. We have called on Congress to pass a comprehensive anti-corruption reform act in 2008. We will hold officials accountable if they are found to be corrupt. For our part, any allegations of wrong doing go straight to the independent Ombudsman. We will let the chips fall where they may as investigations are concluded and friend and foe alike are brought to account for their actions. While we have accomplished much, much more remains to be done. We plan on working hard the next two years until the day our term ends in 2010 to fulfill our Philippine reform agenda. This includes legislative efforts to continue to improve our banking and finance system; to strengthen our tax collections and to continue to broaden our tax payer base; and crack down on corruption and reduce red tape. We will balance needed investments in our people and infrastructure with a prudent eye toward fiscal discipline. We will invest most where the country will benefit most: in the economy, education and the environment. We must and we will press forward with more reforms. We will fight for the economy, education and the environment. We will fight to feed the poor, improve job creation and do everything in our power to mitigate the global forces increasing the price of commodities like oil and rice. Overall, we remain bullish on our economy, optimistic about our future and deeply committed to being a force for good in our nation and in our region. Thank you for your interest in the Philippines and for a strong, united Asia. |
| PGMA: RP’s growing economy increasingly free of corruption, inefficiency |
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HONG KONG (via PLDT) – The Philippines is increasingly
freeing itself of the shackles of corruption and inefficiency as the Arroyo
administration lets the chips fall where they may on friend and foe alike.
Thus declared President Gloria Macapagal-Arroyo here Monday in her keynote speech at the Credit Suisse’ 11th Asian Investment Conference (AIC). The four-day conference, now on its second day, is being held at the Conrad International Hotel here with the world’s top fund managers in attendance. Addressing the issue of corruption head-on, the President stressed that corruption is “an issue that we take seriously.” “As an economist, I know that, first and foremost, a strong economy is an economy that is transparent and free from corruption, she said. “We are freeing ourselves of the shackles of corruption as evidenced by our growing economy – which is increasingly free of corruption and inefficiency,” the President said, adding that the country is breaking off from the seeming stranglehold of corruption. “Our budget invests more and more to clean up the culture of corruption. It pumps billions of pesos into the country’s investigative arm to weed out corruption.” Also, “we have called on Congress to pass a comprehensive anti-corruption Reform Act in 2008,” she said. Saying that her administration “will hold officials accountable if they are found to be corrupt,” President Arroyo stressed that: “For our part, any allegations of wrongdoing go straight to the independent Ombudsman. We will let the chips fall where they may as investigations are concluded and friend and foe alike are brought to account for their actions.” The President added that with funds now available with the 17 percent increase in tax collection, her government will continue to “crack down on corruption and reduce red tape.” “Tax revenues in 2008 aren’t stagnant -- they are up 17 percent over 2007. They will continue to improve with more money for enforcement, modernization and computerization and closing of loopholes,” she told her audience. “Overall, we remain bullish on our economy, optimistic about our future and deeply committed to being a force for good in our nation and in our region,” the President said as she thanked the AIC for its “interest in the Philippines and for a strong, united Asia.” |
| Bunye scores glorification of minority opinion in Neri vs Senate case |
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HONG KONG (Via PLDT/Smart) -- Press Secretary and
Presidential Spokesman Ignacio R. Bunye appealed today to the critics of the
Administration to allow the rule of law to prevail by respecting the
decision of the Supreme Court on the celebrated case of Romulo Neri vs.
Philippine Senate on the issue of executive privilege. Paraphrasing former Supreme Court Chief Justice Hilario Davide, now Philippine permanent representative to the United Nations, Bunye who is also a lawyer said the decision on the Neri case is now part of the law of the land and shall take precedent in deciding cases of the same issue in the future. Voting 9-6, the high court ruled that the Senate committed “grave abuse of discretion’’ in citing for contempt Neri, former director general of the National Economic and Development Authority (NEDA) and nullified the chamber’s to order to arrest him. In an earlier statement, Davide said that under a democratic system of government majority rules and since the voting was 9-6 against the lawmakers-respondents the majority decision and the rule of law must be followed. As to the fourth issue, Bunye said, the Supreme Court agreed with the Office of the Solicitor General that the Senate had not published its rules of procedures and, hence, the hearings the upper house had been conducting were procedurally defective if not outright illegal. Here again, Bunye said the rule of law must be followed because the Constitution expressly provides that the rules of procedures of the Senate must be published in a newspaper of general circulation and not in the website of the Senate. |
| Rice sufficiency for Filipinos on PGMA’s mind |
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HONG KONG (via PLDT) -- The sufficiency of rice on the table
of every Filipino is on the mind of President Gloria Macapagal-Arroyo as she
continues her three-day working visit to this prosperous former British
colony. A net importer of the cereal like the Philippines, Hong Kong buys 80 percent of its rice supply from Vietnam. In her keynote speech at the annual Credit Suisse’ Asian Investment Conference (AIC), the President stressed that the “slowing of the economies in North America and Europe is top of mind in our calculations to protect our own economy.” “To that end,” she said that her government had come up with a three-pronged program which includes “blunt(ing) the global rise in the cost of energy and rice” by “providing targeted relief to the poorest amongst us who suffer the most from the high global price of energy and food.” The President explained that “these global forces are putting more strain on our working poor as prices for commodities like rice and fuel increase.” The Philippines is a “price-sensitive nation,” she said, and while the country’s microeconomics are strong, “the benefits are still working their way down more slowly than we want to lift up our citizens who live and work paycheck to paycheck.” The President told her audience that the best thing we can do in the short term is provide responsible, targeted relief to those most in need.” “The economic environment… will dictate that we provide a buffer, as much as prudently possible, to the poorest who suffer most from rapidly rising prices,” she added, as she pointed out that “the political environment will not force us to do anything we do not think is in the best interests of the nation.” “Within our existing budget, we will frontload investments to stimulate the economy and we will provide additional funds to help cushion the high price of fuel and food,” she explained. Adding that it is imperative that “my last two years will be dedicated to one main objective -- to invest, invest and invest some more in our nation,” the President said, as she pointed out that every “Filipino wants a good job, food on the table.” As regards the 2008 national budget, which, she says, gives a glimpse of her “sense of priorities,” the President said it “provides a buffer to mitigate the pain of a deteriorating global economy and the accompanying rise in prices which affects food and transportation the most.” “We will fight to feed the poor, improve job creation and do everything in our power to mitigate the global forces increasing the price of commodities like oil and rice,” she said. The President also defended the Philippine importation of rice from Vietnam, saying that because of competitive advantage, some countries become importers while some become exporters. She also pointed to the declining rice production worldwide, even in the big economies, plus the fact that “farming needs to be modernized not only in the Philippines but in Asia.” The President told AIC that her administration has increased spending in the agriculture sector in terms of seed support, research and development and irrigation and the like, and as a result of which the country is now expecting a seven percent increase in its rice output. |
| RP has trillion-dollar mineral deposits but local community should give go-signal – PGMA |
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HONG KONG (via PLDT) – While oppositionists in the
Philippines have been criticizing the Arroyo administration for being
pro-mining, the view from outside of the Philippines seems to be exactly the
opposite. The Philippines was dubbed as anti-mining by a media member here Monday (March 31) during the question-and-answer session that followed the keynote speech of President Gloria Macapagal-Arroyo at the 11th Credit Suisse’ Asian Investment Conference (AIC). While there is an economic boom in the world, the Philippines is not known to be pro-mining nor is it particularly active in the mining business, the reporter claimed. But the President indicated that this impression could have stemmed from the fact that while mining is a “sellers market,” until now the Philippines has a staggering “trillion-dollar” worth of “largely untapped” mineral resources. The Philippine Supreme Court had ruled as early as 2003 that a mining operation in the country could be 100 percent foreign-owned. The Chief Executive, who has been focusing on the three E’s-- Education, Economy and Environment – explained that there had been environmental degradation left by past mining operations in the past, resulting in environmental accidents. Now, she said, any interested mining locator in mineral-rich Philippines should “know the rules of the game.” The Philippines’ Department of Environment and Natural Resources (DENR) has mandated early on that mining companies should fill up the open pits that they have carved out of the mountains once they are through with their operations. Miners are also required to funnel out their chemical-laden liquid wastes and dispose them properly, away from water systems used for irrigation and other purposes and which flow out to rivers and the sea. Most important of all, the President said, interested mining investors should gain the acceptance of the local community where they intend to undertake mining operations. The need for the go-signal of the concerned community is contained in the “social acceptability” clause of the DENR rule before any enterprise could stake its claim on a mining site anywhere in the Philippines. The President said that those intending to dig for part of the Philippines’ trillion-dollar deposits should start negotiating with the concerned communities early on, especially on the issue of environment preservation. Sponsored by Switzerland’s Credit Suisse, the AIC “has established itself as the most important event on the regional investment calendar.” Participating in this year’s AIC are 1,400 fund managers from Asia, North America and Europe. The President was the keynote speaker at the opening season of the 11th AIC. “The companies that make the AIC their priority appreciate that it gives them access to a buy-side audience representing more than US$3 trillion under management and featuring the world’s greatest fund managers,” according to Credit Suisse. |
| PGMA’s HK visit clinches US$2-billion investment from Chinese company |
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HONG KONG (via PLDT) – President Gloria Macapagal-Arroyo’s three-day working
visit to this special administrative region (SAR) of China has clinched a
record US$2-billion investment in the Philippines from a Chinese company
engaged in property development. A triumphant President Arroyo revealed her latest investment-rounding accomplishment Monday night to the Philippine media covering her Hong Kong trip during a coffee cum cocktails at the presidential suite at the Grand Hyatt Hotel. She identified the latest addition to the country’s much-valued Billion-Dollar Investors Club as the HK-based Shimao Property Holdings Limited which is owned by Hui Wing Mau, China’s second richest man. Dressed in a double-hem red dress complete with red pashmina shawl, the President said Shimao has lined up two property development projects in the Philippines -- one to be located in Fort Bonifacio, and the other in the surfing capital of Calicoan Island in Guiuan, Eastern Samar, where Shimao Property will build a 500-room resort complete with two towers. Development of Shimao’s Fort Bonifacio project will start once the Bases Conversion and Development Authority (BCDA) clears Shimao’s proposal, the President said. “We believe the Philippine economy is going up, and we trust President Arroyo to heavens,” enthused William Lee, head of Shimao’s investment department and son-in-law of Mr. Hui. The Shimao investment has no loan component, according to Trade Secretary Peter Favila. With Press Secretary Ignacio R. Bunye coordinating the instant presscon, the President said that the latest addition to the country’s billion-Dollar Investors Club is “very excited” about the projects and that they want to come in immediately. Aside from Shimao Property, the Philippines also expects investments to come from Hopewell Holdings whose owner, Gordon Wu, called on President Arroyo this morning (Tuesday). Hopewell has interests in such diverse areas as property development, highway infrastructure, hotel and hospitality, and construction. Earlier yesterday (Monday), the President had a meeting with fund managers attending the 11th Credit Suisse’ Asian Investment Conference (AIC) following her luncheon-hour AIC keynote speech at the Grand Ballroom of the Conrad International Hotel here. The meeting was arranged by Credit Suisse. |
| PGMA’s 3-day HK working visit worth it: US$2-B investment portfolio in bag |
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HONG KONG (via PLDT) – "It was all worth it." She not only pressed flesh with overseas Filipino workers in Hong Kong whose concerns she listened to and solved right in her hotel suite on the very first night following her arrival here Sunday (March 30). She was not only the very first speaker at the much-awaited 11th Credit Suisse’ Asian Investment Conference (AIC) and then had a tea-time meeting with fund managers in portfolio investments Monday (March 31). On the same day, President Gloria Macapagal-Arroyo also clinched for the Philippines the latest addition to the Billion-Dollar Club of foreign investment locators – the HK-based Shimao Property Holdings which may yet bring first-world development to the eastern seaboard of the Visayas, particularly in Eastern Samar. This, aside from the 42-hectare property development that Shimao plans to set up in Fort Bonifacio. “It was all worth it,” the President enthused after announcing the US$2-billion investment to the Philippine media delegation over coffee and cocktails at the presidential suite of the Grand Hyatt Hotel last night (Monday, March 31). But that is not all. The President also had a business meeting this morning (Tuesday, April 1) with the Hopewell Group whose chairman of the board paid a courtesy call on the Chief Executive at her hotel suite before flying back to Manila at 6 p.m. this evening. The President received Mr. Gordon Ying Sheung Wu, chairman of the board of Hopewell Holdings which had earlier completed three power-station infrastructure projects in the Philippines, including the 2x367.5 megawatt or 735-mw Pagbilao power station in Quezon which is the Philippines’ largest coal-fired power plant. The Hopewell group is hoping to develop an area around Sangley Point in Cavite. And so, as she flies back to Manila after her brief working stay in this prosperous Chinese peninsula, President Arroyo has under her sleeve not only the soon-to-rise projects of the Shimao Group, and that of the Hopewell Group, plus possible investments from the fund managers she had met through Credit Suisse. She will also be flying back home with a heart-warming consolidated Statement of Support from five OFW groups here that recognize the “single-mindedness of the President (Arroyo) in focusing on the economy.” The statement of support echoes the President’s belief that political noise need not interfere with the administration’s focus on alleviating the lives of Filipinos. “The economic facts and figures are indisputable – notwithstanding the unceasing political noise, the country’s economy grew (by) unprecedented levels, largely as a result of the single-mindedness of the President in focusing on the economy. “By and large, the overwhelming majority of overseas Filipino workers (OFWs) all over the world – except for the noisy few that are influenced by extremist and oppositionist groups – are supportive of the programs and initiatives of President Gloria Macapagal-Arroyo in bringing our country to the threshold of development and progress,” the OFW statement said. The supportive OFWs admitted being bothered by the “stunts of vested political interests who either could not wait for the next elections or are bent on destabilizing our democratic institutions.” “We are bothered and concerned as much as our families and loved ones are in the country, mainly because the political disturbances caused by these groups are undermining the larger interests of our country and people,” they said. For the supportive Filipino community in Hong Kong whom she had dubbed as “precious” when she treated them to a cocktail reception at the Grand Hyatt Hotel Sunday evening (March 30), the President has ordered the Overseas Workers Welfare Administration (OWWA) to work with the HK government for the possible return of the pre-2003 monthly minimum salary of HK$3,670 for foreign domestic helpers. |
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President Gloria Macapagal Arroyo's
Arrival Statement After a Working Visit to
Hong Kong Special Administrative Region (HK-SAR) Presidential lounge, Centennial Terminal 2, NAIA, Pasay City April 1, 2008 |
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Our trip to Hong Kong was dedicated to meeting with our
strong OFW contingent in Hong Kong and to meeting with business leaders to
encourage them to continue to make strong investments in the Philippines.
At a time when the Philippine economy is at its strongest in over 30 years, it's imperative that we stay focused on continuing to strengthen our economy through aggressive outreach to investors in the region like Hong Kong. One central component of our economic plan has been steady and consistent investment by our government in strengthening our regional economic engagement. Taken together, all of these efforts -- our economic plan at home and our foreign engagement abroad -- have helped prepare us for the global economic forces that are affecting the Philippines today. Our trip to Hong Kong is another action we took to continue to bolster our economy through more investments and to confer with vital business leaders on cooperative steps we can take to cushion ourselves in Asia against these global issues. We also took the opportunity to meet with our precious OFWs and introduce a series of programs we are taking to mitigate the strengthening of the peso against the dollar. The fact that I was asked to deliver the keynote address at the Asia Investment Conference in Hong Kong to over a thousand investors and fund managers underscores the interest of the outside world in the growing stability and economic fortunes of the Philippines. We are proud to once again having carried the banner of our nation and having led the charge for even more investments in our great nation. We are happy that Shimao, one of the biggest listed companies in Shanghai and in Hong Kong, has authorized us to disclose their proposal to build a mini-city within Fort Bonifacio to the tune of two billion dollars made up of commercial, tourism and other real estate development projects. And also in Fort Bonifacio, I'm also happy that Sir Robert Kouk of the Shangri-La group has authorized us to disclose that he is putting up a six-star hotel also in Fort Bonifacio, another Shangri-La. (Applause) Bahagi rin ng ating pagsisikap na umakit ng investment at palakasin ang ekonomiya. Magpupulong ngayon ang NEDA Board upang talakayin ang ASEAN-Japan Economic Partnership Agreement na kasalukuyang binubuo ng mga ministro ng kalakal sa ASEAN. Gaya nang ginagawa natin sa Japan-Philippines Economic Partnership Agreement o JPEPA, sisiguruhin natin na makikinabang ang Pilipinas sa kasunduang binabalangkas ng ASEAN, lalo na ang mga manggagawa at maralita na umaasa sa investment para sa dagdag kita at trabaho. Mag-uulat din sa NEDA Board si Agriculture Secretary Arthur Yap sa ating mga pagkilos to crack down on price gouging, increase the supply of rice where necessary, and invest more in planting and agricultural modernization. Congratulations nga pala doon kaninang umaga, yung PASG at saka si Vice President Noli de Castro ay nag-raid ng warehouse sa Bulacan at nahuli yung mga rice manipulators. Nagagalak tayo sa ulat ng Department of Justice din at NBI na malapit na silang maghabla sa mga mangangalakal ng bigas -- di ba, Raul? -- na negbebenta ng bigas NFA na mahal. At si Secretary Peter Favila rin sa kanyang sariling pag-imbestiga ay meron ding mga nahuli at ang kasama niya sa pag-investigate ay yung Philippine National Police. Sa ating mga programa para sa abot-kayang pagkain, kailangan magtulungan ang lahat -- gobyerno, pamahalaang lokal, pribadong sektor, samahang bayan. Noong isang linggo, pinulong natin ang mga negosyante sa ilalim ng National Price Coordinating Council at hinirang muli si Bise Presidente Noli de Castro upang subaybayan ang mga pagkilos para sa abot-kayang bilihin. Ngayon, nananawagan tayo sa mga pamahalaang lokal at mga korporasyon at institusyon ng gobyerno. Inaatasan ko ang DA at DTI na makipagtulungan sa mga gobyernong lokal sa pagmamatyag sa mga bodega at palengke, at sa pagpapalakas ng ani ng bigas sa bansa. Dapat siguruhing may nagbebenta ng bigas NFA malapit sa mga maralitang barangay, at ipaalam sa tao kung saan sila sa mga sentro ng barangay at simbahan ng parokya. Inaatasan ko rin ang DA na gumawa ng programa upang makapagtanim ng palay ang mga LGU at ibenta ito sa NFA. Kasi hindi yan dapat sa labas bumibili ang NFA, sarili na nating bigas. Maraming lupain ang mga lalawigan at lungsod na pwede bungkalin. At doon naman sa Local Government Code devolved na ang Department of Agriculture sa mga local government. Kaya may pera sila upang pondohan ang pagsasaka. In fact, may 32 billion pesos na surplus noong isang taon ang kalahatan ng mga local government. Kanina rin nagpirma ako ng Administrative Order upang gamitin ng mga korporasyon at institusyon ng gobyerno ang limang porsiyento ng kanilang surplus na noong 2007 ay mahigit isandaang milyong piso. Gamitin ito sa pagsasaka ng palay at iba pang programang pangmaralita alinsunod sa batas. Dapat silang sumangguni sa DA at DSWD sa pagbabalangkas ng mga proyekto at simulan ang mga ito sa loob ng tatlong buwan. Dapat magtulungan tayong lahat upang labanan ang kahirapan. We look forward to key allies among LGU leaders and we instruct the top GOCCs, GFIs and social service institutions like PAGCOR, PCSO, SSS, GSIS, NAPOCOR and PNOC to immediately and prominently respond to this call. We invite them to present their initial plans to the cabinet on April 8 and begin implementation within three months. Maraming salamat sa inyong lahat. (Applause) |
