Bunye made the statement after President Gloria Macapagal-Arroyo secured Monday the release from prison of 50 overseas Filipino workers (OFWs), mostly women, who had been meted light sentences by Saudi courts.

Saudi King Abdullah bin Abdul Aziz Al Saud granted the President’s appeal for the commutation of the sentences of the OFWs following the two leaders’ one-on-one talks at the King’s Palace on the first day of her four-day state visit here.

Bunye said the 50 OFWs, the biggest single group of Filipino prisoners to be released by the Saudi government, will fly home at the end of the President’s official trip to the Middle East kingdom.

"The President will bring home at least 50 OFWs whose light sentences have been commuted/pardoned by the Saudi King," Bunye said.

He added that the cases of the 141 other jailed Filipinos were being processed for possible commutation of sentences and their eventual release.

Bunye said the President expressed her deepest appreciation to King Abdullah for the concession he had extended to the OFWs.

He said the Saudi government started giving concession to the Philippine government on the plight of the imprisoned OFWs last February. The Saudi government had already released more than 100 OFWs from Saudi jails, he added.

Press Secretary Ignacio R. Bunye said Prince Waleed, reputedly the fifth richest man in the world, expressed his interest in investing in the Philippines during a 30-minute meeting with President Gloria Macapagal-Arroyo at the Riyadh Conference Palace.

The Saudi prince paid a courtesy call on the Philippine leader at her presidential suite on the second day of her four-day state visit to the Kingdom of Saudi Arabia.

Bunye, who is also President Arroyo’s spokesman, said Prince Waleed is a major stockholder in the CitiGroup and owns the Four Seasons Hotel chain, among other businesses.

During his call on the President, the Prince expressed the appreciation of the people of Saudi Arabia for the great contributions to their country’s economy by the more than one million Filipinos working in the kingdom.

In her speech before members of the Council of the Saudi Chambers of Commerce and Industry (CSCCI), the President pointed out that Saudi Arabia has stood by the side of the Philippines for peace and development, adding that more than one million overseas Filipino workers help build the Kingdom’s economy.

"In every vital activity in this land – producing oil, building cities, laying out roads and power lines, taking care of the health of the people – Filipinos are there," she said.

The President issued the directive during her interaction with thousands of overseas Filipino workers (OFWs) at the Philippine embassy here on the last day of her stay in Riyadh, the first leg of her four-day state visit to the Kingdom of Saudi Arabia.

She flies out of Riyadh this morning for Jeddah before proceeding to Dammam.

The President assured Filipino workers around the world, especially the almost 1.3 million OFWs in Saudi Arabia, that their safety and wellbeing are of the highest priority to her administration.

"The welfare of the Filipinos is the top agenda of my state visit here," she said.

"Any plans for the good of our country or for the good of our foreign policy, the welfare of the OFWs should always be given importance," she added.

The President also assured the families of the Filipino workers who are facing criminal charges in Saudi courts that the Philippine government will provide "full legal" support and assistance to them.

Arab lawyers will be hired by the Philippine government through the Labor department to handle the cases of some 137 Filipino workers facing charges in Saudi Arabia, she said.

The funds to be used in hiring Arab lawyers to defend OFWs will come from the Overseas Workers Welfare Fund (OWWF).

Saudi Arabia, she told the OFWs, is also an important Philippine ally in the search for lasting peace in Mindanao.

The President issued her invitation to the Saudi investors Monday afternoon during a meeting with 21 business leaders of the 141-member Council of Saudi Chambers of Commerce and Industry (CSCCI) at the council’s headquarters in Riyadh.

In her speech, the President said she is looking forward to Saudi investments in fast-growing tourism and ICT sectors in the Philippines where "high-value jobs are most plentiful and which can use our most competitive resource – the great Filipino workers."

Yesterday, the Philippine stock market soared sharply as confidence in the steady improvement of the country’s fiscal position continues to build up. The composite index jumped 118.93 points Monday to close at 2,589.17 for the biggest single-day gain since Jan. 22, 2001 when it gained 255.13 points or 17.56 percent.

The President told Saudi businessmen now is the time to invest in the Philippines when the country is on the verge of economic takeoff despite the continuing increases in the price of oil in the world market.

She pointed out that under her administration, the current fiscal position of the country is three years ahead of the target set under the Medium-Term Philippine Development Plan (MTPDP), while the Philippine peso is outperforming many other Asian currencies.

"Exports are expected to grow double-digit this year – more of it to Saudi Arabia, I hope," she said.

On information and communications technology, the President pointed out that the Philippine government churns out 40,000 knowledge workers such as engineers and IT professionals every year. "Some of them come to Saudi, others await your investment in the Philippines," she said.

The visiting Philippine leader also told Saudi businessmen that investments in the mining industry offer ample opportunities considering that the country’s total mineral reserves is valued at $1 trillion, the 5th largest mineral deposits in the world – the 5th biggest in gold, the 9th biggest in copper, and 20 percent of the world’s nickel.

The President urged the Saudi business communities to recycle their petrodollars and profits from the oil trade in the form of direct investments in middle-income oil-importing countries like the Philippines.

She said Mindanao offers vast opportunities for Saudi investors in the energy sector, particularly the putting up of an oil refining.

"Such a refinery can serve not only the Philippines but also the American West Coast market and eastern Indonesia which is close to Mindanao than to the Indonesian oil fields of Aceh," she added.

The President also said that Saudi investments in agriculture would help transform Mindanao into the "food basket of the Philippines" and help the economy of the five to 10 million Muslims in the region.

"We want to raise its production, processing, and logistical capacities, including the Halal food industry," she said.

At the same time, the President congratulated Saudi Arabia for its accession to the World Trade Organization (WTO), as she expressed optimism that with the kingdom at the WTO the Philippines and Saudi Arabia will enjoy a more fruitful trade partnership.

The Chief Executive said Oil Minister Ali Al-Naimi of Saudi Arabia conveyed his assurances to her during a meeting in Riyadh before she left for Jeddah on the third day of her four-day state visit to the Kingdom of Saudi Arabia.

"I am happy to announce that the Oil Minister of Saudi Arabia has conveyed his assurances to me that in an unlikely event of a disruption in the Philippines’ oil supply from other sources, the Kingdom of Saudi Arabia is prepared to make up for the impending shortfalls," the President said.

She made the statement before more than 2,000 overseas Filipino workers (OFWs), who were all delighted to hear about the good news as they gathered at the Al Fayrouz Ballroom of the Le Meridien Hotel here this morning (KSA time).

The President said her visit to Saudi Arabia is aimed at strengthening the friendship, economic and trade relations between the Philippines and the Kingdom as well as ensuring the welfare of the OFWs. She arrived at the Royal Terminal of King Abdul Aziz Airport at 10:00 a.m. (KSA time).

Upon her arrival at the Le Meridien Hotel, she was greeted by cheers and thunderous applause from the OFWs who were all agog to see her personally.

In her remarks, the President underscored the importance of the Kingdom to the foreign policy of the Philippine government which is composed of an eight-point agenda.

She cited that three of the eight key foreign policy thrusts all have bearings with the Kingdom of Saudi Arabia. These are the role of Organization of Islamic Conference (OIC) countries like Saudi Arabia; peace and development in Mindanao; and the welfare of the OFWs.

The President told the OFWs in Jeddah that during her visit to Riyadh, she and her official delegation were welcomed with warmth and generous hospitality which "are the marks of the deep importance given by the Kingdom to the Philippines."

She said she discussed with Saudi officials a wide range of issues of mutual interest to the two countries including the global oil situation and most especially the welfare of thousands of OFWs in the Kingdom.

In her talks with Saudi officials, she always cited the talents and good qualities of the OFWs. In turn, they (Saudi officials) also told her about the good work attitude and the great contributions of the OFWs to the development of Saudi Arabia.

Meanwhile, Energy Secretary Raphael Lotilla said that with Saudi Aramco’s 40% equity investment in Petron, Aramco has at the very least a moral obligation to provide additional oil supply to the Philippines.

He said President Arroyo’s visit and meetings with King Abdullah bin Abdul Aziz Al Saud and other officials of the Kingdom have firmed up that commitment.

More than half or 56.3% of the Philippines’ crude supply is sourced from Saudi Arabia through Petron which has a refinery capacity of 180,000 barrels per day.