| PGMA's Speech during the 7th Asean Finance Ministers' Meeting |
Rigodon Ballroom, The Peninsula Manila, Makati City (06 August 2003) |
| Thank you, Secretary Camacho. Mayor Binay, distinguished finance ministers and heads of delegation of the Asean member-countries, Asean Secretary General, Excellencies of the diplomatic corps, delegates to the 7th Asean Finance Ministers' meeting, guests, ladies and gentlemen. First and foremost, I welcome you all to the Philippines. Thank you for coming to Makati. Thank you for coming to the Philippines even after that one day disturbance last July 27th. This past week, we have seen an increase in visitor arrivals over the week before, and you are part of them. Thank you for recognizing that Makati is back to normal, the Philippines is back to normal. Now, before anything else, let us all together also condemn the latest attack in Indonesia and sympathize with the families of the victims. This is a clear message that the war against terrorism in the region must be pursued without let up through more intensive multilateral cooperation. The kind of cooperation that we are exercising in this Finance Ministers' Meeting. For the Philippines, the Philippine National Police and the Armed Forces of the Philippines, and other law enforcement agencies have standing alert orders aimed at thwarting any similar attacks in our country. The region must now learn to live with these threats from day to day. Vigilance must become a way of life for our region even as we maintain normalcy in the course of work and business. And even as we face this regional challenge, here in the Philippines, as I said, you came, knowing full well we faced another kind of crisis over the past week. But, again, thank you for coming. And now that you're here, as you can see, business continues as usual. While I lament the fact that we were confronted by that failed spate of instability within our own armed forces a week ago before Sunday, if any good ever came out of that failed coup, it is clear proof that our people are firm in their adherence to democracy and constitutionalism. We are consolidating our position rapidly. I thank the institutions of our nation -- Congress, the judiciary, the civilian bureaucracy, the business sector and civil society -- for closing ranks and doing their share in consolidating normalcy and refocusing the energies of our people towards the essential priorities of fighting terrorism and poverty. As formal charges have been laid with regard to the attempted coup, it is now time to leave the judicial process to its work. We refuse to be forever engaged in a propaganda festival in the aftermath of that misadventure. We have the democratic tools to ferret out the truth and the democratic institutions to mete our impartial justice. It's fitting that the din of recriminations pipe down and give way to sobriety and prudence. Due process will be observed in all institutional hearings and investigations. The courts are ready to receive evidence. An independent commission has started its work to look into the root causes and provocations of the failed coup and has assured a speedy pace of work. The senate and the House of Representatives are determined to assiduously seek legislative solutions. As a nation, the Philippines is consolidating and tying up all the executive, legislative and judicial actions that will bear upon this threat, and resolve it once and for all. Because laws have been violated and the constitution has been threatened, we can assure due process but not unwarranted leniency. The resurgence of mutinies can be traced in part to a reluctance to enforce justice against military adventurism. We have learned our lessons and we'll not allow duly constituted political authority to be held hostage by a few men-at-arms. Civilian authority will never be forced to act upon any grievances to the end of a gun, especially those that are already being acted upon. And indeed, as we have proven time and again, the democracy remains the best underpinning of our financial and economic fundamentals, here and throughout the region. This is important to emphasize as we meet here at a time of great opportunities. For the Philippines, indeed, it is time of great opportunities, and notwithstanding the terrorist threat and that failed military adventurism, peace is within grasp. The leadership transition in the Moro Islamic Liberation Front does not affect the basic policy of the government to pursue a just, comprehensive and durable solution to the conflict in Mindanao. We are prepared for the opening of the peace talks as scheduled. I have instructed the government peace panel to speed up the pace of resolution so that we can have a permanent ceasefire and break ground on new development projects. I would like to thank the Finance Minister of Malaysia, no less than Prime Minister Mahathir, for hosting the prospective talks. I would like to thank the United States, too for committing assistance to the rehabilitation of the conflict-affected areas. All of these shows that while the threat of terrorism prevails in our region, we have minimized its attendant risks through decisive, collective action. The kind of action we need from our finance institutions as well. The world economy is poised for a revival as it graduates from the uncertainties of the Iraq war. Also as it has successfully hurdled the adverse effects of SARS. The Asian crisis has faded away. Reforms in banking and corporate governance are in full swing. We, in Asean are ready to regain our former position among the fastest growing regions in the world. The improved external environment is shaping the region's economic outlook. Accommodative monetary policy under the guidance of our finance ministers, now being implemented in many countries to boost demand, should have a positive impact on exports and investment flows. Collective action from our side is necessary to ensure that growth is sustainable. The financial and economic policies common to the region must address the emerging concerns of Asean. One concern is that our policies must be responsive to the needs of the poorest of our poor who live on the edge of famine, disease, illiteracy and despair. Another concern is something that I support, Asean's broad-based economic engagement with the world. Still another concern is that our policies must be open to the greater flow of private capital from developed to developing countries, matched by a strong commitment to steer this flow towards long-term development. And, another concern, our regional policies must be geared towards institutional capacity building, particularly in the areas of improving governance, empowering civil society, and increasing transparency, openness and pluralism. In the area of finance and banking, the agenda is long and many opportunities are yet unexplored. That is the challenge in your hands in this Asean and Dialogue Partners Finance Ministers' Meeting. It is the challenge of an integrated region thriving in freedom and prosperity, thriving in peace and vibrant commerce. May you have a successful conference. And welcome again to the Philippines. Thank you. |