| PGMA's Speech during the Launching Ceremony of the Planters Bank-Aureos $25-Million SME Equity Fund |
Rizal Hall, Malacaņang (27 January 2005) |
| Thank you. Thank you, Nitz. Secretary Purisima; Deputy Governor Tetangco; other officials of the Philippine Government, including our incoming members of the economic team, Ambassador Chuching Tambunting; Mr. Liam Cully; Floy Aguenza, my neighbor in La Vista; other distinguished guests who are too many to mention, this is such a star-studded affair; movers and shakers of the business community; ladies and gentlemen. We are all proud to launch the very first private equity fund in the Philippines that's solely for small and medium enterprises. Congratulations! Chuching on your continuing leadership in the SME sector. congratulations! Planters Bank. Congratulations! Aureos and thank you for moving your regional headquarters from Bangkok to Manila. The Philippines is not alone in its drive for economic prosperity. And so I thank our allies from the United Kingdom and Norway for putting up this equity fund. I willingly made Malacaņang available for the launching of this fund because of its importance to our economic program, to maintain and even accelerate our momentum of economic growth. When I began my new term six months ago, I spelled out a ten-point pro-poor legacy program. The first of the ten points I listed was the creation of six to ten million jobs in the next six years, especially by supporting three million entrepreneurs and developing two million hectares of agri-business. And to do that to support these millions of entrepreneurs, we need the private equity fund being launched today. So this fund is an integral part of our economic program. We need to support the small and medium entrepreneurs, to grow the economy and provide more than a million jobs a year, as we unleash the entrepreneurial spirit of our people so that we can row our own boat, set our own course and sail forward to better times. Small and medium entrepreneurs have proven the capacity to turn their capital around in the shortest period of time and create jobs. This private equity fund complements the government's training programs on trade and entrepreneurship, skills development and product design. Dynamic self-employment is the name of the game among the small entrepreneurs or employing a small number of people. But if we consider the capital to employment ratio, indeed, they are employing a large number of people for every peso of capital. The payback is durable social stability and economic prosperity. We have a solid synergy of entrepreneurship in the inner cities, in the suburbs, in the countryside, and even overseas to bring about a dignified and productive life for the average Filipino family. The partnership of political, social and economic institutions is shifting to high gear. I take this opportunity once more to congratulate the House of Representatives for their leadership in putting our fiscal house in order together with the senate. I mention the House today because the passage of the value-added tax at dawn this morning, after working through the night, is an act of valiant civic duty that builds a better future for all Filipinos by growing the economy to create more jobs and push our ten-point pro-poor agenda. Thank you to Congress. The strong executive-legislative partnership with congress and with the Senate is reinforced by our incoming members of the economic team -- Johnny Santos and Bert Lina -- that will continue to bridge the continuity of our policies and programs for the benefit of the average Filipino. The economy is on a roll and we shall continue to ensure that the most marginal sectors are shielded from short-term adversities by cushioning prices where the most telling social impact is expected. The people are ready for urgent change, and we shall buoy their hopes through the sustained fight against corruption, against waste in government and against leaks in our revenue system. The sense of a turnaround is settling in. For the last four days, the peso has been appreciating at a faster rate than its regional counterparts -- 55.20, Sai? Yahooo! I say to that. According to the analysts, the liquidity is coming from foreign investment inflows as well as the general bullish movement at the stock market. The fundamentals are still around. We even reported a trade surplus of 333 million dollars in November last year compared to a deficit of a 193 million dollars in the same month a year earlier. Now, we must bring the benefits of this macroeconomic performance to the average Filipino. And one of the most important ways is to support the small and medium entrepreneurs. And that is why this private equity fund is properly being launched in the palace of the people. We shall soldier on, just as our small and medium entrepreneurs, both in the business districts and barrios of the archipelago are soldiering on, especially now with the very first private equity fund. Through institutional partners like Planters and Aureos, we shall cut the poverty that cuts our people's lives short. We will succeed because the Filipino spirit is resilient and our drive to excel is strong. Just as the people of Planters Bank and its visionary leadership have exemplified on this proud event. To Chuching, Floy, their partners from Aureos and incoming partner from the DBP, congratulations! Thank you and mabuhay! |