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Saturday, September 20, 2003
Bush visit seen to boost confidence of investors
By Gigie A. Agtay
THE visit of US President George W. Bush next month will have a positive effect on the Philippine economy as it demonstrates that the Philippines is a safe place to visit despite terror threats and political instability, stakeholders said yesterday.
“The visit highlights two important factors. One is that the US relationship with the Philippines is important and two, President Bush believes that the country is a safe place,” American Chamber of Commerce of the Philippines (Amchan)-Cebu president Glenn Westerman said.
Given the chance to meet Bush during his brief visit, Westerman said Amcham-Cebu would raise three concerns: the establishment of a free open market by reducing farming subsidies and import tariffs; addressing the corruption problem in the Philippines; and extending education to everybody from the university level down to the primary level.
“The elimination of corruption encourages business activities. Reduction of corruption is always a plus,” he said.
Saying the secret of a strong economy is strong education, he urged the Philippine government to invest more in education.
Meanwhile, Cebu Chamber of Commerce and Industry president Carlos Co said Bush’s visit will rebuild the confidence of foreign investors in the country.
“It is a sign of the American government’s trust in the Philippines. Therefore, we will attract more investors to Cebu because of that confidence,” Co said.
Prudencio Gesta, president of the Financial Executives Institute of Cebu Inc., said the visit can help improve the image of the Philippines as far as political, economic and military aspects are concerned.
“With US being the number one superpower, Bush’s visit would be favorable to us Filipinos because it is an indication that there is a strong relationship between the two countries,” Gesta said. “It will make us feel assured that we have a Big Brother standing by to help and support us anytime.”
Asked what concerns financial institutions will raise before Bush given the chance, Gesta said they will seek liberal terms on economic loans and more funds to improve industries.
Meanwhile, Department of Tourism 7 Director Patria Aurora Roa said the visit would be good for tourism.
“If a president of a superpower goes to an area, you get media mileage ... And hopefully if he comes over and sees for himself that the Philippines is a safe place ... he will lift the travel advisory.”
Slated for Oct. 18, Bush’s visit is seen to boost the country’s image abroad after the negative perception brought about by bombings in Mindanao, the escape of Indonesian bomb expert Fathur Rohman al-Ghozi, the failed military mutiny and political bickering, among others.
President Arroyo last week said the eight-hour visit of the US leader will be both symbolic and substantive.
Bush will land in Clark, deliver a speech and meet with Arroyo on the war on terror before flying back to Bangkok.
(September 20, 2003 issue)
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