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Thursday, March 10, 2005
P30B ready for loans to investors: Gloria
By Jessica Banzon-Natad
Sun.Star Staff Reporter
President Gloria Macapagal-Arroyo yesterday urged investors to avail themselves of the P30-billion loan portfolio from the Development Bank of the Philippines.
The loans are available for investors to put up infrastructure and businesses in the country.
In her message during the opening of the two-day “Philippines Investment Conference” at Shangri-La’s Mactan Island Resort, she also asked investors to “push Cebu as a primary tourist destination.”
Some 500 presidents and chief executive officers of multinational companies are now in Cebu for the conference organized by Euro-money Conferences and co-hosted by Equitable PCI Bank.
According to Finance Secretary Cesar Purisima, investment has been coming into the country, showing an increase in the level of investor confidence.
Arroyo said the country is “on its way to an economic turnaround.”
“Our sovereign currency has appreciated to its highest level in years. We are resolving our fiscal problems with urgency and great political will, as exemplified by our strong partnership with Congress,” she said.
Secretary Purisima said the conference will provide inputs to the country’s policymakers and investors “as the country undertakes critical measures to create a more hospitable investment climate to stimulate growth and social development.”
Privatization
He said the Philippines is now improving its tax collection and pushing forward with its aggressive privatization efforts.
He also said the government is pleased that the gathering is being held in Cebu.
“We are pleased that this important gathering is being held in one of the most progressive cities in Southern Philippines. Cebu as the conference site is indeed most appropriate in bringing together captains of various industries to share ideas for improving the competitive strength of the Philippines as an investment destination,” Purisima said.
The conference will explore issues that make the Philippines a premier destination for foreign direct investment as well as an attractive focus for international portfolio investors, Euromoney Institutional Investor chief executive officer for Asia Tony Shale said.
On the sidelines of the conference, Teresita Sy-Coson, vice president of SM Prime Holdings Inc. (SMPH), said SMPH is now focusing on tourism starting this year. In the past, its focus was retailing.
One of the manifestations of this new focus is its search for a partner this year for its hotel project at the SM City Cebu complex at the North Reclamation Area.
The external structure of the hotel has been completed. But finishing work is still to be done on the interiors after a partner is found to operate the hotel.
(March 10, 2005 issue)
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