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Friday, June 09, 2006
Arroyo woos foreign investors
PRESIDENT Gloria Macapagal-Arroyo on Tuesday night sought the help of the foreign chambers of commerce in helping fill the country's investments backlog.
Arroyo, in a dinner reception with the joint foreign chambers of commerce at the Philippine Plaza Hotel, asked for more investments to create more jobs for Filipinos.
"The backlog of investments that are required to turn the nation around is sometimes daunting," she said.
She said the build-operate-transfer (BOT) law, which she authored when she was still a senator, is already recognition of the lack of sufficient capital for government to undertake infrastructure projects in the country.
Arroyo said BOT programs have been expanded to include joint venture agreements, concession arrangements, and other programs to improve public-private sector development.
She said aside from infrastructure projects, government welcomes recommendations on how to bring more sophisticated value-added business process outsourcing (BPO) investments into the Philippines.
Arroyo also called on foreign and local businessmen to work with government to ensure that the youth sector is fully prepared for the demands of the economy once they enter the workforce.
She said government will make the business environment more conducive to both local and foreign businessmen, citing the favorable economic indicators and efforts to improve the fight against corruption, political extremism and security.
Arroyo said her administration will break the back of corruption in the Philippines, citing the raid on 168 Mall and the reduction of incidences of bribery.
Arroyo has issued Executive Order (EO) 531 strengthening the Presidential Anti-Graft Commission (PAGC). She has also issued Administrative Order 141 on the periodic reporting on the use of the revenues from the expanded value-added tax (e-VAT).
She assured that government will listen to and act on the recommendations of the businessmen to make the Philippines a better place in which to live and work.
"As an economist, I believe that government should play a role as facilitator of growth, not a barrier to the entry of domestic and foreign capitals and investments. I'm a firm believer in the adage that trade is better than aid," she added. (JMR/Sunnex)
(June 9, 2006 issue)
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