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Thursday, March 10, 2005
Arroyo ready for 'year of challenge, courage'
CEBU CITY -- The country may get poor marks in the fight against corruption, but President Gloria Macapagal-Arroyo stressed she is ready "to meet rigid tests" and deliver investors' demands.
She assured potential investors Wednesday her administration will address the fiscal crisis and curb corruption, as she called attention to investment potentials in energy, tourism, information technology, outsourcing and mining.
Arroyo, addressing the Philippine Investment Conference at Shangri-la's Mactan Island Resort in Lapu-Lapu City, promised to "meet rigid tests" through fiscal responsibility, aggressive market initiatives, the creation of a positive climate for investments and major drives against corruption.
"I get up everyday focused on the details of the many reforms that this nation needs, because I know we must meet the standards that you, in this room, demand in order for our nation to grow. My job is to meet these rigid tests to create jobs, roll the economy and end poverty," she told about 500 conference participants.
At least 40 countries are represented in the conference organized by Euromoney, which includes discussions on the power sector, tourism, infrastructure, outsourcing and mining.
Just this week, the Hong Kong-based Political and Economic Risk Consultancy reported that foreign businessmen ranked the Philippines one of the two most corrupt countries in Asia, second only to Indonesia. About 900 individuals were polled.
President Arroyo admitted corruption will not be eliminated overnight, but that decisive steps were being taken to uproot it.
"Yes, ladies and gentlemen of the business community, you are here at a time of a pivotal change in the Philippines. This is a year of challenge and courage," she said.
Affirmation
Aside from expressing optimism that Congress will pass her administration's revenue measures, including the value-added tax (VAT) increase, Arroyo assured she will be tough on terrorists and kidnapping syndicates.
"I generally believe that we are poised for success and that Congress will deliver. We're tough on terrorists," she said in her speech.
Despite the country's corruption-marred image, Asia Euromoney Institutional Investor chief executive officer Tony Shale and Equitable PCI Bank chairman Antonio Go assured that investor confidence is growing.
"The Philippines has forced its way back to the global economic map in the last two years," Shale said.
Finance Secretary Cesar Purisima described the conference as an "affirmation that the international community has recognized the changes going on in our country."
"We are again at the discussion table and are being considered for investments by investors," he told reporters.
In her speech, Arroyo mentioned Cebu as a site for investment opportunities in tourism and business process outsourcing (BPOs).
Global
Although Cebu and Davao are being promoted for BPOs, Arroyo said most of the country, from Baguio to Zamboanga, is already supported by a $10-billion bandwidth provider backbone and digital network. The country hosts some 75,000 BPO agents that are "at par with global standards."
Go, for his part, said success in outsourcing lies in the strong service culture of the people, the main source of the country's competitive advantage.
Manila and southern Luzon are open for investments in technology and manufacturing, Clark and Subic for logistics, Mindanao and northern Luzon for agribusiness and Central Philippines for tourism.
Later, President Arroyo said in a press conference that corruption is an "endemic" problem that prevents the government from mobilizing resources for potential investments.
"I think they should recognize our efforts now to fight corruption. What I would like to assure the world and the people of the Philippines is that we are determined to address this endemic problem that has been existing in the country for at least 30 years or so. While we cannot end it overnight, we are making decisive moves towards fighting it," she appealed.
Aside from reducing red tape through an electronic procurement system, Arroyo said the administration is pushing for better values education in the school system and "values enhancement" by the church. (CYR)
| Post your experiences to the Sun.Star Graduation section. Click here. | 2005-02-24 04:52:02
mcalvo - My graduation was unforgettable to me and to my classmates. I was so drunk the night before graduation. During the ceremony i dozed to the point of snooring even when i was already standing i was half sleeping. Our dean has to call my name twice and the person behind me has to push me just to wake me up... graduations are memorable...enjoy and congratulations to all graduates!
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(March 10, 2005 issue)
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