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Sunday, March 18, 2007
Arroyo: Investments sign of renewed confidence in RP
By Marna H. Dagumboy
APALIT, Pampanga -- President Gloria Arroyo said Saturday the string of investments being pledged, undergoing construction or entering the final stages of completion are evidence of renewed investor confidence in the Philippines.
Pinoy Votes: Sun.Star Election 2007 Coverage
The President noted during the inauguration of the newly constructed Sulipan Bridge in this town that her tough economic reform measures have finally paid off with the favorable outlook of foreign investors towards the country.
Arroyo said the inauguration of United Laboratories' (Unilab) newest manufacturing subsidiary, Amherst Laboratories, and Toyota's groundbreaking of its P5-billion transmission plant both in Laguna this week showed that the Philippines is now emerging as the next best investment location in the Asia Pacific.
Aside from Unilab and Toyota's investments, the President said various infrastructure projects such as the recently inaugurated bridge in Isabela and now the Sulipan bridge were undertaken and heavily invested in by foreign corporations such as the Japan Bank for International Cooperation (JBIC) and Hanjin Heavy Industries, Inc.
"Lahat ng mga investments na ito ay dahil sa kompiyansa sa ating ekonomiya, dahil sa ating pagmaneho ng ating budget (All of these investments are due to the investors confidence on our economy and fiscal management)," she pointed out.
The closing budget gap, according to the President, is fueling confidence that creates jobs.
"We are speaking of well paying jobs like the welders Hanjin shipyard. Before, they were 'subsistence' fishermen now they are highly paid welders. Like jobs at Toyota transmission plant there are a lot of engineers, technical factory people. At Unilab there are a lot of chemists," she explained.
"All these high paying jobs are evident in the finding that the Philippinesf salary growth is the third fastest in the Asia Pacific," she added.
The President countered criticisms that the increase in salaries of Filipino workers would be detrimental to corporations, especially small and medium enterprises which make up a big chunk of companies in the Philippines.
"Good salaries are not a bar to investment but a guarantee of more profits to the firms that are putting a stake in our country," she explained.
The Chief Executive pointed out that all these: increased investments, more jobs and fiscal discipline, contribute to the sustained economic stability.
She stressed however that several factors have to be thrown into the mix to guarantee that the economic benefits will be felt by the people.
"No one can beat the Philippines when it comes to fiscal discipline and the Filipino people are world class when it comes to productivity and excellence but economic strength is more than fiscal stability and a good payback to our human resources," the President said.
"We have to pump prime the system and guarantee that it returns our stake in the countryside and grassroots level through better infrastructure like bridges for the farmers of Isabela and here in Sulipan," she added.
The President stressed that "we also have to provide payback in quality education and a healthier people," while reinforcing economic gains by "plugging revenue leaks, prosecuting tax cheats and smugglers, and nipping graft in the bud to less red tape and stricter controls on wayward spending."
"We are keeping pace with the world in all aspects through economic and social stability, shoring up the welfare of the people, expanding demographic space and whipping hard on the threat of terror," she added.(Sun.Star Pampanga)For more Philippine news, visit Sun.Star Zamboanga. (March 18, 2007 issue)
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