The President admitted the Philippine Fund, first set up during the term of former President Corazon Aquino, was nearly de-listed by the NYSE for lack of trading.
This was reported to Mrs. Arroyo by Philippine Fund manager, US-based Filipina businesswoman Lilia Clemente, while the president was in New York last week.
In her weekly radio/TV program "May Gloria Ang Bukas Mo" yesterday, President Arroyo expressed her elation that the Philippine Fund is now actively traded again as a direct result of renewed investors’ confidence as indicated by the increased trading in the Philippine Stock Exchange (PSE).
"Our Philippine stock market is now the best buy in the whole world, the first time in our history," the President said adding "our Philippine stock market is now the darling of the fund managers."
Finance Secretary Jose Isidro Camacho, who was among the featured guests in the President’s radio/TV program, disclosed that trading at the PSE has increased "four times" in both volume and value.
Camacho, who joined the President in her trip to New York, cited that no less than Bloomberg, a New York-based stock analyst, ranked the PSE as the No. 1 "best performing" stock market around the world.
The President also noted with satisfaction that the country’s rating outlook was also upgraded by Moody’s Investment Services, risk management consultancy, from negative to stable.
Mrs. Arroyo conceded that much of the past woes of the PSE were largely due to the negative news about the Philippines that served to discourage potential investors.
While in New York, President Arroyo admitted that she has approved the hiring of the Burson-Masteller public relations firm "to enhance the image of the Philippines in order to upgrade its credit standing" in the international community.
The President justified the hiring of the American P.R. firm, as a worthy expense that has started to bring in initial success in refurbishing the tarnished image abroad of the Philippines.