GMA seeks long-term, hard investments from US firms

WASHINGTON (via PLDT) – President Arroyo urged American business leaders to put in hard and long-term investments in the Philippines and not just “quick buck” ventures that could weaken the economy.

In her address during cocktails with the US-ASEAN Business Council and the US Chamber of Commerce at the Willard Hotel along Pennsylvania Avenue, the President said that as an investment destination, the Philippines is a “good, long-term bet.”

“We don’t sell hype, no quick bucks, no false gains. Just strong fundamentals, good economic stewardship and excellent returns on your investment. We are the smart, prudent place to place your money,” Mrs. Arroyo said.

Last year, the Philippine economy registered its highest growth, “the peso is strong, approved investments doubled in the first quarter. Last year seven million jobs were created in seven years, while the government is close to balancing the budget.”

These are factors, she said, that will help the Philippines weather the economic storm.

She said some investors are attracted to opportunities to make a quick buck in a country “that is still to institutionalize good, sound fundamentals.”

“Too many quick buck investments coming at the same time can push a country’s inflation up, weaken its currency and force it to drastically cut spending on infrastructure,” Mrs. Arroyo said.

“Not the Philippines, we are on a permanent path to economic growth, stability and modernization. We are the best value in Asia,” she said.

“We are hopeful that we remain poised for growth in 2008 as well. Of course, the global clouds are clearly visible on the horizon and will impact on most nations. But we are confident that our reforms provide a significant firewall against dramatic economic swings at home,” she said.

Reports said there was significant outflow in “hot money” from the Philippines due to economic uncertainties.

“We remain bullish on our economy, optimistic about our future and deeply committed to being a force for good,” the President said.

The President pointed out that her key priorities in visiting the US are to showcase Philippine economic and investment opportunities with business leaders and investors like the members of the US-ASEAN Business Council and the US Chamber of Commerce.