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IN what
may be a tacit acceptance of the unfavorable effect of
the worldwide economic slowdown on the country’s own
progress, President Arroyo declared hours before leaving
for the World Economic Forum (WEF) in Davos,
Switzerland, that she will seek more foreign investments
in the forum and lead an investments road show to the
Middle East.
One of
the biggest headaches for Philippine economic
advancement is the looming recession in its largest
trading partner, the United States, to where Philippine
exports have already slowed down last year.
President Arroyo said, “It is important for us to work
for the continued health of our economy and the delivery
of benefits to the people, especially now that there are
threats not only coming from oil prices but also from
the slowdown of the US economy that may affect the
Philippines. This is why we will strive for more
revenues despite jitters in the global market.”
Earlier,
her administration said they expect economic growth to
remain on track at the target average 7 percent in spite
of the global slowdown.
She said
she will present why the Philippines is an ideal
investment site to the business leaders from around the
world who will converge in Davos for the WEF.
“We
depart today for Europe and the Middle East to continue
to advance the strategic interest of the
Philippines
and press the need for closer economic, political and
social relations between the Philippines and the world.
. . . Another central goal of our trip is to continue
the relentless promotion of the Philippines as a good
place to invest and do business,” she said.
Press
Secretary Ignacio Bunye said during her departure at the
Centennial Terminal that although the
US
is the country’s biggest trading partner, the
Philippines
has broadened its ties with other countries like
China,
the world’s fastest-growing economy. “Our trade with
China has grown by leaps and bounds and this will
somehow cushion whatever negative impact the slowdown in
the US economy would have on the Philippines.”
He added
the
US “will remain a very close ally” while at the same time the
Philippines will not be “overlooking opportunities [in]
dealing with other countries especially our neighbors”
like China and India.
Executive Secretary Eduardo Ermita said that in view of
the US economic slowdown, the President has ordered her
Cabinet to push for the speedy implementation of
government projects “so that there will be least effect
on the Philippine economy.”
He said
one of the reasons for the President’s trip to Davos is
to expand trade ties with other countries “so that we
will have no overreliance in our relations with the
USA.”
The
President will be the main speaker at a high-level
plenary session on the role of the Association of
Southeast Nations in the “emerging” Asian community, and
will also deliver a speech on gender equality.
Among
those she is expected to meet at the sidelines of the
WEF are Swiss President Pascal Couchepin, the
Netherlands Prime Minister Jan Peter Balkenende, World
Trade Organization director-general Pascal Lamy,
International Monetary Fund managing director Dominique
Strauss-Khan, former US Secretary of State Henry
Kissinger, and possibly British Prime Minister Gordon
Brown.
She will
also meet with top business executives such as Intel
chairman Craig Barret, Coca-Cola Co. chairman and CEO
Neville Isdell, UBS chief executive officer Marcel
Rohner, Citigroup Inc. senior vice chairman Willian
Rhodes, and Gulf Cooperation Council members, among
others.
From
Davos, the President proceeds to
Dubai
to meet with top businessmen from all over the Gulf and
leaders of the UAE. She is expected back in Manila on
January 28. |
