|
HONG
KONG (via PLDT)—President Arroyo Monday told some of the
world’s biggest fund managers that Philippine government
revenues grew by 17 percent so far this year over the
previous year, and will continue to improve with more
funds spent on plugging revenue loopholes.
Speaking
at the 11th Asian Investment Conference of Credit Suisse
at the main ballroom of the Conrad International Hotel,
the President also asserted that corruption and
inefficiency, contrary to the “political noise” that has
dominated news reports at home, have been on the
downtrend.
After
noting that the government posted a budget deficit that
was almost P50-billion less than programmed in 2007, she
said: “This year, 2008, tax revenues are not stagnant,
either. Yesterday I asked Gary Teves about our latest
tax collection figures, and they are 17 percent over
2007. They will continue to improve with more money for
enforcement, modernization and computerization and the
closing of loopholes.”
She said
that improved revenues and strong Philippine
macroeconomic fundamentals will help the country weather
a global economic slowdown.
Addressing possible concerns on allegations of rampant
corruption in the country arising from alleged
irregularities in some big government projects, the
President noted that she has not glossed over the
problem as claimed by her political foes, and cited as
proof the growing economy that posted its best
performance in 30 years.
“Let me
also address head-on the issue of corruption. It is an
issue we take seriously. As an economist, I know first
and foremost that a strong economy is an economy that is
transparent and free from corruption. We are freeing
ourselves from this shackle, evidenced by our growing
economy which is increasingly free of corruption and
inefficiency,” she said.
She said
the 2008 national budget has pumped in billions of pesos
to the Office of the Ombudsman to weed out corruption in
the bureaucracy.
The
President also said the Philippine economy has proven to
be immune to political developments, apparently
referring to persistent calls for her resignation, which
has not affected the stock market and the value of the
Philippine peso.
“Hong
Kong is very close to the Philippines and you read all
the news from our very, very free press, but I assure
you that political noise need not interfere with
economic progress and reform,” she said.
Seeking
to present the Philippines as a preferred investment
destination, the President cited big-ticket investments
such as the $3.5-billion acquisition of Mirant by
Marubeni and Tokyo Electric in 2007, its citation by a
London-based group as the offshore destination of the
year, the $1.6-billion wafer production facility being
constructed by Texas Instruments, and two Hanjin
shipyards costing $3.7 billion.
Former
finance secretary Jose Isidro Camacho, Credit Suisse
vice chairman for Asia-Pacific, said in an interview
that the annual event brings together about 1,400
investors from all over the world, mostly from the
United States, Europe and Asia, making it an ideal venue
for the President to pitch the Philippines as a good
investment site, especially at this time.
Camacho
said the President would have an opportunity to
“reinforce” stories on positive economic developments in
the Philippines, “especially in a time like this when
it’s very volatile around the world in the financial
markets.”
Asked
about the possible impression some foreign investors may
have about corruption allegations against the Philippine
government, Camacho said:
“That’s
why it’s important for them to hear it from the horse’s
mouth, so to speak.”
But he
also said foreign investors are not usually keen on
domestic issues and would rather rely on hard economic
data in choosing an investment site. |
