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PIA Press Release

Aquino says he won't go abroad without benefit to the people

Manila (15 September) -- President Benigno Aquino III said he will not go to any foreign trips "without direct benefits to the people."

The Chief Executive made this statement during an ambush interview on Tuesday after he personally witnessed the change of command between retired Philippine National Police Chief Gen. Jesus Versoza and newly-appointed PNP Chief Gen. Raul M. Bacalzo at Camp Crame in Quezon City.

Asked if he would be bringing projects with him to propose to foreign investors during his trips to the United States, the President said "I would rather have them (investments) in hand before I start mentioning what exactly these (projects) are. That way people will have an assurance of the investments that are arriving."

The President is set to leave for the United States to attend the United Nations General Assembly, to sign the Millennium Challenge Corporation grants and a lot of business conferences from both east and west coasts. "I think I will also be visiting my mother's (former President Corazon Cojuangco Aquino) alma mater, the College of Mount Saint Vincent, at the Riverdale section of New York.

The President also said he is bringing with him during his US trip Finance Secretary Cesar Purisima, Trade and Industry Secretary Gregory Domingo and Foreign Affairs Secretary Alberto Romulo, among others.

The President, who earlier rang the bell marking the opening of trading at the Philippine Stock Exchange, said he was informed that the market already breached the 4,000 points.

"I understand that this is the first time which has ever reached that particular record. At some point in time, there will be corrections. There will be people who will be taking their profits (after selling their stocks). What is significant is these records have been coming one on top of the other. Obviously there is no such thing as endless bull runs. But the point is there is increased confidence demonstrated by the activities of the stock market," the President stressed.

The President stressed that he expects foreign direct investments to increase. As regards the public private partnerships, he added that "we already have a list but I would rather talk of them when they are already completed or close to fruition rather than talk of potentials." (rdlc/2:45 p.m) [top]

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