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PIA Press Release

Philippines is not afraid of globalization, says PGMA

SHANGHAI, China (via PLDT) (3 October) -- President Gloria Macapagal-Arroyo said here,October 2, the Philippines is not afraid of globalization in the thought that it would be a stepping stone to poverty alleviation and the country's modernization.

Witnessing the fast and extraordinary expansion and progress of the Chinese economy under globalization, the President said her visit in this city, China's commercial and financial center, is expected to open up new avenues of trade and investment opportunities between China and the Philippines.

The President made the remarks before the Philippine Business and Investment Forum (PBIF) held this afternoon at the Grand Ballroom of Le Royal Meridien Hotel here. The forum was organized by the Shanghai Overseas Chinese Chamber of Commerce (SOCCC) or the Shi Mao Group, the most influential business organization in Shanghai.

"Like China, we believe in the power of global trading to alleviate poverty and modernize nations through market forces," she said.

The President told the businessmen that the Philippines has been aggressive in seeking multilateral and bilateral trade relationships in order to compete for the globalization.

Having a personal hands-on role in an attempt to move the DOHA Round of the World Trade Organization (WTO) talks forward, the President strongly believed that this initiative is favorable for the Philippines, and good for the world.

"Our faith in the marketplace both at home and abroad has been a boon to the Philippine economy," the President said.

She also expressed confidence that the overall relations of the Philippines and China is now more mature and comprehensive punctuated with substantial and important projects aimed at deepening exchanges in the areas of trade and investment.

The President noted that China is the Philippines' third largest trading partner with a substantial trade surplus since 2002 through the framework agreement on expanding and deepening bilateral economic and trade cooperation.

She also reported that as a result of her administration's fiscal reform measures, the country is now on its "path to permanent economic growth and stability."

The surge of investments, she said, has been anchored by the multi-million-dollar investments in the country of several major international companies that's why the Philippine government is strictly working to ensure that this positive development would be sustained.

"We are working to ensure this will be sustained. And we hope the Shi Mao Group and other Chinese corporations will join them soon," she said as she urged the businessmen to visit the country to explore investment opportunities.

Immediately after the forum, the President met top officials of the SOCCC led by its president Xu Rong Mao, also the owner of Le Royal Meridien Hotel, and chairman Cen Furong of the Council for the Promotion of International Trade Shanghai, at the Parlour V and Ballroom IV, of the said hotel. (OPS) [top]

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»PGMA due for 3-day state visit to India
»Philippines is not afraid of globalization, says PGMA
»PGMA allays fears of environmentalists as she invites Chinese investors
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