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PIA Press Release

PGMA allays fears of environmentalists as she invites Chinese investors

SHANGHAI, China (via PLDT) (3 October) -- President Gloria Macapagal-Arroyo assured environmentalists that the Philippines will not tolerate any unregulated exploitation of the country's natural resources as several international mining firms had expressed strong interest to invest in the country's mining industry.

The President made the assurance in her speech during the Philippine Business and Investment Forum (PBIF) organized by the Shanghai Overseas Chinese Chamber of Commerce (SOCCC) at the Grand Ballroom of the Le Royal Meridien Hotel, October 2.

While the Philippine economy benefits from the significant expansion of the mining sector, the President stressed that the national government will make sure that mining companies will continue to work closely with the civil society organizations and local government executives to make them comply with the rules and regulations for the protection of the environment.

"We will not tolerate any unregulated exploitation of our people or resources," the President stressed as she assured them that the national government will not lose its focus to guard the importance of sustainable development in the mining sector.

The President invited the Shanghai businessmen to invest in mining in the Philippines because the country is rich in mineral resources, especially in nickel.

She also told them that the Philippines has opened its door for tourism investment in the wake of big demand for rooms in hotels and resorts because of the increasing number of foreign visitors' arrival.

"We welcome you to visit the country to experience for yourself the Philippines beach resorts and other tourist spots," the President said.

On energy, the President told the Chinese businessmen that her government is eager to privatize the National Power Corporation (NAPOCOR), a move that will free the government of its subsidy and allow the country to make more investments in other infrastructure areas.

As part of the Green Philippines campaign, the President said that her administration is for the development of alternative sources of power by harnessing energy from the sun, wind and geothermal resource and clean fuels through biofuels.

She also informed them that the country has a big potential in the information and communications technology investments because the Filipinos are highly competitive in the business process outsourcing. (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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