‘No better time to invest in PHL than now’

Published on Thursday, 11 October 2012 14:04

Written by Recto Mercene / Reporter

There has been no better time to invest in the Philippines than now.”

This was the message Foreign Affairs Secretary Albert del Rosario announced to guests during the International Gala Night of the 38th Philippine Business Conference and Expo on Wednesday night at the Manila Hotel.

He was the guest of honor of the event, which was organized by the Philippine Chamber of Commerce and Industry (PCCI).

He said that although the Philippines began 2012 with gloomy forecast for the global economy, the country pursued good government as a way to restore and reinforce business confidence that resulted in positive developments.

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“The results have been affirming. At no time else has the Philippines ever sustained positive media attention this long with an unbroken string of favorable economic reports and strong international interest. It has reached a point that the country has now been getting labels such as ‘breakout nation,’ ‘the NEXT-11,’ and ‘in the economic sweet spot,’” he said.

He added that a few weeks ago, it was announced that the Philippines has jumped a total of 20 positions in the World Economic Forum Global Competitiveness rankings.

“We went up 10 spots from 85th place to 75th place last year and another 10 spots to 65th place this year, the first time we have reached the top half of the competitiveness table,” he added.

“For the Philippines, the commitment to good governance has resulted in a 37.6-percent increase in investments in 2011, rising from P542.69 billion in 2010 to P746.82 billion in 2011.”

Convinced that good government is good for business, the secretary announced: “I can say without reservation that there has been no better time to invest in the Philippines than now.”

Among the guests were local and foreign businessmen, entrepreneurs, members of the diplomatic corps and members of international agencies.

According to del Rosario, President Aquino, upon assuming office more than two years ago, said: “Our foremost duty is to lift the nation from poverty through honest and effective governance.”

He said this declaration laid the cornerstone for the President’s commitment to the Filipino people that his administration would work to reduce poverty through inclusive growth with a strong focus on good government.