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Philippine President Vows to Entice Foreign Investors
Philippine President Gloria Macapagal-Arroyo said Tuesday that the government is working on real reforms to entice foreign investors in a bid to hasten the country's economic recovery.
Addressing a press conference at the presidential palace, Arroyo said her administration is working "on the substances" before the government "delivers the message" to foreign investments.
The president said that the government is going to take measures to entice investors from different parts of the world after the May 14 Congress and local government elections.
"Well, we are realistic of the fact that there will be more investments coming in the later part of the year, that's true and real," Arroyo added.
A report of the Asian Development Bank said Monday that the Philippine government seems to be "a little bit too slow" in enticing investors into the country.
The ADB report said the Philippine government has yet to present a comprehensive economic program "that resolves past problems to put the economy on a higher growth path."
President Arroyo, however, noted that her administration is continuously working to lower the budget deficit. She also cited reforms to be implemented in the power sector.
"These are the things we are working on (such as) transparency in government. These are the messages that we have to transmit," the president said.
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