IMO Release 138
PGMA invites Dubai businessmen to invest in RP
DUBAI -- President Gloria Macapagal-Arroyo invited Sunday (Manila time) international
businessmen to invest in the Philippines which, she said, offers one of the best values in Asia for
domestic and foreign investments.
The President made the pitch during the joint luncheon forum hosted by the Dubai Chamber of
Commerce and the Philippine Business delegation headed by Ayala Corporation, International
Container Terminal Services Inc. and Aboitiz Power Corporation.
"Today, I am interested in getting your investment to the Philippines. The Philippines offers one of
the best values for investment in Asia," she said.
The President told the Dubai businessmen of the IT-proficient, English-speaking Filipino
workforce and the Philippines' strategic location as an ideal hub for international business
operations in Southeast Asia.
She said the Philippines offers numerous opportunities for products such as garments, furniture,
fashion accessories, and dried fruit products, among others.
The President said that marketing the Philippines comes more important at this time of current
global economic uncertainties.
IMO Release 139
Another Dubai World subsidiary sets investment in Zambales
DUBAI - JAFZA International, a wholly owned subsidiary of Dubai World, will development a 42hectare property in the Subic Bay Metropolitan Authority (SBMA) area in Zambales.
President Gloria Macapagal-Arroyo was presented a copy of the Memorandum of Understanding
(MOU) between JAFZA and SBMA during her tour of the JAFZA offices here.
During her visit to JAFZA's headquarters, the President was briefed about the business profile of
Dubai World by vice chair Jamal Majid Bin Thaniah. Out of the company's 30,000 workforce,
6,000 are Filipinos.
Press Secretary Ignacio R. Bunye said the MOU will further enhance trade, investments and
other commercial relations of the Philippines with other countries through the JAFZA network.
JAFZA Executive Vice President Noel W. Gulliver said the MOU calls for a comprehensive
planning and development of the 42-hectare property inside the SBMA free zone. He added that
JAFZA will help inject new ideas and provide impetus to fuel expansion in the Subic free trade
zone.
"We will also help out in the marketing and promote to locators the setting up of shops inside the
SBMA," said Gulliver.
Bunye said the MOU was signed Sunday in time for the President's tour of the Jebel Ali Free
Trade Zone.
IMO Release 140
Policy Statements from PGMA SPEECH: FILCOM IN DUBAI, Jan 27, 2008
Speech
at
http://www.op.
gov.ph/speeches.
asp?iid=1180&
iyear=2008&
imonth=1
OFWs
"We honor and value the contribution of our overseas workers for your sacrifice and dedication to
your work, your family and your nation."
"Salamat sa inyong tulong sa ating pag-unlad sa pamamagitan ng mga remittances ninyo
patungong Pilipinas. Remittances from UAE exceeded half a billion dollars last year."
"I am also proud to say that our ambitious economic reforms are helping to break the offshore
cycle and supporting an economy that is growing at its fastest pace in 20 years. The economic
gains we are seeing now are paving the way to the day when Filipinos no longer need to go
abroad for a job and the day when overseas work is just another career option and not the only
choice you have to earn a living."
"We are hereby officially launching this hedging facility today.
1. A pre-agreed exchange rate if the peso further strengthens, but not if the peso weakens; or
2. Paying an "insurance fee" to DBP at approximately 1.14% of the amount to be remitted to
cover the OFW at a pre-agreed exchange rate if the peso strengthens, and pay the prevailing
market exchange rate if the peso weakens."
"We are also launching the OFW bond during this visit to Dubai. We are also working with the
Central Bank and the Philippine Stock Exchange to promote financial literacy among OFWs and
your families so that you can turn your hard-earned money into working capital and
become Overseas Filipino Investors."
Economy
"Our economy has reached a new level of maturity and stability with some of the strongest
macroeconomic fundamentals in a generation. Seven years ago, no one thought we could get
more revenues, cut down on tax cheats and smugglers, and move the stock market. No one
thought we could bring down our budget deficit, lower our national debt and raise employment,
but we have. Kaya tuloy lumakas ang piso."
"We recognize that the strong peso has reduced the buying power of the remittances sent home
by many of our Overseas Filipino Workers, our OFWs. On the other hand, the peso has helped
offset the impact of the rising cost of oil, so transportation fares have not gone up despite
of the high price of oil in the world market. It has reduced the amount of national debt we have to
pay and therefore it has reduced interest rates, which helps your families buy homes or start
businesses.
It
has
contributed
to
lowering
the
price
of
imports
and
in the process, kept inflation down."
"But to cushion the impact on the strength of the peso, our administration is addressing the weak
dollar very aggressively. "
"Moody's upgraded the Philippines to positive this week for very good reasons: we have the
fastest growth in a generation – 7% for 2007, faster than our neighbors in the region."
"Our aim is to make our reforms permanent so that our nation is on a sustained path of economic
growth and stability. We have turned the economy and for the first time in a generation, we are
investing heavily in human and physical infrastructure. Roads, bridges and airports as well as
new schools and scholarships are the central building blocks that are necessary for the long term
prospects of our citizens."
Social Services
"We are also launching the program to franchise Tindahang Pinoy so that OFWs can be
encouraged to have an additional source of income. Tindahang Pinoy consolidates the products
from the participants of our One Town One Product program such as Cornick or Boy Bawang
from the North, Broas or some other delicacies or native products from the
South, Sarangani Bay sardines from Mindanao, dried mangoes from Cebu."
IMO Releas 141
Policy Statements on PGMA's statement during a Roundtable Meeting with UBS Investors
Dubai, United Arab Emirates January 27, 2008
Speech at http://www.op. gov.ph/speeches. asp?iid=1181& iyear=2008& imonth=1
Economy
"An aggressive policy is essential to the lifeblood of the Philippines. That's why I'm meeting with
you, investors, who have expressed an interest in the Philippines. "
"Dubai is in the Middle East and the Philippines is in Southeast Asia but we are both in Asia.
Further economic integration among Asian nations is imperative if we as a region are to take
advantage of the expanding global trade and economic opportunities. "
"Our economy has reached a new level of maturity and stability with some of the strongest
macroeconomic fundamentals in a generation. We've aimed high, we've met the challenge.
Seven years ago, no one thought we could get more revenues or crackdown on tax cheats or
strengthen the peso, or move the stock market. No one thought we could bring our budget close
to balance, lower our national debt, and raise employment but we have done all these things that
no one thought we could do."
"So today, the Philippines is on path to permanent growth and stability. Investors are pouring in,
the Peso is strong, and our stock market has reached its historic heights. We've created seven
million jobs in seven years. I'm glad that Dubai and the Gulf are taking notice and I hope that you
consider the Philippines as one of the best values in Asia for your investment."
"The good news for the Philippines is that we have matured and diversified our markets so much
that in the last few years, we've developed so many markets and we developed our own domestic
economy.
We are confident that our economic turnaround is permanent and our economy is resilient to
major economic destructions. "
International Relations
"The global economic situation is clearly a prime issue for us. Because the more interconnected
we become, the more we need to manage to the ups and downs of another nation's bubbles. This
is certainly true should the U.S. economy experience more volatility."
"Clearly, there will be some impact of the U.S. uncertainty on all countries because of the global
significance of the U.S. economy. However, while a slowdown on the U.S. economy could
dampen the global emerging markets, we are confident that the Philippines will withstand
the adverse effects of such a development largely because of our economic fundamentals. "
IMO Release 142
PGMA bares new program to ease impact of strong peso on OFWs
DUBAI (via PLDT) - President Gloria Macapagal-Arroyo has announced the launching next month
of a new deposit instrument designed to ease the impact of fluctuations in currency rates on the
remittances of overseas Filipino workers (OFWs).
The Long-Term Negotiable Certificates of Deposit scheme was presented by the Land Bank of
the Philippines as investment opportunities for OFWs during the President's meeting with the
Filipino community at the Madinat Jumeirah Hotel here Sunday.
Land Bank president Gilda Pico said the flotation of the instrument in P20,000 denomination has
a five-and-a-half- and 10-year maturity periods, and will yield an annual interest of 6.25 and 6.88
percent, respectively.
An OFW who invests P20,000 in the new deposit instrument will earn an interest of P8,056 in
five-and-a-half years and P12,760 in 10 years, Pico said.
She said the launch of the deposit instrument this March will be carried out through a public
offering.
In her speech during her meeting with the Filipino community here, the President said the
instrument would greatly help OFWs, who bear the brunt of the strong peso, and help them not
only as OFWs but overseas Filipino investors (OFIs) as well.
The forthcoming launch of the new deposit instrument is only one of the steps being taken by the
President to soften the blow on the OFWs' income arising from the strong peso.
She has also launched the Tindahang Pinoy under the One Town, One Product program of the
Department of Trade and Industry (DTI) that would enable OFWs earn extra income as franchise
holders in the sale of quality Filipino products in their host countries.
The Tindahang Pinoy is also part of the Overseas Workers Welfare Administration' s (OWWA)
entrepreneurship training for OFWs wanting to engage in business when they return to the
Philippines.
IMO Releas 143
PGMA launches LandBank OFW cash card in Dubai
DUBAI (via PLDT) - Overseas Filipino workers (OFWs) can now send to their relatives back
home their remittances faster, cheaper, and more secure with the use of a LandBank OFW Cash
Card.
President Gloria Macapagal-Arroyo launched the OFW Cash Card during her meeting with the
Filipino community at the Madinat Jumeirah Hotel here on Sunday.
The President said the card is among the package of government programs in recognition of the
contributions and sacrifices of OFWs who bear the brunt of the strong peso.
Finance Secretary and LandBank Chairman Margarito Teves said the launching of the OFW
Cash Card is in response to the President's Administrative Order No. 215 directing the Land Bank
of the Philippines to provide cheaper remittance services for OFWs.
The LandBank OFW Cash Card is an electronic debit card linked to a Smart cellular phone that
would enable telephone companies or banks abroad to offer mobile phone-based remittances.
An overseas worker can load cash to the OFW Cash Card linked to a Smart cellphone and send
it electronically to pay bills or transfer funds directly to the OFW Cash Cards of their relatives in
the Philippines.
When done, the OFW sender then instantaneously receives on his/her cellphone a confirmation
that the money has been transferred.
IMO Release 144
PGMA launches DBP program that protects OFWs vs strong peso
DUBAI (via PLDT) - President Gloria Macapagal-Arroyo launched here on
Sunday the hedging program of the Development Bank of the Philippines
(DBP) that would protect the earnings of overseas Filipino workers
(OFWs) against fluctuations in foreign exchange rates, particularly by
the strong peso.
Speaking before the Filipino community here, the President said she
met earlier with top employers in the United Arab Emirates (UAE) who
have expressed their willingness to help the OFWs relative to the
DBP's hedging program.
"In order to mitigate the effects of the stronger peso on your
take-home pay, we met with the big Emirati employers to solicit their
support for the efforts of our government to ease the effects of the
strong peso or weak dollar on your inward remittances to your
families, and the employers affirmed their support," the President said.
The President said the DBP's hedging program for OFWs consists of the
voluntary foreign exchange insurance with insurance fees that protect
OFWs from a strengthened peso.
In the outright forward, OFWs may sell dollars and buy pesos at a
pre-agreed rate that does not require insurance fees.
The President said the DBP has been going around the Filipino
communities and would be giving more information about this facility
through the Overseas Workers Welfare Administration (OWWA).
IMO Release 145
Policy Statements: ARRIVAL STATEMENT OF PRESIDENT GLORIA MACAPAGALARROYO
January 29, 2008
International Relations
"Global engagement remains a corner stone of our administration in order to ensure our security,
advance our economy and promote our social advancement. In each area we made progress on
our trip to Europe and the Middle East this past week. The trip has yielded benefits in terms of
new trade and investment opportunities, friends and relations with multilateral agencies and
donor agencies to support our development program, better working conditions for our overseas
Filipinos and increase level of cooperation with countries around the world. This trip was an
important part of that engagement process."
Economy
"The fact that the international rating agency Moody's allowed its upgrade of its credit outlook in
the Philippines from stable to positive during our attendance at the World Economic Forum only
serves to confirm what we've already been telling the assemblies of this important event that the
Philippines has some of the best economic fundamentals in Asia and we have created a new
business environment that offers one of the best values for investment in the world - at least in
Asia."
"We assure everyone we are not complacent. We remain vigilant in pursuing economic reform
and maintaining our fiscal discipline just as we are working hard at home to mitigate the impact of
any economic slow down on our people."
Investments
"Maraming bunga ang maikling dalaw natin sa Dubai. In our meeting with senior government
officials including the UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid Al
Maktoum and leaders in that nation's business community, we carried our message that no
location offers better value for investment than the Philippines. The message was received and
there will be new investments from Dubai entering into the Philippines beginning this year."
OFWs
"We use that session to announce measures that are designed to ease the impact of a strong
peso on our overseas Filipinos no matter where they are in the world. This includes a new deposit
instrument of the Development Bank of the Philippines designed to ease the impact of
fluctuations
in
currency
rates
on
the
remittances
of
overseas
Filipinos."