Message from Philippine Ambassador
Message from Philippine Ambassador
We Filipinos have a lot to be grateful for as we celebrate 98
years of Independence today, just two short years away from our
centennial.
A resurgent and viable economy, one of the most remarkable
success stories in the developing world, has put the Philippines
back in business, in the heart of Asia.
And as the world approaches the new millennium and its
political and economic gravity increasingly shifts to its most
dynamic region, East Asia, the Philippines is bound to benefit in
the areas that really matter: a higher and qualitatively better
standard of living for its people in an environment that is
healthy and sustainable.
The numbers tell the story: the economy continues to hum at a
vigorous 6 percent to 6.5 percent in real terms (more than 7
percent if you take into account the dynamic underground
economy), up from virtually zero in the early 1990s; foreign
direct and portfolio investments totaled US$5.2 billion in 1995;
exports are surging between 25 percent and 29 percent annually
and could reach $20.5 billion by year-end; inflation remains
manageable; and, for the first time, more than 1.6 million
foreign tourists visited the country last year.
Our economic turnaround was made possible by President Fidel
V. Ramos' determination to set in motion and institutionalize a
set of policies designed to transform the Philippines from
laggard to competitor, from a passive to a key player in the
strategic region; and where there is sufficiency in food,
clothing and housing, as well as opportunities for growth and
development for every Filipino.
The strategies for attaining this vision are contained in the
Medium-Term Development Plan for 1993-1998. The twin thrusts of
the plan are global excellence and people empowerment.
The seven growth strategies that now propel the economy are:
commitment to a planned free economy; giving the people a stake
in development; industrializing from a base of agriculture
development; encouraging a high savings rate; developing an
educated workforce; fostering export-oriented industries; and
building solid infrastructure.
To level the playing field of enterprise, state firms have
been privatized, cartels have been disbanded, and regulations in
foreign exchange, banking and foreign investment have been
liberalized.
These measures sent bullish signals throughout the world that
Philippine reforms and recovery were for real.
Perhaps the most fitting symbol of the new Philippines is
Subic, the former U.S. naval base, 50 miles north of Manila. Once
the home base of the mighty American Pacific fleet, Subic is now
a bustling international free port, housing more than 200
companies and more than $1 billion in new investments.
World attention will focus on Subic and the Philippines when
the country hosts the APEC-AELM at the former military complex
this November.
Today, as our country celebrates her Independence Day, I would
also like to underscore the ancient and present-day ties that
bind the Philippines and Indonesia and to express our fervent
wish that these relations continue to grow and consolidate with
the passage of time, as our two nations strive for a better life
and future for our peoples.