Ramos generated $20b FDI

Ramos generated $20b FDI

MANILA (AP): President Fidel Ramos' aggressive worldwide quest for investments has generated about US$20 billion worth of business for the Philippines in the last five and a half years, the government said yesterday.

Ramos is the Philippines' most traveled president, having journeyed to more than 40 countries in 35 foreign trips since 1992 mainly to scout for foreign investment.

The country's thriving business sector and a sturdy economy are legacies Ramos would like to leave behind, a government statement said. Ramos' single six-year term ends on June 30 and he is constitutionally barred from seeking reelection.

In a recent visit to the United States, Ramos got investment pledges amounting to $1.4 billion from several American companies, including Ford Motor Corp., the statement said.

Ramos said a successful international launching of $500 million worth of Philippine bonds in New York early this month indicated strong investor confidence in the Philippine economy.