INTRODUCTION
There are ways of sharing in America’s vitality and greatness — without becoming an American. Of these, the most significant are trade, investments, cultural exchange, diplomacy, security — in a word, partnership.

Last July, during his visit to Asia, President Clinton underscored this. “Our nation is ready,” he declared, “to be a full partner in Asian growth.”

My present journey seeks such partnership in growth — yours and ours.

Between our two countries, Americans and Filipinos can now look back on nearly a century of ties. As two countries with so much shared history, there are many things to cherish and remember, as well as some better left forgotten.

A Chinese philosopher offers good guidance on how to deal with such shared memories. “We should have the capacity,” he suggested, “to forget what ought to be forgotten and remember what ought to be remembered. If unfortunately, we remember what we ought to forget, then there is difficulty; and if we forget what we ought to remember, that is bad.”

If our relationship is still unfocused today, perhaps it is because, in both our countries, we have been remembering what is better forgotten, and forgetting what we ought to be remembering.

In this exciting time of opportunity in the Asia-Pacific, we are not looking enough to each other — to each other’s strengths and support — in navigating our way through the tides and currents. We are not nurturing what our historic relationship can confer.
LAND OF THE MORNING
I did not travel this far to dwell on the past. I have come rather to tell you of the present and the future.

While watching the fine cultural show here tonight, it struck me that while it is evening in New York City, it is morning now in the Philippines. That is a good metaphor for what is happening in our country today.

For a long time, it was night in the Philippines, and now morning has come.

We had been disunited, and now we are pulling together.

For the first time in a generation, the words of our national anthem are again pregnant with meaning: we are “the land of the morning.”

Dawn began, as some of you perhaps will still remember, in February 1986, when our people broke the yoke of tyranny in our land –literally stopping army tanks and whole columns of soldiers on their tracks — purely on the strength of their courage and their faith in God and the right of freedom of choice.

But then, as some of you also know, we lived through a period of instability and uncertainty, as various rebel groups challenged the government of Mrs. Aquino.

We were also hit by a succession of earthquakes, volcanic eruptions, and typhoons.

Of the uncertainties that mother nature ordains, there is not much we can do other than cope with them.

But the difficulties we inflict on ourselves, we can avert. And we are now eliminating these.

The period of instability in the Philippines is over. There is effective, democratic government in the country.

It is said that in the hour of the gravest crisis, the human individual oftentimes rediscovers his will to live. So it is with a nation.

In the severity and the urgency of our problems, we have rediscovered our solidarity as a people and found the will to undertake reform and develop our country.
“PHILIPPINES 2000!!!”
Our program of reform and sustainable development — of putting our house in order and setting free the energy of enterprise and creativity in our country — we call “Philippines 2000!!!”.

I will not bore you with its details. Let me just say this.

The days of moaning, complaining and blaming others are over; today we are putting our energies and our resources where our mouths are.

Since most of our East Asian neighbors have taken the authoritarian road in their successful journey to development, some have wondered whether our quest for economic development is best served by democracy. I will answer: only democracy will suffice and work for a country and a people who have paid so dearly for their freedom. We in the Philippines will make democracy work.

Having said that, let us ask in return those who invest their precious resources in other countries: would you put your money in a country under arbitrary and authoritarian rule, or would you rather place it in a country where there is rule of law and democracy?

Democracy is difficult and sometimes messy, but there are certainties and assurances in this system that no authoritarian order, however dominant, can ever provide.

In the economy, we have launched major reforms to democratize and level the field for real competition.

Through deregulation, liberalization and privatization, we are democratizing a basically oligarchic economy. And we will not stop until the monopolies and cartels injurious to public welfare are fully dismantled, until government dealings with business are freed from corruption, and until a real market-oriented business environment is in place.

When we ask investors to invest in our country and foreign firms to trade with us, we do so not merely because we have passed a new investment law that opens our economy to foreign capital or because we are liberalizing the entry of foreign goods into the country. We do so also because we believe your participation will be to our mutual advantage and profit.

We require no special favors. We ask only that businessmen look squarely at the opportunities in the Philippines today — and weigh them against those in other countries.
COMPARATIVE ADVANTAGE
The advantages of doing business in the Philippines are plain. Filipino manpower skills and expertise — ranging from those of manual workers to technical talent to professional managers — are among the best in Asia. And it is a tremendous advantage that we communicate in English better than anyone in the region.

In addition, we have considerable natural resources to complement many industrial undertakings.

The disadvantages are also well-known: inadequate infrastructures and too many regulations. Both impediments we are resolutely correcting.

The power shortage will definitely be solved by the end of the year. We are fully modernizing and opening up our telecommunications industry. And we are rebuilding and expanding our network of roads, ports, airports and other infrastructures.

And if a sound business environment means a government that can keep its word, you may be assured that my government will stand by its word and by its every commitment.
PARTNERSHIP IN GROWTH
In the crucial years when America was debating whether to keep or set free the Philippines, the argument that clinched the case for annexation was America’s need for a commercial base from where it could expand its trade with the orient. And so, the Philippines played this role during the colonial phase in our relationship.

Today, with East Asia as the fastest growing region of the world and the Asia-Pacific century at hand, my country can serve again as the logical center or bridge for American business in the region.

One firm believer in the Philippine-American partnership — Mr. Washington SyCip — puts it this way: “the Philippines is a natural gateway to Asia from across the pacific… It provides the US an ideal environment unmatched in the region — a shared history, easy and open communications between Filipinos and Americans, a good appreciation and understanding of each other’s culture, and a non-stop flow of tourists, veterans, workers, businessmen, migrating residents, students and other citizens in both directions across the Pacific Ocean.”

The American Chamber of Commerce in the Philippines declared last August: “The Philippines sits at the crossroads of several major fiber optic cable systems, which are destined to become the highways of the information age.”

Our bilateral trade and American investments in the Philippines are considerable — but they can be made bigger and better.

The fundamental point we must all remember is that we in Asia, no less than you in America, want a healthy US economy. A more robust and competitive US economy will also be good for our own growth.

I submit that the way for you is greater, not less, involvement and continued engagement in the exciting possibilities of Asia today. The Philippines is a good site as your base of operations.

In this era after the Cold War and at a time when the world is still groping tentatively toward the new order, I submit that we must seize the opportunity to renew and strengthen our historic relationship. Let us transform it into a partnership in growth.
VISIT THE PHILIPPINES
No one perhaps will be more pleased to learn about these encouraging developments in my country than you in this community who count yourselves as “Friends of the Philippines.” even during the bad times, you kept faith with us. Now when the situation has dramatically changed for the better, it is but logical that you should be the first to hear the news — and act on it!

I therefore close with this message to the American business community: if you are already doing business in the Philippines, consider expanding your investments and operations there.

If you are just considering investing in our country, then I suggest you make your decision quickly and invest now!

In either case, come and visit the Philippines soon. See for yourselves what is happening.

I believe the best time to do business with us is now, when we poise for take-off.

Thank you so much for a delightful evening.

Mabuhay kayong lahat!