The relationship between the World Bank (WB) and the Philippines dates back to the establishment of the Bretton Woods Institution five decades ago, in which the Philippines was one of the incorporators.

Since then, we must admit that we stumbled along the way to prosperity or the lack of it.

With the bank’s continued support and assistance, however, we have finally and firmly laid the groundwork for long-term sustainable economic growth. This we have done by adopting measures to transform our economy into one that is more outward-looking and globally competitive.

Through steady congressional support and world bank’s consistent assistance, we have initiated reforms in the areas of trade and investment, foreign exchange liberalization, and privatization, among others. We have, likewise, put the contentious foreign debt issue behind us such that the Philippine credit worthiness has been restored. Now, both our public and private enterprises have regained access to international voluntary capital markets.

We realize, of course, that to attain our goal of becoming a newly industrializing country by the turn of the century, much still need to be done. But we are determined to protect the gains we have made and to push relentlessly along the directions we want our country to take and achieve the goals for which our people have aspired.

We have seized the opportunity; we are prepared to pursue our national vision, and we will no longer lose time in moving the Philippines forward.

We hope then, Mr. President, that you will share our optimism and bullishness for the Philippine economy just as you, as a private banker, demonstrated some twenty years ago when you personally negotiated for the 30% equity investment of JP Morgan in the Bank of the Philippine Islands.

We similarly hope that this positive outlook will not only increase levels of the bank’s assistance but also encourage more private sector investments in our country, especially through the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

In this spirit, I now offer a toast to a more vibrant Philippine economy with the able support of the world bank, and also offer a toast to the continued good health and success of Mr. and Mrs. Preston with the wish that it will not take you another twenty years before you visit our country again.

Come see us every year and especially in the year 2000 when you will find a more progressive Philippines which you have helped bring about and, together, we will share the joy of the entire Filipino nation.

Mabuhay!