Foremost, let me congratulate each and every one for the valuable efforts you have contributed in the preparations and conduct of this dialogue.

As I listened to the reports of the workshop you have just concluded this afternoon, particularly on the commitments and action plans of the business sector to fully implement the private sector commitment in the social pact, I am more than confident that with the united initiatives of the private sector and the government, we can advance our common ground — the progress and prosperity of our nation and people.

I understand that in forging your commitments and action plan with the government this afternoon, the economic environment attendant to IMF and GATT agreements were of utmost concern. Let me assure you that your government will soon come to an agreement with IMF to enable us to further focus our efforts on fiscal discipline and prudent macroeconomic management to bring above higher productivity.

On tariff and trade agreements among GATT member countries, let me reinforce what Trade Secretary Navarro has assured earlier. I am convinced that GATT will result in increased trade and exports for our country. I am, therefore, giving my full support to the efforts to obtain the senate’s ratification of our GATT agreements at the earliest time. The expeditious approval by the senate will allow us to effectively align our internal measures to comply with the GATT’s requirements and put to force the agreements by January 1, 1995 and take advantage of the trade opportunities they offer.

As we coordinate our efforts on IMF and GATT with the legislative branch, we shall continue to consult the private sector, in particular the business and basic sectors, to address possible sectoral concerns. This dialogue is part of this consultation.

Let us not forget, however, that the actualization of the opportunities under the GATT shall heavily depend on the initiatives and creativity of the private sector. In particular, the business sector must play a very aggressive role in exploiting these opportunities through increased market access. Specifically, market access for services will be progressively established under the GATT.

I, therefore, urge all of you to expand your export commitments for it is exports which will drive the economy forward. You have to think global. In pursuing this, I also urge you to participate actively in the upliftment of labor management relations.

I urge both the business leaders and the government officials here present to work closely in research and development efforts. It is the adoption of new technology that will increase our productivity and make our exports competitive.

Lastly, I urge the businessmen to actively participate in government’s investments promotion programs by inviting foreign investors to locate their project in the Philippines and by joining investment missions.

Our dialogue today should be part of the sequencing of the actions from both the government and the private sector to carry our socio-economic goals. The commitments and action plans you have drawn today are meaningful steps to realize the social pact we forged during the people’s economic summit.

I note that the action plans you committed today were consistent with our social pact. They not only were focused on mobilizing trade and investments, ensuring agri-industrial development and providing of infrastructure support, but also recognize the human development component of the business sector’s action plans.

On June 17 1994, we shall convene the People Empowerment Caucus to further review and prioritize all our efforts and action plans to arrive at a viable and responsive Social Reform Agenda. I trust that the business sector, along with the basic and labor sectors, shall again actively participate in that caucus.

We shall not end our efforts in today’s dialogue as there are more challenges to overcome. Let me therefore leave you with the wisdom of the late John F. Kennedy “let both sides explore what problems unite us instead of belaboring these problems which divide us”.

Thank you and mabuhay kayong lahat.