Today, in this ground-breaking ceremony, Procter & Gamble (P&G) Philippines, one of the leading companies that has long been a partner in Philippine progress, makes known its intention to significantly raise its stake in our future.

In doing so, it tells us in an action that speaks louder than words that it shares our confidence that the Philippines is indeed back in business in the center of Asia and the Pacific, providing an environment of stability, dependability and solidarity.

Procter & Gamble Philippines aims to finish on this site an ultra-modern plant, a high-tech factory that will produce a wide range of high-quality, good-value consumer goods.

This plant, which comprises the major aspect of Procter & Gamble’s expansion plans, plainly indicates that the company is preparing itself for the time when our economy shall have so expanded and progressed that the demand for consumer goods would far outstrip its current production capacity.

I am gratified for what this expansion project conveys to us. It means P&G shares our vision of “Philippines 2000!!!” and that it sees we are on the right track. P&G is doing its part to address the challenge of “Philippines 2000!!!” to the business community and to our people to make progress a reality.

But the significance of this occasion goes beyond that. This venture indicates the continued trust and confidence that Americans have in our capability as a people and our strength as a nation.

When I began my administration two years ago, with high hopes surging in my heart, i sounded out the challenge that we must transform our nation into a newly industrializing country by the turn of the century, because only by doing so can we survive and keep pace with our dynamic neighbors.

I spelled out the national strategy for economic growth and eventually, sustained economic development over the next eight years. I mobilized the national leadership to vigorously pursue the programs and goals of this quest, and enlisted the maximum participation of the private sector.

And time and again, I asked Congress to pass laws to open up our economy to investors and entrepreneurs, break cartels and monopolies, broaden our revenue base, liberalize the banking system as well as make efficiency and excellence, and not politics, the guiding principle of public and private investment policies.

It is a sure sign that we are marching closer to our goals when we see giant companies such as Procter and Gamble pouring fresh investments into the economy and undertaking one expansion program after another.

We are grateful to them for helping us generate more employment for our people, enhance family incomes, bring in new technologies and expand our technological-industrial expertise.

Let me offer my deep appreciation once more to Procter & Gamble for its manifestation of corporate confidence in the Philippines’ future. This commitment is all the more highly-prized, coming as it does from a long-time industry leader that knows the Philippines so well and has become known as a role model of effective and enduring Filipino-American partnership.

We are now on an upward swing and are resolved to maintain this momentum to attain our shared vision of “Philippines 2000!!!”, together with our partners in progress like Procter & Gamble Philippines.

Thank you and good day.