INTRODUCTION
It is an honor and a pleasure to meet with the Philippine business council here in Hong Kong, so let me begin by thanking you for organizing this meeting.

Back home in Manila, Secretary Navarro has often spoken to me about your work here in the Crown Colony and how you have succeeded in encouraging the flow of investments into our country. I therefore welcome this opportunity to thank you personally for all that you have done and are doing.

Hong Kong occupies a special position in the world economy and bears much significance on our country’s commerce with the world.

Proximity to Hong Kong, however, is only an advantage for the Philippines to the extent that it is truly worthy of the interest of foreign investors and traders. Where conditions back home are unattractive to investors, no amount of selling can make much difference. So the first point that I will stress here today is that we now have in the Philippines a government that has put its act together, is keen on attracting foreign capital, and is determined to achieve economic take-off as soon as possible.
A STABLE DEMOCRACY
First, let me say something about the stability and strength of our democracy today.

The many conflicts that once imperiled the Republic have eased, and we are moving decisively to forge a peace that will last. Also, I can report to you now that we have affected a major turnaround in the fight against crime — through measures to reorganize our law enforcement agencies, to revise our laws and procedures, and to involve the citizenry in the struggle.

The reform effort is especially evident in government today. The machinery of government — long beset by corruption and inefficiency — is now stirring to the call for reform.

I have formed a cabinet committed to accelerated economic growth. Its watchword is teamwork — teamwork in national economic management, teamwork in delivery of social services, and teamwork in countryside development.

The Congress of the Philippines, likewise, in an unprecedented, collaborative manner, has focused primary attention on our economic recovery and growth.

From the beginning, I have brought the executive and legislative branches together, through consultation and consensus, on the national economic agenda. We no longer experience the executive-legislative gridlock that beset us so often in the past. This was forcefully manifested by the rapidity with which congress granted me special powers to deal with the energy crisis.

And from national to local administration, there is a similar sense of collaboration. One of the brightest spots of our national life today is the way growth centers are emerging in our countryside — from Luzon to the Visayas to Mindanao.
FOCUS ON THE ECONOMY
The gathering of energies in the political sphere has enabled us to focus single-mindedly on the economy. All of us in government have no higher priority than to move the economy forward.

Our economic agenda has three principal goals: self-sustaining economic growth, a higher level of employment and the substantial reduction of the number of Filipinos living below the poverty line.

In pursuing these objectives, we rely on markets, on entrepreneurship, on innovation, on individual effort and on the wise use of our human, financial and natural resources.

We are done with the outmoded, inward-looking, and closed-door economic policies of the past. We embrace instead interdependence, openness to the world and full participation in the international marketplace.

In December last year, we adopted the new Medium-Term Philippine Development Plan for 1993-98. This was done only after completing the broadest multisectoral dialogues ever conducted in the Philippines on a national development blueprint.

The plan commits my administration to prepare the Philippines to become a newly industrializing economy by the year 2000.

Our Medium-Term Philippine Development Plan has four major targets. First, raising per-capita gross domestic production from US$720 today to US$1,000 in 1998.

Second, keeping inflation down to single digit levels during the plan period.

Third, elevating more than 70 percent of the Philippine population above the poverty line.

And fourth, sustainable growth of investments and of exports of goods and services.

We are firmly addressing the problems in the energy sector. The construction of power plants and of other basic infrastructure will be facilitated through build-operate-transfer arrangements. As a result, we expect the power shortage to be solved well before the end of this year. My trip to China in fact has witnessed the signing of contract which will help solve our power problems in the short and long term.

The export push is being reinforced as foreign investments increase in response to new laws simplifying the entry of investments, widening foreign quality participation and improving the conditions for land tenure of foreign investors. More sectors of the economy are being opened to foreign investors, such as banking and highway construction.

Above all, we are investing in the Filipino people, who constitute the most competitive resource of the country. Human resources development and training programs are designed to make our work force second to none in the region.
THINKING GLOBALLY
In the new world that is emerging from the cold war, we fully intend to compete and to cooperate for peace and progress.

And we recognize how vital are the bridges we build with the international community — bridges such as those of investment, trade and tourism.

In the past, it had always been difficult for Filipinos to think globally. Like the archipelago that our country is, we have tended to be insular in developing our country.

This has not worked, and this will not work especially in this time when the world is so interdependent. This is why I have devoted considerable effort to building our ties with our neighbors in the Asia-Pacific region.

You who live and work here in Hong Kong know the great importance of these ties that cut across national frontiers. Indeed, the Philippine Business Council has contributed much to ensure the place of the Philippines in a world of change and constant flux. And we can mutually appreciate the great importance of such key dates as 1997, 1998 and 2000 to our country.

In a few years we shall be celebrating the centennial of our national independence. During the 19th century, Hong Kong played an important role in our struggle for independence. Our heroes sought refuge here. It was an important listening and trading post.

Now, in this time of challenge, I do not doubt that Hong Kong again will play a significant role in our history, both as example of economic success and as source of investment, tourism and trade.

By coincidence, when my presidency comes to a close, we will also be marking the first centennial of Philippine independence in June 1998. Let us all pray and work so that when that day comes to pass, the Philippines will be a nation that is as prosperous and developed as its neighbors.

If our neighbors can do it, why can’t we?

If the challenge is to be met, who else but us must embrace it?

Once again, thank you for the privilege of this forum. Thank you for keeping faith with our people and our country. And more power and success to the Philippine Business Council.

Mabuhay!