INTRODUCTION
The Filipino people join me in this pleasure of welcoming you, Mr. President, and your distinguished delegation to the Philippines.

As we begin another year in our country, we stand on new grounds of confidence in ourselves and hope about the future.

In these first few weeks of 1995, the Philippines has shown what is within our capacity to attain — the achievement of even higher growth in the economy, the further empowerment of our people through jobs and livelihood, the promotion of social justice, the spread of peace and prosperity in our land, and the vigorous growth of our commerce and rapport with the world.
ECONOMIC AND SOCIAL REFORM
One word underlies every gain that we have made in the economy, in people empowerment, in our social agenda, and in national affairs in general. That word is reform. Reform undergirds the dynamism of our economy, our society, and our government today.

We have been pleased with the response of the outside world to our economic and social reform measures.

Much of the new investments comes from foreign corporations already in the Philippines, who have been here long enough to see and to understand the difference we are making today.

In this respect, I am glad to note that Singapore ranks sixth among the investor countries in the Philippines, and has been contributing its share to our development.

The flow of outside funds has in fact been so large that it threatens our efforts to normalize the value of the Philippine peso, which has gained significantly in terms of the US dollar over the past twelve months.

But I must say that it feels better to be having problems of this kind for a change –instead of the problems of scarcity to which we have been accustomed.

All these are evidence of renewed confidence in the Philippines, and I thank Singapore for having been one of those friends who have been with us all the way.
OUR SHARED INTERESTS: ENHANCING COOPERATION
Your historic visit to the Philippines, Mr. President, is a timely opportunity for us to raise the level of the friendship between our countries to a still higher plane.

It has become increasingly clear that our relations are based not only in geography, history, and racial and ethnic kinship –although these are of fundamental importance. Our close relationship is also anchored on many shared interests.

Both our nations have a clear interest in the strengthening and consolidation of the Association of Southeast Asian Nations (ASEAN) and of cooperation among its six members, including the expeditious achievement of the ASEAN Free Trade Area (AFTA).

Both our countries wish to see solidarity developed among all ten countries of Southeast Asia — as a vital force for the peace and progress of the region — and eventually, hopefully, within our brotherhood in ASEAN.

We in the Philippines see a Southeast Asian community not as a closed system, but as a building block of the global community.

But it will still take all the political will, all the collective sense of purpose, and all the determination and skills of Southeast Asia’s leaders to make it happen.
REGIONAL SECURITY
Both our countries hope that the nations of our region will evolve a common vision of regional stability and security.

We, therefore, have a common interest in the progress and success of the regional security fora that have been established in the last few years at both the governmental and the non-governmental levels.

We hope to see the countries of east Asia — as a region and bilaterally with each other — developing specific measures to build confidence and trust between themselves and among themselves, so that peace, stability, cooperation and progress will at last prevail and endure in our part of the world.
CEREMONIAL TOAST
With this in mind, may I ask you to rise and join Mrs. Ramos and me in a toast to the health of his Excellency, President Ong Teng Cheong; to the happiness and prosperity of the people of Singapore; and to the everlasting friendship between the Philippines and Singapore.

Mabuhay!