We of the Philippines are pleased to learn that the next International General Assembly of the Pacific Economic Cooperation council will be held in Manila• We are also delighted that the Philippine PECC committee, led by Mr. Roberto R. Romulo, will chair your organization during the next two years• We see these as part of the growing global confidence in the Philippines and a recognition of the Philippine success story•

I take particular pride in this story because we have proven that development in the Asia-Pacific can take place under a democratic system• We intend to build on our success through a development policy that pays full heed to the requirements of sustainability•

We have come this far by strengthening our linkages with the global economy• Gone is our protectionist policy and highly regulated economic regime of a decade ago• Instead, the Philippine business environment that is now firmly in place is open, deregulated, liberalized and more attuned to globalization and competitiveness•

Greater and closer interaction with friends and neighbors is a cause we espouse• And in open regionalism, the Philippine government and your organization have a common cause•

As host of the 1996 APEC leaders’ summit, i have come to know more of your organization through your work in APEC• PECC’s contribution to the APEC process is immeasurable• Over the years, your organization has provided valuable studies on how we can move the APEC process forward and make open regionalism a continuing reality•

We congratulate your outgoing chair, Mr. Edgardo Boeninger, for a job well done, and look forward to your contributions to APEC under the new leadership•

Finally, on behalf of the Filipino people, I invite all of you to attend PECC XIII in Manila in 1999•

Thank you and mabuhay!