President Gloria Macapagal-Arroyo has urged rural bankers and their partners to reach out to more microentrepreneurs, especially in provinces where their financial services are needed most.

In a speech read for her and Secretary and by Presidential Management Staff (PMS) Director General Cerge M. Remonde during the 10^th anniversary celebration of the Microenterprise Access to Banking Services (MABS) Program held recently at the Manila Hotel, the President lauded the efforts of the Rural Banking Association of the Philippines (RBAP) for helping the marginalized sector get out of the rut of poverty by providing loans to microentrepreneurs.

Over 365,000 micro business borrowers, including many who have not set foot in a bank before to get loans, were able to grow their businesses because of rural banks which have joined the MABS Program.

The MABS Program was launched in Mindanao in 1997 and is jointly implemented by the United States Agency for International Development (USAID) and the RBAP, with oversight provided by the Office of the President through the Mindanao Economic Development Council (MEDCo). It assists privately-owned rural banks to develop their capability to profitably provide financial services – both loans and deposit services – to the microentreprise sector.

"Microfinance is one of the priority social services in my administration. In fact, part of the P37 billion we were able to save a year ago was returned to the people in the form of microfinance," the President said.

The President commended the RBAP for helping the government in the fight against poverty. "By using your own funds, you have helped government redirect valuable resources to key social services and infrastructure projects in the rural areas, which are all important undertakings in addressing poverty in the country," she said.

The Chief Executive saw the need for the rural banks to work with Congress on measures that they would like to see passed, such as the Credit Information Act which she is willing to certify as an urgent bill.

She thanked the USAID and the RBAP for helping the rural bankers serve the Filipino microentrepreneurs. She also commended the MABS Program Team for developing a true Filipino rural banking technology, as well as the rural bankers for the excellent work they have done.

United States Ambassador to the Philippines Kristie Kenney, who was also present during the occasion, said that this is a very exciting time to be in the Philippines with its economic growth reaching new heights. She noted that various business groups are investing in the country, with senior American companies like Texas Instruments putting up extraordinary facilities and major companies like Lexmark doing all their research and development in the Philippines.

"It is a time of great economic growth and extraordinary opportunities in a country that is rich in natural resources," she added.

Kenney also acknowledged that the great economic resource of the country is its people who, she said, "are known throughout the world as innovative, creative, educated, warm and friendly."

The US ambassador said that the greatest challenge now is in making sure that the benefits of the country’s great economic growth reach the Filipino people.

Noting Ambassador Kenney’s remarks about the performance of the Philippine economy, Remonde attributed a large part of the economic growth to rural bankers. He said that the Micro, Small and Medium Enterprises (MSME) development program is the President’s flagship program in bringing down to the Filipino people the benefits of the country’s economic growth.

LAPU-LAPU CITY, Cebu – Underscoring the need for more investments to enable the country to attain First World economy status in 20 years, President Gloria Macapagal-Arroyo called today on the foreign and local business communities to join hands with the government in building a stronger and better Philippines.

In her keynote address at the 2nd Annual Philippine Investment Conference organized by Euromoney Conference at Shangri-La's Mactan Resort and Spa Hotel here, the President said the Philippines is experiencing an economic boom, as she touted the country as the best place to invest in now.

"The short answer to continuing economic growth is summed up in three words: invest, invest, invest," she said.

The President explained that improved economic figures would not make her administration complacent. On the contrary, the government would strive and redouble its efforts to sustain the country’s gains and ensure that long-term prosperity is finally achieved.

"We will do even more to sustain these gains and to achieve long-term prosperity in our country. By continuing on our path of economic reform, we will be able to sustain this momentum. We are confident that the momentum of our domestic economy will continue to drive further growth to not only exceed last year's level, but to meet our aggressive targets for the year. We intend to move forward by working in partnership with the private sector," the President said.

She outlined to the 400 conference participants composed of a cross-section of the country’s leading corporations, policy leaders and key international and domestic investors the government's efforts to improve the economy.

From its sorry state in 2001 when she took over, the economy has registered an impressive growth of 6.9 percent during the first quarter of 2007, the highest in the past 17 years, the President said.

There has been "a sea of change in the Philippines," she said. These changes in the country’s economic profile include a reduced budget deficit, an unprecedented increase in revenue collections, a very strong peso, low inflation, a robust stock market, a rapid inflow of foreign investments, six million new jobs in the last six years, low unemployment rate while poverty rate is at its lowest, she added.

"We are putting our fiscal house in order. Our economy has been growing in parallel with our fiscal gains. We have delivered 26 quarters of economic growth... economic growth in the Philippines has been consistent quarter after quarter," the President said.

She stressed that while some of the country’s regional neighbors experienced recession at one time or other from 2001 to 2007, the Philippines’ economic growth has been consistent.

"The single biggest act that led to the surge in our economy was the passage of the Value Added Tax law which in one bold stroke raised enormous amounts of new revenue. The Act also sent an unmistakable signal that we are serious about moving the economy forward," the President said.

Other factors that contributed to an impressive growth of the economy, according to her, included the government's focus on the economy, fiscal discipline, balancing the budget and investment in human and physical infrastructure.

"Our economy has reached a new level of maturity and stability with some of the strongest macroeconomic fundamentals in a decade," she said.

As a result, investor confidence in the Philippines is "at an all-time high."

"This did not happen by accident. We have worked to create and maintain a business-friendly environment," she said.

Te President pointed out that the government would not sit on its laurels, and instead work harder to create a more conducive investor-friendly environment in order to attract more investments and thereby create more jobs for the Filipinos.

"There has never been a better time to invest in the Philippines. The world is taking notice...there is a widespread international recognition that we offer one of the best value for money in Asia for investors," she said.

She cited among others Texas Instruments’ $1-billion investment in a chip plant, South Korea’s Hanjin Corporation’s $1-billion shipping facility at the Subic Bay Freeport in Zambales, Tokyo Electric and Marubeni's $4-billion investment in the country.

Aside from the country’s strategic location in the fast-growing Asia-Pacific Region, Filipinos are renowned all over the world for their high education, productivity and English proficiency, the President said.

"In sum, we are a good business environment getting better. We call on all of you, the participants in this important Conference, to take part in our country's transformation," she said.

The Euromoney Philippines Investment Conference is touted as the most high-profile business conference to take place in the country this year.

LAPU-LAPU CITY, Cebu -- Impressed with the economic growth the country has posted under President Gloria Macapagal-Arroyo's administration, Deutsche Bank, one of the Philippines' partners in building a strong republic, has signified its intention to stay on and expand further its participation in the implementation of government's priority projects.

"They (Deutsche Bank) will be here for a long haul," Finance Secretary Margarito Teves said in an interview after the call of Deutsche Assets Management Vice Chair Chris Burnham on the President at the sidelines of the 2nd Annual Philippine Investment Conference being held at the Shangri-La's Mactan Resort and Spa here.

Deutsche Assets Management is one of the world’s largest investment management groups with approximately $737 billion in assets under management globally as of March 2007.

Teves said that during the meeting, Burnham congratulated President Arroyo for the impressive gains in the Philippine economy. On the other hand, the President thanked Deutsche Bank for its active role in the development of the country.

Teves said that Burnham informed the President that the Bank is bullish on participating in the major priority projects of the government, specifically in such infrastructure as roads, bridges, irrigation projects, airports, among others, that would support the President's super regions economic plan.

Teves noted that through the years since 1995 when Deutsche Bank started operations in the country, the Bank has assisted the government in its bond flotation, capitalization and the sale of non-performing assets.

Deutsche Bank serves institutional clients and private investors as a global provider. It offers tailored products in equities, bonds and real estate advisory services.

EBUEN AIR BASE, Cebu -- President Gloria Macapagal-Arroyo administered today the oath of office to the newly-elected local officials of Eastern Samar and Lapu-Lapu City at the VIP Lounge here before she flew back to Manila.

Among those sworn into office were Lapu-Lapu City Mayor Arturo Radaza, Vice Mayor Mario Amores and councilors.

The newly-elected Eastern Samar local officials who took their oath of office before the President were led by Governor Ben Evardone and Vice Governor Leander Geli and the 12 Provincial Board Members.

They were inducted into office after the President keynoted the 2nd Annual Philippine Investment Conference organized by Euromoney Conference at the Shangri-La Mactan Resort and Spa.

The President arrived here at 10 a.m. and immediately motored to the Shangri-La Mactan.

She flew out of Cebu at 12 noon after a lunch with the local officials and Cebu Governor Gwendolyn Garcia.

There has never been a better time to invest in the Philippines than now!

Thus declared President Gloria Macapagal-Arroyo before representatives of top international and Filipino businessmen during the opening of the Second Annual Philippines Investment Conference at the Shangri-La’s Mactan Island Resort and Spa in Lapu-Lapu City, Cebu this morning.

"In my discussions with corporate executives throughout the world, it’s clear that there is widespread international recognition that we offer one of the best values for money in Asia for investors," she said.

The growing interest of international investors in the Philippines is validated by the decision of corporate giants, including Hanjin Corporation of Korea, Texas Instruments of the United States, Toyota of Japan, and Chinese companies, to invest heavily in the country, she said.

That these international corporations are expanding their operations in the country only shows that the government’s strategy is working because they have long had operations here and have found their trade dealings gratifying, the President said.

The President also said that a sea change has taken place in the country’s economy over the last few years. "We have lowered our budget deficit. We have raised unprecedented amounts of revenue. We are putting our fiscal house in order."

The economic growth continues, and while "some of our regional neighbors experienced recession at one time or another during this period, economic growth in the Philippines has been consistent quarter after quarter," she said.

She attributed the surge of the economy for the bitter pill of reforms instituted by her administration, notably the imposition of the Expanded Valued Added Tax Law, which "in one bold stroke raised enormous amounts of new revenue."

The President said the EVAT "sent an unmistakable signal that we are serious about moving the economy forward. But that isn’t all. Our complete focus on the economy, on fiscal discipline and on moving towards a balanced budget and on the need for long overdue human and physical infrastructure improvements helped round out our economic gains."

"Our efforts are paying off in a strong peso, low inflation, a robust stock market that is at its highest index in our entire history, rapid inflows of foreign investment and six million jobs created in the last six years," she said.

The President added that the unemployment rate is the lowest in a generation and the poverty level is also at its lowest.

BANTAY, Ilocos Sur – President Gloria Macapagal-Arroyo inspected today the ongoing construction of the Banaoang Pump Irrigation Project (BPIP) here to ensure the completion of the project vital to the government-envisioned North Luzon Agribusiness Quadrangle (NLAQ).

The President, fresh from keynoting the 2nd Annual Philippines Investment Conference in Lapu-Lapu City, Cebu, wants the P2.4-billion irrigation project finished by the end of next year.

The NLAQ is part of the President’s roadmap towards realizing the region’s full potentials and spur the country’s drive towards agricultural productivity and increased food production.

The NLAQ consists of 15 provinces in the Cordillera Administrative Region (CAR), Regions 1 and 2 and the northern parts of the four provinces of Aurora (north of Baler), Tarlac, Nueva Ecija and Zambales, particularly Subic.

Upon her arrival here, the President was briefed by Agriculture Secretary Arthur Yap, Governor Luis Singson and 2nd District Rep. Eric Singson on the status of the implementation of the project.

The BPIP is designed to provide year-round irrigation to 6,312 hectares of paddy fields of rice, tobacco and other diversified crops covering the municipalities of Bantay, Caoayan, Sta. Catalina, San Vicente, San Ildefonso, Sto. Domingo, Magsingal and Vigan City.

The project also aims to introduce modern irrigation farming techniques, generate additional employment opportunities and increase the income and livelihood of some 5,000 low-income farmer-beneficiaries.

In Vigan City, the President presided over the mass oathtaking of newly-elected Ilocos Sur Governor Deogracias Sevillano, Vice Governor Jerry Singson, provincial board members, municipal mayors, vice mayors and municipal councilors at the Function Room of Baluarte, the residence of outgoing Ilocos Sur Governor Luis "Chavit" Singson.

After the induction rites, the President joined the residents, local businessmen, priests and nuns, relatives and friends in the luncheon for the 66th birthday of Governor Singson at the Bolkiah Room.

Vigan City Mayor Ferdinand Medina presented to the President the fuel injected two-stroke tricycles at the ground level of the two-storey function room.

The tricycles are part of the project of the City of Vigan in partnership with Envirolift International Inc. It is the city’s contribution to the Clean Air Act implementation.

After her inspection of the BPIP, the President also visited and made a quick tour of the facilities of PGMA Multi-line Food Processing Plants (MFPP) in Santa town.

Trade Secretary Peter Favila, Agriculture Secretary Yap, and Presidential Management Staff Director General Cerge Remonde, Governor Singson and other local officials accompanied the President in the inspection.

In her brief remarks during her interaction with the farmers, the President said the Multi-line Food Processing Plant will provide additional income for them while they are busy working in the farm.

MFPP was completed on June 21, 2006 and started full-blast operation on Oct. 11 of the same year. The realization of the MFPP was sourced from the share of Ilocos Sur province from the Tobacco Excise Tax under Republic Act 7171.