SINGAPORE (via PLDT) -- President Gloria Macapagal-Arroyo pitched for more investments in the Philippines as she urged foreign businessmen anew on Monday to infuse their capital in the Philippines and help ensure the sustainability of the country’s economic growth and stability.

In her speech before the officers and members of the Philippines-Singapore Business Council (PSBC) at the Straits Room of the Fullerton Hotel here, the President stressed that the Philippines is now "on a path to permanent economic growth and stability."

"We’re working to ensure that this will be sustained. How? The short answer to continuing the economic growth is summed in three words: invest, invest, invest," the Chief Executive said.

The President, who flew to Singapore on Saturday to attend the June 24-25 World Economic Forum on East Asia 2007 and for a one-day state visit to Singapore on Monday, explained that the single biggest act that led to the surge in the economy was the passage by Congress of the Value-Added Tax Law.

"In one bold stroke, the Value-Added Tax raised enormous amount of new revenue" that led to strengthen the country’s economy, she said.

The President said her government is following up "the pain of tax raising measures with the gain that comes from significant investments in people and projects," adding, "that way, we will truly ensure that the progress cannot be reversed."

She added that the administration is committed to consolidating the gains in new revenue by making investments in human capital and physical infrastructure, and these include billions of pesos in education, healthcare and training along with billions of pesos in new bridges, roads and ports to upgrade the competitiveness of the Philippines.

According to the President, the Philippines has become an increasingly competitive location for manufacturing, services and high skill jobs along with the booming call center business.

"We are certainly a leader in the outsourcing space, but we cannot underestimate the contribution of other high growth sectors of our economy, for instance, manufacturing, technology, mining, energy, tourism and infrastructure," she said.

The President cited the reforms initiated by her administration that are succeeding in attracting more foreign investments, saying that these reforms will ensure that these industries grow as drivers of the economy.

"The decisions of Texas Instruments, Hanjin, Marubeni and other world-famous companies to invest in the Philippines are a big validation that our strategy is working," she said.

The President also cited other positive factors that led to the country’s economic surge such as the stronger peso, the buoyant stock market that has reached all-time highs, the creation of six million jobs in the last six years, the lowest unemployment rate, and the reduced poverty rate, which is the lowest as well.

"We believe the Philippines offers one of the best values in Asia for investors," she declared.

In her speech, the President also said it is essential to bring the benefits of the country’s macroeconomic gains to the people.

In connection with this, the President said she has initiated an investment strategy focused on four main initiatives, namely:

SINGAPORE (via PLDT)—President Gloria Macapagal-Arroyo cited here Monday night certain "powerful economic complementarities" that can lead to strategic partnerships between Singapore and the Philippines with the rich city state providing the capital and the Philippines supplying the human resources.

In a state dinner hosted by Singapore President S.R. Nathan in her honor at the Banquet Hall in Istana, official residence of the Singaporean leader, President Arroyo noted how Singapore has benefited from world-class Filipino technical, professional and management as well as care-giving skills

"Singapore has 13,000 of the Philippines’ information technology (IT) professionals, 7,000 of them are nurses and other healthcare providers, 6,000 are engineers and 5,000 architects," she pointed out.

"As an investment destination, we are glad to be back in Singapore radar screen. Singapore businesses have growing investments in Philippine BPO facilities," she added.

The President expressed elation over some Singaporean firms like Ascendas Net Quad and Asscot that have moved forward on property investments in the Philippines.

She said she is looking forward to Singaporean investment in tourism and feels gratified that a number of Singaporean firms have already built or still negotiating for the construction of tourism facilities in the Philippines.

The Chief Executive also welcomed the growing budget-airline links between the two countries like Cebu Pacific, Jet Star and Tiger Airways.

"May I ask all of you to join me in a toast to the good health and continued success of his Excellency President S. R. Nathan and to the further expansion and growth of the Philippines-Singapore relations," she beamed in her toast to Nathan.

"We remain committed to continue seizing every opportunity to deepen our engagement and to further build on our dynamic and multi-faceted partnership," she added.

The President bared that in her talks with Singaporean Prime Minister Lee Shien Loong, they both agreed to start new air talks in order to increase travel between Singapore and the Philippines.

Philippines-Singapore relations go a long way since the Philippines opened a consulate in the city state in 1966, the year after it achieved its independence. Full diplomatic relations were established in August 1969 with the upgrade of the consulate to an embassy.

The state dinner wound up President Arroyo’s one-day state visit here as she left early Tuesday for the Republic of Equatorial Guinea in Western Africa.

Foreign Affairs Secretary Alberto Romulo said in an interview that the President’s State Visit here was very important considering the close ties between the two countries.

"This is an important visit because Singapore and the Philippines are very close. As you can see, there is the Philippines-Singapore Business Council but also there are a lot of investments by Singaporean businessmen in the Philippines, there is a lot of tie-up between the two countries," Romulo said.

MALABO, Equatorial Guinea – President Gloria Macapagal-Arroyo arrived in a cloudy Tuesday morning in this forested capital after a 12-hour flight from Singapore for a brief state visit to the Republic of Equatorial Guinea.

The chartered Philippine Airlines (PAL) flight bearing the President and her lean delegation that includes House Speaker Jose de Venecia Jr., Trade and Industry Secretary Peter Favila, and Philippine Ambassador Masaranga Umpa to the Federal Republic of Nigeria, arrived at the Malabo International Airport at 7 a.m. (Malabo time, 3 p.m. in Manila).

The presidential party was met at the airport by Equatorial Guinean officials led by Prime Minister Ricardo Mangue Obama Nfubea and other ministers.

After a brief rest at the Hotel Sofitel, the President proceeded to the Bata International Airport for the official welcome ceremonies for her led by President Teodoro Obiang Nguema Mbasogo at the Africa’s Palace in Bata District, the seat of government of this oil-rich West African nation.

Shortly after arrival at the Central Palace, the President offered flowers at the Fallen for Freedom Memorial here.

President Arroyo had a meeting with her Guinean counterpart at the Africa’s Palace following her speech at the opening session of the Equatorial Guinea People’s Republic Chamber.

The two leaders’ meeting was followed with the conferment on President Arroyo of the National Order of the Independence, the highest honor accorded by the Guinean government to a visiting head of state.

Before flying back to Manila Wednesday morning, President Arroyo was scheduled to witness the signing of a joint communiqué between the two countries, and also tour the Campo Alba Oil Field Complex, meet with the Filipino community here, and visit the National Bank of Equatorial Guinea.