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NEW YORK CONSULATE FACILITATES MEETING OF H.E. GLORIA MACAPAGAL ARROYO WITH PHILAM CHAMBER AND CEO GUESTS IN NEW YORK

PHILIPPINE CONSULATE GENERAL - NEWS RELEASE
19 September 2005

New York, NEW YORK --- The Philippine Consulate General in New York arranged a meeting of H.E. Gloria Macapagal Arroyo and her economic managers with the Philippine American (PhilAm) Chamber of Commerce and CEO guests on 14 September at the St. Regis Hotel in New York City. This was reported by Consul General Cecilia Rebong. The President’s entourage included Ambassador Albert del Rosario, Finance Secretary Margarito Teves, Trade and Industry Secretary Peter Favila, NEDA Director-General Augusto Sanchez, Agusan del Sur Governor Adolph Edward Plaza, and Press Secretary Igancio Bunye.

. The Philippine American Chamber of Commerce, Inc. was represented by Ms. Joanne de Asis, Chairman-Advisory Board, Mr. John Howley, Partner-Kaye Scholer LLP, Mr. Dennis Smith, President-PacTac Advisors, Mr. Alfred Madrid, General Manager-Metrobank NY, Mr. Richard Rosenberg, President-American Energy Systems, and Mr. Rene S. Meily, PLDT-Call Center Business Group.

The PhilAm Chamber’s CEO guests were Mr. E. Gerald Corrigan, Vice Chairman of Goldman Sachs & Co. (and former President of the Federal Reserve Bank of New York), Mr. Leonard Lauder, Chairman of Estee Lauder Group, and Mr. Christopher Forbes, Vice Chairman of Forbes, Inc. The group was also composed of Mr. Stephen Long, President of International Operations for Citigroup, Mr. Daniel B. Zwirn, Managing Principal of D.B. Zwirn and Co., and Mr. John Joyce, Managing Director of Silver Lake Partners, Mr. Jim LaCirignola, Advisor to the Chairman of Forbes, Inc., and Mr. Fred Yerman, Partner-Kaye Scholer LLP.

During the meeting with President Arroyo, the CEO guests commented on the need for the Philippines to continue to provide the right environment for investments in the Philippines, and to make that positive environment known to the American business community. They also briefly touched on political stability, infrastructure and minimal intervention from the judiciary in business disputes. Mr. John Joyce discussed the need to correct the perception of bureaucratic red tape hampering investments in the Philippines. Mr. Corrigan suggested the need for a program to upgrade the country’s credit rating to investment grade over a reasonable period of time.

President Arroyo thanked the CEO guests for their useful comments. She confirmed the progress made in terms of political stability, the favorable VAT ruling, a surplus in the government’s budget achieved in August, and extensive infrastructure improvements, led by the new economic team headed by Finance Secretary Margarito Teves. She also discussed a reduction in electric rates for certain priority industries as part of restricted investment incentives, and the development of skilled labor in ICT, BPO, and medical tourism. Trade Secretary Peter Favila spoke about the strong interest by potential investors in the mining industry. To assist new investors, he said the different departments of government were group into economic clusters to cut across the bureaucracy in setting up new ventures and assisting existing investors in the Philippines.

President Arroyo encouraged the PhilAm Chamber to continue supporting and promoting bilateral trade relations between RP and the U.S. She said, “I’ll take you up on that,” in response to the offer of Ms. De Asis for the Philippine Government to use the Chamber as a vehicle for attracting more foreign investments into the country.