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Arroyo assures business

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By Joel Guinto
First Posted 13:49:00 09/15/2008

MANILA, Philippines – President Gloria Macapagal-Arroyo Monday assured the domestic and foreign investment communities that her government would “stay the course” of economic reforms to boost the country’s competitiveness as an investment site.

Arroyo said this at the meeting of the National Competitiveness Council in Malacañang, where she also received a P80-million cash grant from Intel Philippines to assist 31 public schools in General Trias, Cavite.

“I called this meeting to reassure the investment community, domestic and foreign, that the government is acting responsibly, will stay the course, and has a plan for the future,” the President said.

“We will continue on the path of economic reform. Our reforms to date have helped us in this time of global economic upheaval,” she said.

Without the reform measures, the President said the country would not have withstood external shocks from the slowdown in the American economy, and soaring oil and commodity prices.

Arroyo said the council “accomplished a lot” in terms of the five-point strategy that she laid out to boost the country’s competitiveness.

The five areas include: plentiful and affordable food, reduced power cost, modernized infrastructure, upgraded knowledge and technologies, and reduced red tape.

The President also cited the council’s efforts for the five-notch improvement in the country’s ranking in the International Management and Development Survey, and the four-notch advance in the country’s competitiveness ranking in the World Economic Forum.

But a World Bank survey last week showed the country’s business competitiveness ranking dropped four notches.

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Written by joelguinto

MonUTC2008-09-15T06:54:50+00:00UTC09bUTCMon, 15 Sep 2008 06:54:50 +0000 22, 2006 at 12:45 am09

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