President flies to Hong Kong, woos investors

HONG KONG - President Estrada planed in here yesterday to meet with top executives of the island's multinational companies and financial and investment houses which have expressed interest in setting up business in the Philippines.

The presidential stopover here came on the heels of his attendance in the Round Table joint summit of the United Nations and the Association of Southeast Asian Nations, as well as the 10th Session of the UN Conference on Trade and Development held in Bangkok, Thailand.

Mr. Estrada flew in aboard a chartered Philippine Airlines jet from Bangkok. He was accompanied by Senior Deputy Executive Secretary Ramon Cardenas, San Miguel Corp. (SMC) vice chairman Ramon Ang and PAL chairman Lucio Tan.

Mr. Estrada said he would meet with Anthony Leung, managing director of the Chase Manhattan Bank, and John Meredith and Eddie Teh, managing director and director, respectively, of the Hutchinson Group owned by Chinese taipan Li Ka-shing.

The President may also meet with Macau-based gambling mogul Stanley Ho whose floating Jumbo Palace restaurant is docked in Manila Bay.

Mr. Estrada also said certain Japanese and German beer brewers have expressed interest in buying 27 percent of sequestered coconut levy funds with SMC.

He added no contract signing would take place during his brief stay in the former Crown Colony. "They just want to see me."

Mr. Estrada also lamented that Ho has been victimized by bad publicity over his (Ho) alleged links with international crime syndicates, specifically the Hong Kong Triad.

"We have checked with the Interpol (International Police) in Hong Kong, Macau, England, the US, Portugal. There is none whatsoever," Mr. Estrada said.

"It's not that I am defending him, but this bad publicity scares away foreign investors," the Chief Executive said.