Arroyo earns support for fiscal reforms from Pinoys in HK

President Arroyo met with Filipino and foreign businessmen in Hong Kong Saturday night to discuss current Philippine developments and earned praise and support for her fiscal and economic reforms, Trade Secretary Peter Favila said yesterday.

Favila said he accompanied the President in a dinner with the businessmen in Hong Kong and they proceeded yesterday morning to Shenzhen, where former President Fidel Ramos also spoke at the Boao Forum for Asia (BFA) chief executive officers’ summit and promoted the Philippines as well.

"The President exchanged views with the businessmen in Hong Kong and got favorable feedback. They congratulated her for being able to implement her fiscal reforms," Favila told The STAR in a telephone interview from Shenzhen.

"There was no mention about politics. I think they know basically what’s happening. What they say is they are happy that our fiscal position is getting healthier," he said.

Aside from other revenue generating measures, the President also pushed for the implementation of the expanded value-added tax law, which she said was the cornerstone of her economic reform agenda.

Favila said the businessmen expressed belief the reforms were sustainable. "At least we got positive reviews. It was very encouraging," he said.

In Shenzhen, Favila said Ramos was one of the guest speakers at the BFA CEO summit along with other Asian leaders.

Favila said the summit was attended by more than 600 delegates from all over Asia and Ramos discussed the Philippines with them.

"It’s a recognition and we are grateful that Ramos is still working to promote the Philippines," Favila said.

Thai Prime Minister Thaksin Shinawatra and more than 600 entrepreneurs from Asia and other parts of the world also attended the event.

The BFA said business leaders from Asia and other parts of the world focused on current economic issues, exchanges and cooperation, and substantive and pragmatic discussions.

The summit touched upon a wide range of issues of interest to business leaders, including corporate branding, technology innovation, internationalization and individuality of Asian enterprises, energy, and corporate governance as well as the real estate and automobile industries.

The summit also promoted detailed discussions on individual sectors, the problems confronting them, and practical and effective solutions to these problems.

The President proceeded to Hong Kong after attending the Asia-Pacific Economic Cooperation leaders’ summit in Busan, South Korea. Aside from her business meeting, she also spent time with her family at Hong Kong Disneyland.

Nearly 400 private business leaders from the 21-member APEC forum, who held their APEC Business Advisory Council (ABAC) meeting in Busan at the same time as the APEC leaders’ summit, urged their heads of state to exert greater efforts to eradicate corruption and enhance transparency in government.

Their action was formalized in a declaration signed by 393 private business leaders from the region. The declaration was presented by ABAC 2005 chairman Hyun Jae-hyun of Korea to the APEC 2005 summit chair, Korean President Roh Moo-hyun.

Roh, in turn, presented the declaration to the leaders of the 21 APEC member economies, including Mrs. Arroyo, who has been an active participant in all APEC deliberations.

An economist by training, the President is at home on economic issues and dynamics and its component disciplines like trade and investments. As chair of the APEC Counter-Terrorism Task Force, she also has a key leadership role in security and related concerns.

"We, the 393 entrepreneurs of the Asia-Pacific Rim region who took part in the APEC CEO Summit, declare our resolve to proactively participate in the global community’s anti-corruption efforts," the declaration stated.

The signatories constituted nearly half of the about 800 entrepreneurs who attended the ABAC summit. It was not immediately ascertained why the other half failed to sign the document.

The declaration is in consonance with the APEC leaders’ stand when they vowed to fight corruption during their summit last year in Santiago, Chile, Malacañang said.