Noy cites Andrew Tan for faith in Phl

MANILA, Philippines - Coup plots and attempts can spook investors.

President Aquino recalled the tough challenges faced by the country in attracting investments when his mother Corazon was president and faced a series of coup attempts.

In his speech during the Silver Tie Gala celebrating the 25th anniversary of Megaworld Corp. in Pasay City late Wednesday, Aquino said the Philippines was lucky that the company of business magnate Andrew Tan stayed when others opted out.

“When I think about how much Megaworld has transformed in the past 25 years, I cannot help but be astonished by your performance. Your company was established in 1989 – a relatively volatile period in Philippine history. Back then, the coup plots and attempts were driving away potential investors from our country,” Aquino said.

“I actually recall a story recounted to me by one of my Cabinet secretaries: In 1987, their family was in talks to export coal to Taiwan. However, three days before they were scheduled to sign the contract, there was a coup attempt, and their partners promptly backed out of the deal,” he said.

This was the environment when Megaworld began to do business, Aquino said, and in fact, just months after its incorporation, another major coup attempt broke out – with some rebels laying siege to the central business district in Makati City.

Naturally, the business sector’s confidence was shaken, and no one would have blamed the company for seeking opportunities elsewhere, Aquino said.

“Nevertheless, Dr. Andrew Tan – together with his supporters and investors – kept his faith in our country, and he put his money where his mouth is. They knew that the talent, the skill and the loyalty of the Filipino worker would tide them through this period of uncertainty, and they were right,” he said.

Since then, Megaworld has turned into one of the country’s premier real estate companies.

In 1997, it launched Eastwood City, which went on to become the first information technology park in the Philippines, helping lead to the boom of the business process outsourcing industry and encouraging even more development in the area, Aquino said.

In recent years, Aquino said Megaworld undertook similar township development projects in Taguig City, Iloilo and Cebu, all of which, he hoped, would have the same profound effect on surrounding areas.

Aquino also cited Tan’s liquor brand Emperador: “Who would have thought that we would have a Filipino liquor brand buying established vineyards in Europe?”

He said that Tan’s efforts are hinged on “one fundamental idea... and it is the same idea that has led to your continued growth: That your company and this country’s success hinges on the Filipino people.”

He added Tan mirrors the administration’s belief that “as we tread the path to progress, we must leave no one behind.”