Noting that the Philippines is now more conducive to business, President Benigno Aquino III on Wednesday wooed Chinese businessmen and invited them to invest in the Philippines and take advantage of the "new wave of optimism" sweeping the country. "The Philippines is indeed open for business," Aquino told the Philippines-China Economic and Trade Forum in Beijing. “I look forward to welcoming your investments into the Philippines." In his speech at the forum held at the China World Hotel, Aquino said the Philippines is now more conducive to business as his administration is taking a clear direction toward transparency. “We know that transparent and fair processes build investor confidence. More businesses mean more jobs, giving our people more chances to rise in society," he said. He said there is now a "level playing field" among foreign and local businessmen in the country, meaning investors will no longer have to rely on connections in order to set up shop. "Most important among our efforts is instilling a culture of transparency and integrity in government: weeding out corruption, and ensuring that businessmen — whether from within our shores or from foreign enterprises such as yours — are met with a level playing field," Aquino said. “The rules will not be circumvented and the law will be followed, creating an environment that is stable and predictable—and therefore, one that is conducive to profit," he added.
No short cuts The Philippines' 15 president, whose on roots on his mother's side are from China, vowed that under his administration "short cuts" are no longer part of the standards when it comes to closing deals. “We will follow the correct procedures. We will always take the long view in order to achieve lasting progress for our country," he said. He cited the case of China's Hebei Road and Bridge Group Company Ltd. and the China Henan Shuili Yiju Company, which partnered with the Philippine Department of Public Works and Highways in projects on upgrading and maintaining roads in Mindanao. These companies reflect the renewed interest by foreign investors to do business with the Philippine government, according to the President, and that the projects are examples of the enthusiasm that comes from partnerships between the Philippines and China. “As I speak, these projects, worth twelve and eleven million dollars, respectively, are currently being undertaken, and both are expected to be completed in 2013," Aquino said. Additional investments to the Philippines will not only benefit the businessmen but also the ordinary Filipinos who will find themselves gainfully employed, the President added.
"New wave of optimism" The "new wave of optimism" in the Philippines is also reflected by the Philippine stock market whose main index reached records highs seven times since he took office in June last year, Aquino told the Chinese businessmen. “My country has received four credit ratings upgrades in over a little more than a year. This compared to only one upgrade and six downgrades in the previous nine years," he further said. Economic ties between the Philippines and China touched a sour note in late 2007 when several officials of the Arroyo administration got embroiled in the controversial ZTE-NBN deal, supposedly an anomalous transaction between the Philippine government and China's ZTE Corp. ZTE was supposed to supply the infrastructure needs, supplies and equipment for the Philippines National Broadband Network, but then President Gloria Macapagal-Arroyo had to cancel the contract after scandalous allegations of corruption became public. Aquino said the time to put in place strategic investments in tourism, agriculture, and infrastructure, is now. "You can seize these various opportunities in the Philippines, including those under our public private partnership program." He said the Chinese businessmen should look at the Philippines' competitive advantages, including a highly skilled and well-educated workforce, a youthful and large domestic market, and natural endowments for tourism, among. China — the world's second largest economy — is the Philippines' third largest trading partner the fastest growing source of tourism revenues. Aquino will also meet Chinese President Hu Jintao late Wednesday and discuss the territorial dispute over the Spratly group of islands.
— KBK/VS, GMA News 
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