Press Release No. 159-03
10 April 2003

LORD MAYOR OF LONDON CALLS ON HEPGMA; DISCUSSES ENHANCED ECONOMIC PARTNERSHIP

Taking another important step towards enhancing Philippine-British business relations, H.E. President Gloria Macapagal-Arroyo today met with the Lord Mayor of London, the Right Honorable Alderman Gavyn Arthur, who is the acknowledged spokesman of the British business community. The Lord Mayor is on a 3-day visit to Manila as part of an Asian swing that includes Bandar Seri Begawan in Brunei Darussalam and several cities in Australia. Lady Mayoress Carole Blackshaw and a delegation accompany the Lord Mayor from the City of London.

The President hosted a lunch for the Lord Mayor at the Palace.  In their discussions, both emphasized the long history of Philippine-British business and investment relations and explored ways to further enhance these relations.

The Lord Mayor carries cabinet rank when he travels abroad, serving as "Ambassador of the financial services of the City of London."  He travels abroad extensively, representing the City, its market and services, as well as the wider industrial and commercial interests of the United Kingdom.  He is a trusted spokesman of the British business community.  The position of Lord Mayor has existed for about 800 years, is apolitical and subject to annual election.

During the Lord Mayor's term of office, he regularly receives and entertains visiting Heads of State and other foreign dignitaries and visitors on behalf of the British Government.   In her visit to London in January 2002, President Macapagal-Arroyo was honored in a luncheon hosted by the Lord Mayor, to which top business leaders of the City were invited.

As the world's leading financial center, London hosts 481 banks from 60 foreign countries.  About half of secondary trading in international bonds takes place in London and almost 60 present of all trade in foreign equities goes through the City.  An estimated one-third of the world's foreign trade in foreign currencies is being handled by London, and the world's 20 leading international insurance and re-insurance companies work out of the City.

While in Manila, the Lord Mayor will also meet with the Philippine business and financial community, and with Finance Secretary Isidro Camacho.  The Lord Mayor will also be meeting with the leaders of the Philippine Stock Exchange. END.