19 February 2004 – Acting Secretary of Foreign Affairs Rafael E. Seguis said that the Philippines is encouraged by the decision of the California Public Employees' Retirement System (CalPERS) to take an additional 30 days before making a decision on its investments in the Philippines.

“We have a sent a team to CalPERS, headed by our Ambassador to the US, Ambassador Albert Del Rosario.  He is a very effective representative for our country and I believe that it was because of his representations that CalPERS is giving us this chance,” Acting Secretary Seguis said.

“Ambassador Albert del Rosario showed CalPERS that recently enacted securities, child labor and banking laws should give the Philippines a passing grade to stave off divestiture by the giant California Public Employees' Retirement System.  Ambassador Del Rosario called on CalPERS to remain with us and showed that the Philippines remains an attractive investment location," the Acting Secretary said.

CalPERs invests $2.6 billion in international equity markets in emerging economies across the globe. CalPERS and its consultant, Wilshire Associates, grade 27 countries according to their political stability, market volatility, abusive labor practices, investor protections and stock trading costs. CalPERS has invested $67 million in the Philippines. Last year, it threatened to pull out the investment, citing problems with political and market stability.

“I am also very encouraged by reports that Malaysia has been reinstated to the permissible markets investment list of CalPERS. Malaysia was moved into the investments list because of improvements it had made.  We believe that we have also made major improvements and progress that should keep us on the list,” Acting Secretary Seguis said.

“We continue to remain hopeful and will continue to make all necessary representations,” he added. END.