23 November 2005 - Philippine Ambassador to Canada Jose S. Brillantes reported to the Department of Foreign Affairs that the business meeting hosted by the RP-Canada Business Council on 9 November 2005 identified four major investment areas in the Philippines and discussed the efforts of the Philippine Government to effectively address the various socio, political and economic issues.

Ambassador Brillantes said the business meeting was held in cooperation with Canada's Export Development Council (EDC) and  attended by, among other officials, Canadian Ambassador to the Philippines, H.E. Peter Sutherland, and EDC Vice President for Asia, Mr. Marvin Hough.

In his presentation, Ambassador Sutherland identified agrifood, mining, information and communications technology and tourism, including medical tourism, as the four major potential areas for investment in the Philippines, whereas oil price, interest rates and avian flu are among the Philippine’s economic risks.  He cited three Canadian investments in call centers and in the manufacture of electronic components in the past year.

In addition to high oil prices and tightening of global interest rates, the EDC said the Philippine’s key economic and political risks include the ability of the government to keep deficit-reduction on track, persisting allegations of corruption and electoral fraud, heightened level of political tension and questions on the effectiveness of President Arroyo in moving forward an economic reform package.

However, Ambassador Sutherland noted that political uncertainties have subsided to a certain degree and the economy is again on track, with signs of bullishness, including improved credit rating and peso appreciation, especially after the Supreme Court lifted the E-VAT's temporary restraining order.

During the open forum, Ambassador Brillantes clarified that talks about Charter change have been ongoing even during the two previous presidencies resulting from concern over the so-called check-and-balance mechanism among the three branches of government under the existing presidential system of government that is perceived to cause paralysis and inefficient delivery of basic goods and services.

Advocates for Charter change believe that the parliamentary-federal system has a built-in mechanism, which allows change that is not necessarily extra-constitutional, for better representation and effective governance. END
 
 

/bjg