Arroyo pitches for more investment

Dubai: Philippine President Gloria Arroyo onn Sunday urged investors in the UAE, and Dubai in particular, to take advantage of her economy's strong macro-econ-omic fundamentals.

Heading a 60-member Philippine delegation at a business luncheon with the Dubai Chamber of Commerce and Industry, Arroyo said the Philippines is now on a path of permanent growth and stability.

Arroyo said investments are pouring into the country, the peso is getting stronger, the stock market has reached historic heights and unemployment and poverty rates have fallen.

"The Philippines has reached a new level of maturity and stability with some of the strongest macro-economic fundamentals in a generation. We have aimed high and we have met the challenges," Arroyo said during her speech. The single biggest act that led the economic surge, Arroyo said, is the implementation of the value-added tax, which brought in massive additional revenues.

"The tax sent an unmistakable signal that we're serious about moving our nation forward. But that isn't all. Our complete focus on the economy, on fiscal discipline, on a balanced budget, and the need for long overdue human and physical infrastructure improvements has rounded out our economic change. Our efforts have paid off," Arroyo said.

Arroyo said her country, offers investors a strategic location and a productive, English-proficient and IT-enabled workforce.

Arroyo said the opportunities for investors in mining, technology, energy, tourism and business process outsourcing are excellent.

The Philippines is home to two major shipyards costing $3.7 billion, making the country the fourth largest shipbuilder in the world.

"We are happy that Dubai World is running our port in Manila and is the city's biggest taxpayer," Arroyo said.

Dubai World is also planning to develop a resort in the Philippines.