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Economic conditions

US-ASEAN Business Council Reaffirms Confidence in Philippines' Reforms

Strategic Insights

— 2 min read

The US-ASEAN Business Council has expressed its full confidence in the leadership of President Gloria Macapagal-Arroyo and her commitment to reforms that are expected to strengthen the business climate in the Philippines. The Council's acting president, Walter Lohman, stated that business interest in the Philippines is growing, and they are optimistic about the opportunities for trade and investment in the country. The Council is working closely with the Philippine government to implement reforms, and they have expressed appreciation for the President's willingness to engage with the private sector. The Council's efforts are focused on complementing the President's leadership with private sector support, particularly in areas such as trade and investment, customs modernization, and biotechnology.

Key Takeaways:

  • The US-ASEAN Business Council has reaffirmed its confidence in President Gloria Macapagal-Arroyo's leadership and commitment to reforms, citing growing business interest in the Philippines.
  • The Council is optimistic about trade and investment opportunities in the Philippines, with a 43-member delegation from 20 big US corporations visiting the country in September 2004.
  • The delegation, representing companies such as Boeing, FedEx, and Microsoft, discussed a range of issues including trade and investment, customs modernization, and biotechnology with the President and her economic managers.
  • The Council has expressed appreciation for the President's willingness to engage with the private sector and is committed to helping implement her economic agenda.
  • The Council's outgoing president, Ernest Bower, praised the President for her efforts in fighting graft and corruption.
  • The US remains the Philippines' top investor and trading partner, with direct investments of $4.7 billion in 2003 and $7.3 billion in two-way trade in the first six months of 2004.

Statistics:

  • The US-ASEAN Business Council is comprised of over 150 Fortune 500 companies with trade and investment interests in the ASEAN region.
  • The Council's membership represents diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, media and entertainment, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, mining, software, and telecommunications.
  • The Council has a strong partnership with the US government, with the US being the Philippines' top investor and trading partner.
  • The Philippines and the US are advancing a Trade and Investment Framework Agreement to open the way for negotiations on a US-Philippines Free Trade Agreement.

Sources:

  • Asia Pulse, Manila, Nov 1, 2004
  • Walter Lohman, acting president of the US-ASEAN Business Council, letter to President Gloria Macapagal-Arroyo
  • Ernest Bower, outgoing president of the US-ASEAN Business Council, statement at the US-Philippines Business Council meeting
  • PNA, "US-ASEAN Business Council to hold Cabinet Forum on ICT for Effective Governance in Manila on November 12, 2004"

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