Phillipines President Benigno Aquino III US visit reaps $2.8-B

story by abs-cbn news

MANILA, Philippines - As tycoon Manolo Lopez puts it, President Benigno Aquino III (photo foreground to the right) is bringing home not just hotdogs and In-n-Out burgers but real accomplishments, specifically, $2.8 billion in investments and aid for the Philippine economy after a 7-day working visit to the United States.

Speaking before a town hall town hall meeting in California, Aquino said his working visit has been a fruitful one in terms of generating jobs for Filipinos and getting financial aid for poverty-alleviation projects in the Philippines. This includes a $434 million (P20 billion) grant from the US-run Millennium Challenge Corporation that helps developing countries reduce their levels of poverty as long as they meet performance criteria on the rule of law and democratic principles.

"Regarding the accomplishments, there's jobs generation, a very substantial number of jobs that we're bringing home. The dollar value of the investments that are coming in, just 3 firms, from the others that we talked to -- will be bringing in plus the Millennium Grant in the neighborhood of $2.8 billion. That will help us grow our economy and get better governance going," Aquino said before a live studio audience.

Aquino refused to give himself a grade for his accomplishments during his 7-day working visit in the US, saying that he had been taught by his parents - the late Sen. Ninoy and former President Cory Aquino - to be humble.

"Mahirap munang mag-grade dahil tinuruan ako ng magulang ng humility, maging humble. Baka ang tatay at nanay ko nanonood sa akin ngayon, baka batukan ako kung tayo'y magyabang," he said.

Last Thursday, Aquino invited foreign businessmen from around the world to invest in the Philippines, declaring it open for business once again.

He told foreign business stakeholders at the Citibank Economic Conference in New York City, that measures to promote a conducive business atmosphere in the country are slowly being realized. Among these measures are the simplification of the process of establishing business, improving infrastructure and relaxing regulations on air travel to and from the country.

He said a crackdown on tax evaders aimed at plugging the leaks in revenue collection has resulted in 7 tax evasion cases in just two months.

“Let me be crystal clear, to achieve our social goals, it is imperative that we in the Philippines create a climate for private enterprise to profit and thrive. And this is what we have begun to undertake,” he said.

Aquino said the local stock market has hit an all-time high while the recent global peso bond offering raised $1 billion for the Philippines, with the issue being 13 times oversubscribed.

“I invite you to come see for yourselves what we’re doing to make sure that the Philippines is once again open for business,” the President said.

More here: http://www.abs-cbnnews.com/-depth/09/28/10/analysts-weigh-pnoys-first-us-trip