Trade Secretary Manuel Roxas II told reporters that Mrs. Arroyo’s assurance that there will be no "policy surprises" under the new administration is enough to win back the confidence of both foreign and local investors.
"During her speech she assured that there will be no policy surprises because she will focus on implementing and getting it done," Roxas quoted President Arroyo during her speech at a luncheon sponsored by the foreign chambers of commerce of the Philippines.
Roxas said the Philippines ranked very low in a survey among businessmen doing business in Asia in terms of policy execution and implementation.
In contrast, Roxas said the Philippines ranked very high in terms of policy pronouncements, accessibility, ability to understand the concerns of businessmen, among others.
The DTI chief added that President Arroyo assured foreign businessmen that the Philippines is going to be friendly to market forces by allowing the free play of people’s energy and entrepreneurship.
European Chamber of Commerce and Industry president Claus Sudhoff said the business environment in the Philippines has changed a lot since President Arroyo assumed the post of deposed President Estrada.
"For the first time in many months, businessmen are willing to do business in the Philippines," Sudhoff said.
For his part, American Chamber of Commerce of the Philippines president George Marsman Drysdale said that American companies will continue to do business in the Philippines despite the expected slowdown in the US economy.