US trade mission due this week

Another high-level American investment group is set to visit the country this week to reaffirm their renewed confidence in the Philippines.

John J. P. Howley, a partner in the International law firm of Kaye Scholer LLP which is organizing the investment mission, said the US business community is impressed with President Arroyo and her straight-forward approach.

In fact, Howley said, President Arroyo has "impressed the socks off American investors" in previous talks she had with them.

Kaye Scholer is organizing another top-level trade mission composed of executives of such firms as Texaco, Colgate-Palmolive, Continental Airlines, Prudential Asia Infrastructure Investors, Computer Associates and some other US companies.

Howley said American investors are eager to explore the investment opportunities in the Philippines under the Arroyo administration. The trade mission decided to come early as the gestation period for actual investments takes some time.

Howley said the Philippines has tremendous advantages in terms of its English-speaking population and work force and a legal system that is familiar to US companies.

He also pointed out that Filipino workers have a high level of education, although he said that the quality of education must be upgraded to meet the much higher technological requirements of most foreign investors.

On the negative side, Howley admitted, that foreign investors are still concerned with corruption and political stability.

Corruption, Howley said, is a big issue with most investors. He cited the need, for the government to increase the compensation level of the judiciary, pointing out that local judges should be paid more, especially since they handle and decide the fate of multi-million peso companies.

Also, Howley said, investors are also hoping that the Philippines finally attains "stability."

He explained that investors are hoping that another people’s uprising such as People Power 1 and 2 would no longer be repeated.