Despite doomsday predictions, Roxas says economy on road torecovery

All signs point to a "vibrant economy ahead," Trade and Industry Secretary Manuel Roxas II said the other night.

The Philippines, despite being perceived by some observers as the slowest to recover from the regional financial crisis, is on the road towards global trade competition, the former Capiz congressman said.

The Estrada administration is so upbeat on the economy that it expects the three percent growth posted last year to increase this year and in the coming years.

"We are now on the road towards global competition," Roxas said, adding that "our exports have reached more than $50 billion a year, an indication that we have become competitive in terms of manufacturing."

Roxas expressed confidence that the country would be able to join the race for global technological advancement as the thrust of the world economy hinges on competitive trade.

In a forum hosted Friday night by the Filipino-Chinese Chamber of Commerce and the Philippine Chinese Charitable Association at the New World Hotel in Makati City, Roxas allayed the fears of the local business sector that the government is not directly addressing the problems affecting the industry.

On the contrary, Roxas said the Estrada administration has proposed legislative measures that would address not only the problems of the local business sector but also encourage a healthy business climate.

He specifically mentioned the E. Commerce Bill that would provide electronic business transactions designed to attract foreign investors, many of whom were turned off by too much red tape in the bureaucracy.

Describing it as a "very important piece of legislation," Roxas said that the E Bill and other proposed legislative measures like the amendment to the retail trade law would provide a healthy business climate that would benefit Filipinos in general.

Belying reports to the contrary, he stressed more and more foreign investors are actually coming in, among them such firms as the Alitalia Airlines which has chosen Manila as its major base of accounting and auditing operations.

Intel Corp., another giant foreign firm, has also chosen Manila as its major base of revenue operations. "These and the others only show that despite doomed scenarios, we are on the road towards full economic recovery," he added.

Pepsi Cola, according to Roxas, has reported a significant increase in its sales volume, indicating that it was doing good business in the Philippines.

Roxas also said that the unprecedented increase in power consumption is another sign of heightened business activity, as he noted that Meralco is selling more power to the business industry than ever before.

"All these are vital signs that our economy is vibrant," said Roxas, as he assured the local business sector, especially the Chinese business community, that industry would be able to ride through the crisis in the stock market, high interest rates and the high cost of imported raw materials.

James Dy, honorary president of the chamber who invited Roxas as guest speaker in the forum, said that the two major Chinese groups have offered their support to the Estrada administration in attaining full economic recovery.