Former President Fidel Ramos, the country’s self-appointed traveling salesman, has some answers.
But the cigar-chomping retired general could be waging an uphill battle, after the country survived its latest coup attempt mounted by disgruntled military officers.
In that rebellion on July 27, about 300 rebel troops seized and booby trapped a portion of the Ayala Center near the Philippine Stock Exchange in the financial district of Makati.
The caper may have fizzled out without bloodshed after only 22 hours, but television footage flashed worldwide could have made a lasting impression among potential investors about political instability.
"Obviously, my work now... is made more complex by this military protest or adventurism. But somebody has to move around to explain this in the proper context," Ramos told journalists during a recent visit to Singapore.
Still physically fit at 76 years, Ramos said he took the job of traveling salesman upon himself after investor confidence plunged during the short-lived presidency of his successor Joseph Estrada.
A college dropout and former movie actor, the hugely popular Estrada was embroiled in allegations of massive corruption and incompetence halfway into his six-year term, leading to his ouster in a military-backed popular uprising in January 2001.
Vice President Gloria Arroyo, a Ramos political partymate, was swept to power to serve out Estrada’s unfinished term until 2004.
"I’m doing this at no government expense. I’m not an ambassador appointed by anybody. No, I appointed myself to do this work," said Ramos, a US Military Academy alumnus and veteran of the Korean and Vietnam wars.
During his presidency from 1992 to 1998, Ramos brought the Philippines back on the radar screens of foreign investors after helping Corazon Aquino quell a series of coup attempts as military chief and later defense secretary.
He solved a power crisis soon after taking office, liberalized key sectors of the economy and signed peace agreements with Muslim separatists and right-wing military rebels.
But retirement would not slow down Ramos.
Using his connections, the private citizen traveled around the world meeting with business and political leaders and represented the Philippines in many international settings.
"I am doing this job as ex-president which is to go around to tell people, to tell investors, to tell governments what a great place the Philippines is as an investment, trade, tourism and technology transfer destination," he said.
"As ex-president, you have access, you can open the doors for your business people," Ramos said.
As one of Southeast Asia’s most respected former leaders, Ramos relates on a first-name basis with many incumbent and past officials.
Singapore President S.R. Nathan is a former colleague in the intelligence service 25 years ago, Ramos said.
"He calls me Eddie and I call him S.R. I never found out what his real first name is but I don’t bother to inquire too much as long as he still considers me his friend," he joked.
Ramos also said he met with Singapore Prime Minister Goh Chok Tong.
"My role is like that doorman there outside the Raffles Hotel – very fancily dressed, tall guy, good-looking and he looks like an admiral.
"But what does he do? He just opens the door to the hotel. I am like that. I say to a foreign friend coming in ‘Hey Sir, please come in,’" he said.
"That’s the way I do it because I got access to a lot of people at the highest levels, even if they are ex (officials). A lot of ex-presidents are doing a similar thing and they are still in touch with their juniors before who are now the leaders."
When he goes back to Manila, he will fire off a report of his travels and other thoughts to Mrs. Arroyo and members of her Cabinet.
"They don’t have to even read my report, they can throw it to the waste basket. But I’m doing this because I think it is in the national interest to maintain our networks with our friends around the world.
"And even if they are not yet our friends, we will try to win them towards the Philippines." — AFP