Speaking to FinanceAsia at the recent CSFB investor conference in Hong Kong the message from Alberto Romulo comes across loud and clear. The climate is good now for investment in the Philippines. The new government of our president Gloria Macapagal-Arroyo welcomes new foreign investment. At first glance this might appear glib what country does not welcome foreign investment But the message belies a deeper truth.
The new government of the Philippines knows that it has had a credibility problem. The varied venalities of the Estrada administration have hurt the country deeply. Foreign investment either portfolio investment or direct investment dried up. The stock market became the worst performer in Asia, the peso collapsed...
