Arroyo in Dubai for talks

Philippine President Gloria Macapagal Arroyo will today hold talks with government officials and Dubai Chamber of Commerce and Industry during a visit to the UAE.

She said: “For the first time in a generation the Philippines’ economy is on a path to sustained economic growth, creating new jobs and revenue to invest in infrastructure development.”

The trip to Dubai, which follows Arroyo’s participation in the World Economic Forum in Davos, Switzerland, coincides with the launch of her country’s financial literacy programme for overseas citizens.

Libran Cabactulan, the Philippine ambassador to the UAE, said the scheme would encourage more Filipinos to invest in their country.

“The objective is to give Filipinos the correct information on how they can invest their resources properly in the Philippines,” he added.

“It will provide them with skills and tools that will help them make more informed decisions so they can hope to make good returns on their investments.”

A seminar organised by the Philippines Stock Exchange, government-owned banks and a private investment firm will be held at the Madinat Jumeirah.

Gerald Baldivia, Executive Director, Marketing, of the Mutual Fund Company of the Philippines, said few Filipinos were aware of mutual funds despite the fact they had been operating in the country for nearly two decades.

“We are trying to reach out to the public to build broad awareness,” he added. “Despite gyrations in the Philippine capital markets in recent months there are strong fundamental reasons for making long-term bets on the Philippines.”

“Demography is going for us – a young, growing and educated population. Fiscal and monetary policies and trends are almost all positive for the first time in decades. The UAE is one of the first destinations on the Arroyo administration’s list of overseas communities to visit for the purpose of increasing homeward investment.

“Targeting the Filipinos here as mutual fund and stock market investors in their own right was the next logical step to be taken,” added Baldivia.