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SPECIAL ADVERTISING SECTION
Philippines Asia's Best-Kept Secret
With a growing economy, the South East Asian country proves once again it has got what it takes to compete with the big players. The beautiful Philippines is performing well. For two years, growth has been strong on the back of a strong service sector and a government committed to internationalization. But the real evidence that the Philippines means business came last summer when ratings agency Fitch upgraded the archipelago of 92.2 million people from BB status to BB+, with a statement that acknowledged the progress made “on fiscal consolidation against a track-record of macro-stability, broadly favorable economic prospects and strengthening external finances.” The vote of confidence came hot on the heels of a government that, just 11 months into office, had shown an unprecedented commitment to revenue collection and fighting corruption. The Aquino administration, elected June 2010, use the slogan “If no one is corrupt, no one will be poor” as the guiding force in making the Philippines the place to invest. Ramon A. Carandang, Secretary of Presidential Communications Development and Strategic Planning Office explains how important this is to a government that wants to attract 17.3 billion dollars of investment in the mining sector over the next four years. “There are two aspects to eliminating corruption: the first is preventing it, the second is holding people to account. We are a relatively small government, we do not have a lot of resources. We have been experiencing a decade of almost uninterrupted growth, but paradoxically it has also come with greater gaps between the rich and poor, which is why we are now spending government money on social services. We have made significant in-roads in health care and education. We also have a conditional cash transfer program, for the poorest families. This is
a long-term program and stamping out corruption is a big part of it. All our departments have gone back and looked at what corrupt practices were being engaged in. We have developed and expect to file cases from the previous administration to signal that it will be punished, and we have already had some success. “We are also creating more clarity in busi- Manuel V. Pangilinan, ness registration. For real estate transactions, a Chairman, developer used to need something like 150 sig- Philex Mining natures to build a condominium. There were procedures that could take days that now just take a few minutes. We have now put business registrations online, so it takes less than a day to register a business. “What we are trying to do is entice the public sector to come in and take the burden of building infrastructure. We are trying to create an environment where the businesses can come in, where rules are clear and where laws are enforced. The private sector will be the engine of growth. The government is creating a level playing field, but the private sector must come in and intervene to create programs that ensure the growth of the economy.” For Ramon J.P. Paje, Secretary of Environment and Natural Resources, the fact that the Philippines’ is one of the most democratic countries in Asia stands it in good stead for investment, especially in the mining sector. “The big investors know this, they know that democracy has its own value and that as a democratic country, there are people protecting the environment. The real mining investors do not want to dirty the environment. They come because they know they can comply with the regulations. We have a vibrant industry that is recognized by the international community. “At the moment, small-scale mining is a very big challenge. It is producing even more gold than large-scale mining, but
THE PHILIPPINES’ LEADING NICKEL MINING AND PROCESSING COMPANIES NAC and CBNC are growth and bioharmony-oriented companies focused on nickel resources in the Philippines.
www.nickelasia.com
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