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Philippines Can Benefit from Construction Boom in Arab Nations
« on: October 22, 2008, 06:32:50 PM »
President Gloria Macapagal-Arroyo on Wednesday urged the country’s top business leaders to look beyond the current worldwide financial debacle and seize the opportunities provided by their niche markets.

In her speech at the close of the 34th Philippine Business Conference and Expo (PBC&E) at the Manila Hotel on Wednesday, the President said that as hard as the blow the financial crisis has dealt on the global economy, it has also created opportunities for the fiscally strong economies.

“Similarly, in the private sector – your world – this is the time for business groups to take advantage of the strength and financial liquidity of our banking system to expand your role in your respective markets,” she told the PBC.

“Equally important to financial strength is the ability to decide and move quickly -- the road between a decision to invest and the actual writing of the check is fraught with uncertainty,” she added.

The President cited the Middle East as the “bastion of wealth with both financial capacity and decisiveness. They have oil and they have governments with unified commands.”

She said she’s going to the Middle East before Christmas to look for business opportunities and open more jobs for Filipino workers, as she invited the country’s leading businessmen to join her in her trip.

The Philippines can take advantage of the continuing construction boom in Arab nations that are awash with oil revenues coming from the high oil prices of the last five years, she said. - PNA

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