Finance Secretary Cesar Purisima is expected to make a pitch for an investment-grade rating for the Philippines when he meets with executives of credit-rating agencies during President Aquino’s five-day visit to the United States starting September 18.
Mr. Aquino is expected to strengthen the Philippines’ “strategic profile” by apprising US leaders of his administration’s pursuit of good government and economic development.
Purisima said in an interview with reporters at Wednesday’s Integrity Summit that he would meet with representatives of credit-rating agencies in Washington and New York.
He said he just had “very vigorous discussions” with Moody’s Investor Service executives in Manila.
Purisima said the Philippines is “underrated” by the credit-rating agencies and deserves investment grade.
“They have open ears all the time. We present the facts for them to make their judgment. But I am of the position that they have underrated us. I think the Philippines is better rated by the market. That allows us to borrow at close to investment grade. Our goal is to have investment-grade rating, and we hope to achieve that, the quicker the better,” he said.
The President will not be accompanied by a business delegation in the US trip.
In a news briefing on the President’s US visit, Foreign Office Secretary Patricia Paez enumerated the objectives of the visit, among them, “to enhance the Philippines’ strategic profile by underscoring the government’s demonstrated commitment” to its good government and anti-corruption agenda.
Paez, however, said there is no scheduled one-on-one meeting between Mr. Aquino and US President Barack Obama.
Paez said Mr. Aquino will address the official launch of the Open Government Partnership (OGP) in New York and deliver a public lecture on citizen empowerment and good government as tools for poverty reduction before the World Bank-International Monetary Fund 2011 Annual meetings in Washington, D.C.
Addressing the Integrity Summit at the Marriott Hotel in Pasay City, the President said US President Obama had invited him and several other leaders to the launching of the OGP.
“I will be proud to tell him, as well as the representatives of several other countries, how in the Philippines, the effort for integrity in governance—the effort for creating a transparent relationship between the people and their government—is one that is shared by the government and the private sector,” Mr. Aquino said.
Paez said the President will seek to “enhance awareness” about his administration’s domestic and foreign-policy thrusts before Asia Society, and will highlight his economic agenda and accomplishments before the US-Asean Business Council, the US Chamber of Commerce and the Philippine-American Chamber of Commerce.
The President will also hold discussions with the three business groups after he delivers his speech. He has also been invited to speak before the IBM Centennial Forum, she said.
The President is also scheduled to meet with current and potential US investors, such as IBM Corp. and Convergys Corp., and will apprise the Filipino community on developments at home.
While in New York, Paez said the President will speak at an OGP-related forum, entitled “The Power Open: A Global Discussion.” He will be “the only head of state invited to address this forum,” Paez said
The Philippines is one of eight countries comprising the Steering Committee of the OGP—a new multilateral initiative to promote transparency, empower citizens, fight corruption and harness new technologies to strengthen government. The others are the US, Brazil, the UK, Indonesia, Mexico, Norway and South Africa.
She said the IBM Centennial Forum, “THINK: A Forum on the Future of Leadership,” will be attended by more than 700 leaders from government, business, academe and science, and “up-and-coming leaders” all over the world.
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By: Mia M. Gonzalez
Source: Business Mirror, Sept. 14, 2011
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