Closing Remarks By Mr.

Ian Porter President, Australia New Zealand Chamber of Commerce of the Philippines Managing Director, Cardno I am Ian Porter, President of the Australia New Zealand Chamber of Commerce, the key private sector group in promoting trade and investment between the three countries. Mr. Speaker, on behalf of the Joint Foreign Chambers in the Philippines and all of the participants including those watching on our webcast, I thank you for such an excellent keynote address. Your leadership has inspired us by demonstrating the ability to carry forward an ambitious legislative agenda in the 15th Congress.We look forward to continuing the close partnership that you have helped forge between the JFC and the Congress. We are optimistic that you and your colleagues will be able to accomplish even more in the 16th Congress after it opens in late July. As John Ridsdel said earlier and because we in ANZCHAM have many mining companies as members, I hope that you tackle the legislative foundation for E.O. 79as soon as possible thereafter. I am sure you want me to acknowledge and express appreciation to our outstanding speakers, in addition to Speaker Belmonte. May I ask you to save your applause until the end? 1. Former President Fidel Ramos a great friend of the JFC and a real reform champion Congratulations! 2. Secretary of Trade and Industry Greg Domingo gave a good overview of prospects for investment and trade for 2013. The Secretary was very close last
The Arangkada Philippines Project (TAPP) www.arangkadaphilippines.com

year to predicting the final GDP growth and we are optimistic that he is right again. He has been working hard to eliminate obstacles and simplifying procedures for investment and trade. 3. Secretary of Tourism Mon Jimenez provided us good vibes about the growth in the tourism sector. We hope the needed infrastructure will be built fast enough to cater for increasing demand. 4. Former Secretary Bobby de Ocampo treated us to his wise commentary on the national economic and business environment. 5. National Competitiveness Council Co-Chair Bill Luz once again lifted our confidence and encouraged our support for his campaign to raise the country into the top ranks globally. 6. As one of my former bosses, I have the pleasure to thank Deputy Director General RolyTungpalan for giving us an overview of the governments effort to ensure the availability of necessary infrastructure. 7. Top media personalities in the Philippines ensured the highest level of discussion. We thank Coco Alcuaz, Maria Ressa and LalaRimando 8. Our 13 panelists with their wide range of experience and expertise gave generously of their time and their views. Such private sector experts and investors are at the core of the Arangkada recommendations. 9. United States Ambassador Harry Thomas and USAID/Philippines Mission Director Gloria Steele, joined us at the beginning of the Forum to express the support of the US Government for Arangkada. The donor community, including AUSAID, are strong supporters of investment climate reform. 10. My last thank you is to my JFC colleagues who spoke today and for the staff of AmCham, other JFC members and TeamAsia event management who have put in many long hours over several months to make this event a great success. In particular, I want to thank John Forbes of AMCHAM.

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11. We must also thank the 33 experts who completed the assessment of the implementation of Arangkada recommendations. Many are anonymous, many Filipinos mostly from the private sector...and many are well-known to most of you. 12. We must thank the reporters and columnists from the media who joined us today. They have an important role in ensuring coverage of Arangkada in the news so as to bring better understanding and to promote reform. We invite them all to attend the press conference to be held at the front of the ballroom immediately after the Forum closes. Let us give a round of applause for all our speakers, panellists, moderators, and everyone who worked hard for this Forum. Finally, all successful events must have participants. On behalf of the JFC, we wish to thank all of you today and, indeed, the many from around the world who tuned in to our webcast. We welcome your comments and questions which can be sent by email. Wrap-up Conclusions: There was too much material today for me to attempt to summarize, so I will not. The assessment is posted on the website. All speeches and transcripts will also be posted there, as will videos. In closing, I wish to highlight a few key conclusions that have emerged in our discussions: 1. Poverty remains stubbornly high in the Philippines. The incidence of poverty in this country has not declined significantly in decades, unlike other large ASEAN economies. This means that millions of Filipinos are born into poverty each year. 2. Sustained and inclusive economic growth is a prerequisite to reduce this poverty. This has been clearly demonstrated elsewhere in Asia in Singapore, Korea, Taiwan, Malaysia and Thailand. Indonesia now has a rapidly growing
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middle class as a result of many years of strong economic growth combined with low population growth. 3. High economic growth of 8% and above in the Philippines will require: High levels of sustained long-term investment in the economy. This must include higher levels of foreign direct investment. Transfer of technology that comes with foreign direct investment and international trade. Maximising the potential of the big winner sectors. At present, ICT is moving at the strongest pace, followed by tourism. Intensified actions are needed to speed up growth of agribusiness, creative industries, infrastructure, manufacturing and mining. 6.6% last year was very good, and if that is sustained and Tampakan gets going, we will be close to that 8%. 4. Foreign direct investment will be attracted to the Philippines by: Good infrastructure Availability of an educated labor force and accessible natural resources Sound economic and pro-business policies Internationally competitive costs A judicial environment with consistent, timely, and enduring decisions. Corrupt-free governance and commercial practices Safety for persons and security for investments in physical assets. 5. None of these conclusions are new revelations. None are unachievable. And none are unrealistic aspirations for the Philippines to have and indeed to expect. 6. In todays global context with the right political, economic and business leadership, the Philippines has an extraordinary opportunity. We can move forward twice as fast and Realize the Potential!!! Maraming salamat po!

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