Press Release
October 8, 2009

ANGARA JOINS GLOBAL FINANCE LEADERS IN IMF-WB SUMMIT

Istanbul, Turkey - Sen. Edgardo Angara is the country representative to the Annual Meeting of the Board of Governors of the World Bank and International Monetary Fund in Istanbul, Turkey this week. The meeting is a highly strategic venue to present the Philippines' progress and potentials as an economy and a resilient market amidst the global financial crisis.

"This is an ideal venue to raise and clarify issues on the Philippines' socio-economic landscape. We have many strong points: the Philippine economy has strengthened, our GDP has grown impressively, in fact the biggest since the 1990s, we have tamed inflation at a record low, contained our fiscal deficit and continue to benefit from strong OFW remittances. We must vigorously pursue a financial reform agenda, if we hope to further strengthen our capital market and ensure our sustained growth," said Angara.

The meeting opens a discussion of outlook for the global economy, the developments in the financial markets and the pressing issues under the jurisdiction of the IMF. The talks stress on critical development issues and the financial resources required for developing countries to progress further.

"Especially in light of the recent natural calamities for which the country received generous relief funds from various donor governments and agencies, it is tantamount to assure the world that we as an economy remain strong against such unfortunate events. We have always proven our resilience to the global crisis; this calamity will not be a disruption to the dynamic economic activities in the country," said Angara, Chair of the Congressional Commission on Science and Technology and Engineering.

Delegations from member countries gather to consult on their countries' views on current issues in international economics and finance. This also fosters a creative dialogue among the private sector, government delegates and senior WB and IMF officials. This discussion aids the Boards of Governors to make decisions on how the current international financial crisis should be addressed and present their corresponding resolutions.

About 13,000 people are expected to be present at this year's Meeting, including central bank governors and their deputies; observers from intergovernmental organizations such as the OECD and the OPEC; representatives from financial institutions and bodies, international media, and civil society organizations.

"This is a key event for policymakers, as it allows us to identify areas in our legal and financial framework that we can improve to encourage more investments. Direct foreign investments are a vital lifeline for urban and rural development," said Angara.

Angara is pushing for legislations that would encourage higher investment inflow in the country, and allow local investors and stakeholders to maximize their participation in domestic and international trade. Among his bills are the Real Estate Investment Trust Act, the Corporate Rehabilitation and Insolvency Act, the PDIC (Bangko Sentral) Law, the Renewable Energy Act, the Collective Investment Schemes Law, the Mindanao Economic Development Act, Technology Transfer Act, the Personal Equity Reform Act and the Internet Piracy Act.

Angara is expected to return Friday, after having established a more extensive network of investors and partners in many of his initiatives on economic development, infrastructure and energy, academic partnership, research and development and agro-fisheries investments.

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