MBC Today: Going Global
Ricardo J. Romulo
Chairman, Makati Business Club

Today, MBC continues with its original mission of being a Forum for Constructive Ideas. However, in keeping with the times and the advent of globalization, MBC for several years had advocated the adoption of a free market economy and embarked on investment promotion activities. Thus, we supported economic reform measures designed to open up the economy and make it more globally competitive such as: the passage of the Foreign Investments Act, the Build-Operate-Transfer law, the complete liberalization of foreign exchange, privatization, deregulation of the oil industry, foreign banking liberalization and others.

On the other hand, to help attract foreign investments, we started in July 1988 the "US-Philippine Business News" and in 1989 the "Philippine Business Update" which featured the good things that were happening in the Philippines. These publications were distributed to about 2,000 opinion makers, business and government leaders in the United States and Europe. We followed these periodicals with a quarterly magazine entitled "Philippine Business," free copies of which we give to the Departments of Foreign Affairs and Trade for distribution to their offices abroad. We also furnish free copies to local hotels for use in their Executive Floors.
During the annual visits here of members of the Keidanren, MBC has acted as their dialogue partner. Bill Luz and I have in turn attended conferences sponsored by Keidanren in Gotenba, Japan. These meetings were attended by Japanese Chief Executives and senior businessmen from China, the Asean countries and Korea. For several years, MBC was a sponsor in the World Economic European/East Asian Forum held in Hong Kong and Singapore, one session of which featured President Fidel Ramos as the main speaker.

Modesty aside, MBC has become the preferred forum by visiting foreign dignitaries to address. Thus, MBC has played host to King Juan Carlos of Spain, German Chancellor Helmut Kohl, Peruvian President Alberto Fujimori, Dutch Prime Minister Wim Kok, Chilean President Eduardo Frei, Canadian Prime Minister Jean Chretien, and tomorrow Thai Prime Minister Chavalit will be our guest of honor.

Through our efforts, a number of bilateral business councils were established to promote stronger business ties between our country and key trading partners. Following President Aquino's first state visit to the United States, the Philippine-United States Business Council was created. Since then, we have established or been asked to manage business councils with the United Kingdom, Singapore, Malaysia, Indonesia, France, and Mexico. Other councils are under study. All these councils serve to strengthen economic relations in terms of trade and investments and have helped promote joint ventures in third countries. MORE>>

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Creating The Forum For Constructive Ideas
by Cesar A. Buenaventura, Vice Chairman, Makati Business Club