RP ranks 14 in 2006 CalPERS’ markets list

Philippine Ambassador to the US Albert del Rosario on Thursday announced that the Philippines was given a score of 2.13 by Wilshire Associates – the consulting firm of the California Public Employees Retirement System (CalPERS). While the report shows the Philippines as a permissible investment destination for CalPERS, it also improved its standing compared to other markets. The Philippines’ score was the highest ever achieved by the country, increasing to 2.13 from the previous year’s 2.00. The score increased the Philippines’ ranking among 26 other emerging markets, moving the country from number 18 in 2005, to 14 in 2006, besting Malaysia, China, Russia, and India. Ambassador del Rosario said the CalPERS decision, “is a clear indication that the international business community recognizes the President’s economic reform efforts and the achievements made towards his end." The Philippine Ambassador said that such achievements include the reduction in the fiscal deficit, the passage and implementation of the E-VAT Law, and advances in the country’s battle against corruption. “Despite recent political controversies, the Philippine economy continues to make significant strides under the President’s leadership," del Rosario said. He said the peso was the best performing currency for 2005 and foreign investment in the country has remained robust. “Our equities market was the best performer in Southeast Asia. Our inflation is still single digit despite soaring oil prices," said the Ambassador. Del Rosario said the CalPERS’ decision reflects strong investor confidence in the Philippines and in the reform drive of the government. With an investment portfolio valued at US$194 billion, CalPERS is the United States’ largest pension fund and is recognized as a global leader in the investment industry. The remarkable performance of the Philippines in CalPERS comes on the heels of its retention in the Millennium Challenge Account (MCA) Threshold Country Program. The MCA program is a special foreign assistance initiative of the U.S. Government designed to recognize and reinforce countries that have demonstrated a strong commitment to ruling justly, investing in people, and promoting economic freedom. -GMANEWS.TV