Shultz ‘Bullish on Philippines,’ Calls for American Investments

Secretary of State George P. Shultz today gave the 100-day-old Philippine government high marks for dealing with economic and military problems and urged American businessmen to “get off the dime” and invest in the country.

“I am bullish on the Philippines,” Shultz said in a speech to the Foreign Policy Assn. A text of the speech was distributed in Washington.

“Thus far, the international business community--while welcoming the change of government in Manila--has adopted a cautious, wait-and-see attitude toward investment decisions,” the secretary said.

“If stability and development in the Philippines are to be attained, however, the American private sector must get off the dime and look aggressively at investment opportunities.”

He said that although Philippine President Corazon Aquino faces a huge foreign debt, low productivity and growth rates, and a threat from communist insurgents, she has taken the “right track” toward stability.

“In light of the Philippines’ abundant human and natural resources, there is no reason why the Filipinos cannot now enjoy the same economic success achieved by many of their Asian neighbors,” Shultz said.

“I believe that the American investors who come in early and for the long haul will reap large benefits.”