Secretary Alberto Lim,
The Honorable Arnold Foote,
Dean Amelia R. Ablaza of the Philippine Consular Corps,
Former Dean Vicente J. Carlos,
Members of the World Federation of Consuls,
Colleagues in government,
Ladies and Gentlemen,
Good afternoon.

I feel privileged to have been invited by your Federation, at a time when international economic relations have reached a watershed moment in our history as a global community. What we are witnessing is an extraordinary alignment of global economic events that call for our unwavering attention and demand unprecedented collective action.

Just 24 months ago, we were faced with a brutal worldwide recession. In response, Governments of the world united, and together they tamed the beast that greed had created.

Recovery was nevertheless excruciatingly slow, but as we had done in the financial crisis of 1997, East Asian resilience prevailed anew.

So here we are, relishing our new-found appreciation for greater prosperity. East Asia literally is back on its feet.

It is however sobering to realize how easy it was for the fabric of international commerce to unravel before us in such a short span of time. What we thought would keep us prosperous-i.e., economic integration through the complicated threads of globalization-had nearly failed us.

The effects of the 2008 crisis are real and profound. The world economy, as we know it, has tipped, and is now undergoing recalibration and rebalancing.

One of the more recognizable results of the global crisis is the titanic shift in economic power in favor of emerging economies, especially the so-called BRIC grouping of Brazil, Russia, India, and China.

The developing world's markets and factories, and the skills and values of its peoples, have been critical components in the overall recovery and success of the world economy. As a result, developing economies have become empowered.

International financial institutions and capital markets have taken notice of the resurgence of emerging economies. The outlook, especially for East Asia, is emphatically bullish.

In the Philippines alone, the growth forecasts of ADB, the Economist Intelligence Unit, and Barclay's Capital range from 6%-8% by the end of 2010. Citing our strong external liquidity, higher-than-expected growth prospects, and a reform-based political environment, the Standard and Poor's rating agency recently raised our sovereign credit rating to "BB," with a stable outlook.

This renewed confidence in emerging economies is also seen in the financial markets. It is no secret that the Philippines scored big in the international capital markets, with the first-ever Philippine offering of 10-year Philippine Peso Global Bonds.

For the first time ever in the entire ASEAN region, investors abroad accepted government bonds-denominated in our own Philippine peso-worth the equivalent of $1 billion. The demand was so huge that the global peso bond offering was actually oversubscribed-with investors wanting more, 13 times more, in fact!

Just two days ago, President Benigno S. Aquino III unveiled his strategy for ensuring transparency, accountability, and predictability in Public-Private-Partnerships (or PPP), aptly called "Daylight."

Consistent with his platform of governance, the idea is to reduce and protect against "regulatory risk" by extending government guarantees against the unfair, arbitrary or unreasonable policy reversals or practices in infrastructure investments.

In effect, it "contractualizes" reform, making transparency and accountability as part of the contract with the government, thereby forcing regulators and line agencies to deal at arms-length with investors under the glare of public scrutiny.

As mentioned by the President, among the sectors where it is hoped that "Daylight" will translate into investments are tourism and transport, both of which go hand-in-hand.

As a career diplomat, it is very encouraging to hear these things about our country. But nothing can be more gratifying than representing a Leader who not only has the trust of the people, but the trust of the international business community, as well.

In the U.N. last September, and in the APEC Economic Leaders' Meeting just last week, President Aquino III presented to his peers and fellow economic managers his good governance agenda.

The President's message resonated. In a little over four months in office, after just two official trips to our top trading partners, the U.S. and Japan, investments totaling more than US$6 billion were committed.

Illustrious and established business giants like Coca-Cola, Toshiba, Pfizer, Hewlett-Packard, Marubeni, and JP Morgan Chase want to revitalize their partnership with the Philippines. Their investments not only translate into jobs, but also help finance government priorities in the energy, transport, ICT, and agriculture sectors.

To be sure, the big economies of the U.S., EU, and Japan continue to be the major drivers of the global economy. A great majority of the multinational corporations of the world are still housed in any of these three economies. But one emerging reality is that while globalization is fueled by business and innovation, we begin to see a more rules-based economic regime.

Most everyone crave for a global economic environment where the rules of engagement are set through agreements and treaties. The mother of all these economic treaties is, of course, the WTO agreements. But bilateral and regional partnerships abound through free trade agreements and investment treaties. Just about every country has one.

And more will come. During one APEC session, the Japanese delegation indicated that it will pursue a more open economy, and will aggressively seek new markets through free trade and other arrangements. For its part, the United States is promoting the Trans-Pacific Partnership (TPP)- as a new-generation regional trade agreement that is being pushed as the foundation for an Asia-Pacific-wide free trade area.

Whatever road we take, we must make sure that our destination remains the same: A global economy that not only can withstand extreme market failures and distortions, but can also lead to genuine development and poverty reduction.

Your presence here today as the "Honorary Consuls of the World," affirms our belief that, through economic diplomacy, we can all strive for greater cooperation towards our common goal of making better the lives of our people.

I end with a few paraphrased lines from President Aquino: "Our national goals and objectives are best served by partnerships and collaborations with friends abroad," and that "our engagements with the world will always be at the service of our aspiration to build a vibrant nation."

Thank you.