“We are here because the Philippines is an important market for US companies, and we continue to see tremendous growth opportunities for our businesses as the state of the economy improves” said Mr. Anand. “We are committed to this country, to our partners and customers, to our consumers and most especially to our employees here” he further added.

The purpose of the business mission is to assess the environment for new and existing investments in the country, and to offer suggestions on how the country can attract higher levels of foreign investments.

"The Council applauds the Arroyo administration for formulating and successfully implementing well- grounded economic policies that have led to economic growth over five percent on a sustained basis for the first time in three decades”, said Matthew Daley. “We explored with the government and legislative leaders further steps in the areas of IPR protection, infrastructure development, rule of law and transparency that will make the Philippines more competitive and more prosperous. Part of the challenge is to convey to investors and businesses abroad an appreciation of the progress that has been made”, he continued.

During the three-day mission, delegates met with Agriculture Secretary Arthur Yap, Transportation and Communications Secretary Leandro Mendoza, IP Philippines Director General Adrian Cristobal, and other senior officials. The delegation also met with U.S. Ambassador Kristie Kenney, House Speaker Jose de Venecia, Senator Richard Gordon and representatives from the Philippines and US business community. The delegation will meet with President Gloria Macapagal-Arroyo and her economic team later today.

Two-way U.S. trade with the Philippines amounted to US$17.3 billion in 2006. The U.S. remains the Philippines' largest trading partner and the largest investor with more than US$6.5 billion in total FDI.

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The US-ASEAN Business Council and affiliates are dedicated to strengthening bilateral and US ASEAN relations and building strong economic and commercial ties. Members of the Council include Fortune 1000 companies in support of promoting trade, investment, and technology cooperation, advancing US ASEAN relations through strong participation in public-private partnerships, and committing to development and corporate social responsibility. The Council's members are represented in diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, media & entertainment, mining, software, and telecommunications.

For information on the US-ASEAN Business Council or general information visit www.us-asean.org.