LOREN LAUDS ROLE OF LOCAL GOVERNMENTS IN NATIONAL
ECONOMIC DEVELOPMENT

Sen. Loren Legarda yesterday lauded the role of local governments in promoting national economic development, even as she stressed the need for honesty and good governance to attract foreign investments.

In a speech on the occasion of the fiesta of Urdaneta City in Pangasinan, Loren cited the economic and social progress of the city as an example of how a community could prosper economically and advance socially through honest and good governance.

Loren commended City Mayor Amadeo Perez, Jr. "for having given a great deal of effort in making sure that your celebrations and festivities this year will be memorable and perhaps be even more meaningful than what you have accomplished in the past years," Loren told the people of Urdaneta.

"You will be happy to note that under the able leadership of your mayor, my good friend, your city has registered a steady growth in terms of income, assets and equity in the last several years. In fact, the Commission on Audit noted that Urdaneta City is now the leading city not only in your province but in the whole of Region I, the Ilocos region, as well. For the past years, your city has emerged as the commercial center in this part of your province," she stated.

She noted that or the past years, the people of Urdaneta have seen an increase in the number of business establishments such as popular fast food chains, malls, theaters, hotels for foreign and local tourists alike. Multinational companies such as Coca-Cola, Pepsi Cola, San Miguel Corporation, Fuller Life, Nestle Philippines have chosen to put up their regional offices and branches the city, thus providing employment opportunities to hundreds, if not thousands, of Filipinos. The city has likewise emerged as the center of education with the establishment of a number of private tertiary institutions over the years.

"All of these have contributed significantly to the progress and growth your local economy. As the COA report in 2005 indicated, Urdaneta City has registered a net income of more than P132 million. Just like any other private corporation or local government unit, you also have expenses and liabilities as well. Your expenses, although the 3rd highest at P250 million among 8 cities in the region, your liabilities on the other hand rank among the lowest in the region so far at P117 million," Loren informed the people of Urdaneta.

She attributed the progress of the city "to the fact that your local government conducted its affairs with utmost integrity and accountability which has paved the way for a friendly and welcoming environment wherein investors have become confident in conducting their businesses," said Loren.

She observed that if other local governments, as well as the national government, follow the example of Urdaneta, the Philippines would attract more foreign and local investments and thus speed up the economic growth of the country. She deplored that because of the Philippine image abroad that it is one of the "most corrupt countries in Asia," less investments have poured into the Philippines.

Loren said that the Philippines must wipe out this image of corruption, including bribery and overprice in contracts, so as to attract more foreign investments.

"Good governance, under the responsible leadership of Mayor Perez, has essentially paved the way for a business environment where industries and businesses are allowed to thrive freely, where, as your theme confirms, remarkable industry meets generous hospitality," Loren stressed. "The people of Urdaneta are also to be commended for the industry, talent and initiative that helped their city become one of the most progressive in our country."