(Hagatna, Guam) The Governor’s Council of Economic Advisors will host 27 members and leaders of the Makati Chamber of Commerce at Adelup tomorrow afternoon.
Acting Gov. Ray Tenorio will be representing Gov. Calvo at the meeting, pressing the Governor’s economic agenda to open Guam to capital markets. There is also much to learn from the Philippines economy in the way of Calvo & Tenorio’s initiatives to produce more of what we consume, and lessen dependence on imports.
“The Philippines is among the top-10 fastest-growing economies in the world,” CEA Chairman Pete Sgro said. “They’ve been doing things right for quite some time.”
“It’s easy to become so focused on the day-to-day issues that are before us. As the Governor, I have a responsibility to look beyond that and consider solutions to something like another global recession. Something like that can have dire effects on jobs throughout Tumon and the cost of our power bills. We need stronger markets.” — Gov. Calvo
“Part of our agenda to growing local markets is to give them access to the capital they need to grow. Investment brings part of that capital. There are other things we’re looking at as well. We’d like the CEA to explore these.” — Lt. Gov. Tenorio
Among the delegation from Makati are its chamber’s president, Dr. Luzviminda Jose, and 11 other leaders of its board of directors. Chamber members include moguls of the Philippines’ food production, real estate, hospitality, film, clothing, advertising, and manpower industries. Makati is considered the financial center of the country.
“Over the past four years about $400,000,000 in investments into Guam resulted from Philippine investors or Philippine investors partnered with investors from other countries,” Sgro said. “The Makati Chamber of Commerce membership includes representatives of multimillion dollar companies and their visit is indicative of interest to invest in Guam. We want to establish and maintain relationships with them to foster diversifying our economy.”

– end of release –

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