Peza and AmCham honor FVR’s contributions in restoring investor confidence to Philippines

More business and economic groups paid tribute to former president Fidel V. Ramos on Tuesday as they recognized the former leader’s economic contributions to the country.

The Philippine Economic Zone Authority (Peza) was among the agencies that paid tribute to the former president, highlighting that Ramos enacted the law, which enabled the creation of special economic zones in the country.

In a news statement issued on Tuesday, Peza recalled, “In 1995, President Fidel V. Ramos signed into law Republic Act No. 7916 that established the Philippine Economic Zone Authority with a mandate to manage and regulate economic zones in the country.”

From then on, the authority noted, the Philippines became a significant player in the export industry and global supply chain, while, at the same time, broadening horizons for many other local industries.

The American Chamber of Commerce of the Philippines Inc. (AmCham) also mourned the passing of the former president.

In a statement on Tuesday, AmCham noted the former president’s policies and programs to foster reconciliation and unity helped renew investor confidence in the Philippines.

Throughout Ramos’s presidency, from 1992-1998, Amcham said the country showed remarkable recovery due to FVR’s economic initiatives including the modernization of public infrastructure through the expanded Build-Operate-Transfer (BOT) law and the implementation of a comprehensive Social Reform Agenda (SRA).

The chamber said the said economic initiatives addressed long-standing issues on poverty, health, education, housing, livelihood and agrarian reform.

Further, AmCham recognized the economic ties established between the Philippines and the United States under Ramos’s watch.

“AmCham Philippines is truly appreciative of former President Ramos’s promotion of friendship and economic ties between the Philippines and the United States and for his strong resolve to attain economic growth under his administration,” AmCham Philippines said in a statement on Tuesday.

“We will miss him not only as a dedicated Head of State but as a dear friend of the Chamber. AmCham and our members are truly honored to have known and worked with him,” AmCham added.

The chamber said the former president’s achievements remain vital today and will continue to be a legacy in this nation’s history.

Ramos was president from 1992 to 1998. Before that, he served as a Defense secretary under former President Corazon Aquino’s administration.

The country’s 12th president died at the age of 94 on Sunday.

His administration was marked by economic reforms including the passage of the Republic Act 8479 or the Oil Deregulation Act just before he ended his term and the country’s accession to the World Trade Organization in 1995.