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GMA: RP FIRST WORLD COUNTRY BY 2020

BizNews AsiaWeekly Business Newsmagazine

NATIONArroyo wants RP FirstWorld country by 2020 4

“ We must lift up our poor”By Pres. Gloria Macapagal Arroyo 8

At Boao, GMA asks Asia’spower elite to help the poor 12

REGIONAsians richer 14 Emerging Asia grew 8%,the fastest in ten years 16

COvER STORYDrugs war 18

Novartis sues India on patents 22

Q/A: “Drugs must be Affordable” 23

Obet wants to revitalize Bulacan 26

ThE GOOD READThe book that shookthe drug industry 28

highlights of the bookBy Dr. Marcia Angell 29

how US drug giants grew big 32

WORLD ECONOMYIMF sees robust economicgrowth in 2007 and 2008By the IMF 34

BUSINESSSM Group to go into infra,energy and medical tourism 40

SM Prime primedfor further growth, allotsP35B capex for next five years 42

AUTOMATIvEVehicle sales up significantly 43

BANkINGWolfowitz must go 44

BOOkRemembring the WarBy Isagani Cruz 46

hEALTh WATChheta StrokeBy Dr. Gary Sy 47

C h O C O D E F R U T AI N G R E D I E N T S :

CAKE

2 1/2 cups all purpose flour2 tsp baking powder1 tsp baking soda1 tsp salt2 1/2 cups sugar1cup MAGNOLIA GOLS BUTTER, unsalted4 pcs eggs1 1/2 cup cold water1 cup cocoa powder1 tsp vanilla

BUTTER ICING:

1 1/2 bars MAGNOLIA GOLD BUTTER, unsalted3/4 cup MAGNOLIA FRESH MILK1/2 cup sugar

P R O C E D U R E S :

Pre-heat oven to 325F. Grease and line 3-9” roundpan. Set aside. Sift together flour, baking soda,baking powder and salt. Set aside. Combine cocoapowder, cold water and vanilla. Set aside. CreamMagnolia Gold Butter and sugar until light andfluffy. Add eggs one at a time, beating well. Adddry ingredients alternately with cocoa mixture. Mixuntil smooth. Pour mixture into prepared pans.Bake for 30 minutes or until done.

BUTTER ICING: Cream Magnolia Gold Butter alongwith sugar. Beat until light and fluppy. Add milkslowly. Mix until Magnolia Gold Butter icing issmooth, shimmery and spreadable. Set aside.

ASSEMBLY: Frost first layer of chocolate cake with Magnolia Gold Butter icing evenly. Place anotherlayer of cake and frost again. Do the same forthe last layer and frost the sides as well. Tap withassorted slices of fresh fruits (apple, strawberry,kiwi, mangoes, etc.). Brush fresh fruits with glazeand watch your cake dazzle

* for the glaze: equal parts of Magnolia Best FruitsStrawberry Jam and hot water and 2 tsp MagnoliaGold Butter.

Bejewelled Choco de fruta

ISSN 1655-72-63

Prepared during the week of April 23 - 30, 2007 vol. 5 No. 15

Roberto M.Pagdanganan hasdone what nobody elsebefore him did-bringdown the prices of the most commonly usedmedicines, launch awar on the drug cartel,promote generic drugs,and open more Botikaoutlets for cheapmedicines

In the last ten years,China has emerged as an economic power. China has $1.2 trillion reserves, half of East Asia’s value of output, and been growing by more than 10% for four straight years.

“We must use every tool available-education, technologymicrofinance-to lift up poor, if we are to achieve equitable, sustainable growth.”

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NATION NATION

Arroyo wants RP First World country by 2020

“I would rather un-der promise and over-deliver. My medium Term Plan does say 7% by 2010. (President Chief of Staff) says we can do higher than that, provided we do some reforms.”

happy Moments:Philippine President Gloria Arroyo shares a light moment with First Gentleman Mike Arroyo and grandaughter Mikaela at St. Luke’s hospital were he is recovering from surgery. The president has just come from a successful visit to China where she secured $1 billion in investment.

BizNews Asia/ Display until May 14, 2007BizNews Asia/ Display until May 14, 20074 5

cannot set up the right infrastructure to bringdown power rates. These are frictions com-ing from difficult provisions, like the precondi-tions in the EPIRA such as the 70% minimum for privatization of state generating plants. Also, imagine to bring down power rates, you have to go to the ERC (Energy Regula-tory Commission (for approval). Who’s gon-na opppose reduction in power rates, any-way? That’s what’s required in the EPIRA.

The Supreme Court has ruled that you cannot do that without hearings. Thats what the law says. So those are examples of the frictions you have to overcome when you do economic re-form. We have to lower electricity rates.

By next year you will be able to priva-tize up to 80% of Napocor’s generating capacity, that means about 4,000 mega-watts. But you have done only 400 mega-watts. What makes you optimize that you can do ten times morw? Hopefully, yes (we can), as long as we’re able to reduce this friction in our privatization. There are many interested

What that growth raete can be, let’s see. Let’s see how we can work on removing the frcitions in our econo-my to be able to achieve our target.

When you say friction, politics? Politics, transaction costs, bu-reaucratic dealings, things like that. Like for instance, if a project is to be financed by foreign debt, it takes so long to bid it out, and if awarded, it goes to the creditor, for their approval and you don’t know how long it will take. And if your project is also on foreign debt, be-fore you could even start bidding out the project, you must bid out the consultant. And it takes seven months to bidi out the consultant. so you know, things like that. Look at the privatization, the number of failed bids. So those are the frictions, aside from the politi-cal noise, which is a very abvious fric-tion. But also have economic friction.

Is it safe to assume your Team Unity ticket will win the majority of senato-rial seats? I’m completely focused on governance, on guiding the economy, on assuring peace and order. I’m not pre-occupied with the elections, although I do hope that the elections will be about the future rather than the past, about policies and issues rather than personalities and his-tory. I have great faith in Filipino voters. The greatest test of a candidate’s char-acter is his or her position on issues. Are they new ideas or old prejudices?

Any pending reform legislation on the economy? We will still want to continue tax reform. Like incentives rationalization, amending the EPIRA , and number of important .

Why do you have to amend EPIRA? That’s really parrt of this friction that I’m talking about. For without it, you

development. Now, six years later, from a virtually non-existent indus-try, we have half a million already, not just in call centers nut in BPO industry. My single-minded focus is on de-livering genuine reform, paying for the vital investments taht are con-sistent with a modernizing nation. They’re not easy, but they’re essential. When I had to work on the value added tax, I was very unpopular. I could have just taken the easy way out. But then, the economy would perish. So it’s reform or perish. I would rather choose reform. Somebody else could pursue the populist policies that would eventually fail.

The Philippines has become one of the most competitive areas for call centers They just talk only about India and the Philippines. evrybody else has a very minor share. we are going to earn form business process outsourcing. This year, we will have half a million jobs.

how come were so competitive now? It’s the cost of connectivity. And our very good, English-speaking human resources. The same caring that makes our nurses famous, aside from their com-petencies. we have a very short solution time; 1.4 is our average solution time, shorter that India’s and other countries.

Can you say that the economy will grow 8% in 2008, 9% in 2009, and 10% in 2010? I would rather under-promise and over-deliver. My Medium Term Plan does say 7% by 2010. Joey says we can do higher that . In a frictionless society that could be our potential. To achieve that po-tential, we have massive back-log in investment and infrastructure.

BNA: Where and what will the Philip-pines be in the year 2010? PGMA: My vision goes beyond the end of my term in 2010. We will take our place among first world countries in 2020. I hope that by the end of my term in 2010, we would have made substantial progress towards that. By 2010, we should have hope-fully $2,000 per capita income. OUr medium Term Plan says that we will have 7% economic growth by then. Seven years of 7% economic growth willmake us graduate form pov-erty. We would like bring it down from 28% in 2000 to 18% in 2010.

An obvious strenth of your admin-istration has been your success on the economic front. To what do you attribute your success? Focus. I’m very, very focused, com-pletely focused and disciplined on the economic goals. I don’t get caught up in every political barb that comes my way. I have goals and then I really track compliance with these goals. And ithas not been easy to comply with the goals. For instances, we had goals on reducing our fiscal deficit, reaching a bal-anced budget by 2010 which the eco-nomic managers want to happen in 2008. To do that, we had to raise tax-es. That’s stepping on a lot of toes. The legislation is not pleasing for verybody. The anti-tax cheat cheat drive is not pleasing to everybody. And then get-ting value for money for the service, you have to drive the civil servants. And that’s why my populairty suf-fered. but it’s a price worth paying to see the Philippines turn around. In 2001, for instances, I said that ICT would be growth sector. But we had to improve the cost of resource

Recently, BizNewsAsia Publisher and Editor-in-Chief Tony Lopez ahd an exclusive inter-view with President Gloria Macapagal Arroyo at the presidential palace. It was one of the very few she granted a journalist this year. The following are edited excerpts form the interview

NATION

6 BizNews Asia/ Display until May 14, 2007

ThE PRESIDENT AND ThE FIRE vICTIMS :Philippine President Gloria Arroyo visits the residents of Carlos P. Garcia Avenue at the UP Campus in Quezon who were rendered homeless after theri place was gutted by the fire. The President, who just came from a successful whirwind trip to China, promised to extend assistance to the fire victims.

investors. Those that we thought would go for a song, we got a very good price-Pantabangan, Magat, Calaca and Ma-sinloc which was critized so we had to cancel it. The plants were priced very well in the market. Pantabangan and Magat were sold for $500 million. Mirant was sold for $3.5 billion. The new owners are going to have a $500-million expansion for 400 megawatts. So the total investements is $4 billion.That is the biggest Japanese investment.

You still have one of the highest electricity rates in Asia. how are you doing to bring it down? I agree with you. I’m always concerned with the prices consumers and the industrial users pay. That’s why I’m very impatient to move the privaliza-tion of Napocor. For one thing, it will free government from subsidies which we could spend no more investments. And also, it should provide for more competition and competition for more competition will tend to bring down the rates. In the meantime, we’re work-ing together on other things to address

the cost of electricity. The WESM was set up last to bring about great-er competition and open access.

There’s no competition yet in (electricity) retail. Yes, That right. Exaclty. Last year, Meralco offered to allow its custom-ers choice even before the 70%. We’re taking them up on it now, Customer choice means that you don’t have to connect to Meralco. You can connect to any utility. You pay Meralco only for the transmission. You pay Meralco for the tolling fee. But then you can already choose which of the utilities will give you the lower rate. First you start with one megawatt of consumption but we will lower it to 750 kilowatts. The other thing is that Philippine Economic Zone Authority can now also contact with other gencos at lower prices within its own economic zones. Also, we have to accelerate privatization. We have asked to have a more business. PSALM has to review the bidding documents for privatization because many of the bidding documents provisions are

anti-investor. There are many complaints. Nono Ibazeta is not required to think within the box. We hope that there will be other bidders for TransCo. We hope that when the bidding documents are nicer, other will come. We have to adhere to the rules of international business. Pow-er is what everybody sees as the need. There’s a market need for infrastructure to be more competitive. And the most important infrastructure we need to be more competitive is power infrastructure. We don’t really want to have new taxes. Because amy of our increased expenditures are going to be capital.

how come depite of these achieve-ments, you still get very low ratings in surveys? The credit ratings were fine. Unfortunately, for the political analysts, they work on old data and look at the newspapers. And if you’re gonna look at who are the ones in the Transparency Inter-national Philippines, they’re amde up of opposition people. The opposition has no agenda but to remove me.

NATIONNATION

8 9BizNews Asia/ Display until May 14, 2007 BizNews Asia/ Display until May 14, 2007

“We must lift up our poor”By President Gloria Macapagal Arroyo(Speech before the Boao Asia Forum, April 21, 2007, Hainan, China)

hank you very much Secretary General Long. President Ramos, Chairman wu; Prime Minister Aziz;

Mr. Gates; Mr. Chey distinguished lead-ers of the business community of the whole world; and officials of the various governments who are participating in this conference; ladies and gentlement. First of all, I would like to con-gratulate my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for education. We are bringing incentives to start small and micro business to build an entrepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doc-tor Yunus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the

Philippines who have been able to lift their families out of poverty. Thank you for your contribution to the fight against poverty. And the global success of Mi-crosoft under your visionary leader-ship, Mr. Gates, has reminded as of the power of innovation to change the world for the better. We agree with you that technology is a powerful tool to liberate the potential of individuals and nations to grow and prosper. And learning from your wisdom and your acheivement Mr. Gates, I’m happ to say that in the Phil-ippines, the I.T. sector is the fastest growing sector in our economy today. The second point raised in this forum is: How crucial is it for the region to have an approach with sustainable development as a priority and what is the role of innovation in this context? Our answer is: It is essential for the re-

gion to have sustainable de-velopment as a prioriyt. The role of innovation in this con-text is vital along with political will. The Philippines is a case i point: We need to continue to develop a larger manu-facturing base along with our booming service economy to create good jobs. At the same time, to have a win-win solution, we must also become more self-sufficient and cost effective in our energy consumption. There is no reason we cannot do both and have a win-win through innovation, proper policy planning and united political and civic leadership. For instance, we have launched a bio-fuels program. it will rely on in-vestment and innovation to create jobs, skills and self-reliance while keeping our environment clean. In this case, our model is Brazil which has pioneered

in biofuels. We must continue to learn around the world and in our region. We have the oppurtunity in Asia to learn from other nations and create our own sustained path to development. We must think outside the box, harness technology and use innova-tion to break the cycle of energy depen-dence and environmental degradation. Third point: As growth in Asia transitions from being eport-driven to domestically-driven, what impact will this shift bring to Asia’s lead-ing lights-China, India and Japan? The impact will likely be pro-found on all economies but particularly India and China, less so Japan because it is already an advanced industrial economy. We in ASEAN are delgihted with the growth of China and India to add to the power of Japan in the region. In the Philippines, we benefit from this growth. It can only help lift up our nation as it lifts up the others, too. This is a good, positive, healthy develop-ment but we must work together to add to, not subtract from, our qualtiy of life. Chairman Wu, China is a strong partner of ASEAN an d a reli-able friend of the Philippines, so let me spend a minute focusing on the impli-cations of your surge. China’s remark-able rise reflects the promise and chal-lenge of the world in which we live. We see your dramatic growth lifting millions out of poverty and springing your nation squarely onto the world stage as a new global power. And you also understand the need to balance growth with concerns for the environment and quality of life. China has unleashed the human potential of its vast citizenry by the effec-tive use of technology, science and engi-neering. It will be these same elements taht will help China bring balance to a new model of sustainable development. We are all eager for China to succeed. And Chairman Wu, we will watch closely as you manage the desires for growth, equity and environmental solidarity.

T

“We must use every tool avail-able-education, technology, microfinance to lift up our poor, if we are to acheive equitable, sustainablle growth.”

NATION

10 BizNews Asia/ Display until May 14, 2007

“We hope for greater economic integration

between ASEAN and the robust’ economies of China,

Japan and India.”-GMA

of the newpapers in China that one of the reasons for the increasing relationship of trust between President Minister Abe of Japan has been your meeting in the Philippine island of Cebu last January. Fourth point: What are the impli-cations of this shift to each of these coun-tries, to the business that operate within them and their Asian neighbors vis-a-vis their political, economic and environ-mental relationship with these giants? While it would be inappropriate for me to comment on how these changes would impact the internal fabric of China and India, I can begin to address how their growth and dynamism impact the rest of us. As chair of ASEAN, we hope for greater economic integration between ASEAN and the robust economies of China, Japan and India. Last January in Cebu, we led ASEAN to make a dec-laration on the ASEAN charter, which is a milestone in our regions history. Heat stroke is the most se-vere form of heat illness and is a life-threatening emergency. It is the re-sult of long, extreme exposure to the sun, in which a person does not sweat enough to lower body temperature. The elderly, infants, persons who work outdoors and those on cer-tain types of medications are most susceptible to heat stroke. It is a con-dition that develops rapidly and re-quires immediate medical treatment. Our bodies produce a tremen-dous amount of internal heat and we normally cool ourselves by sweating and radiating heat through the skin. How-ever, in certain circumstances, such as extreme heat, high humidity or vigor-ous activity in the hot sun, this cool-ing system may begin to fail, allowing heat to build up to dangerous levels. If a person becomes dehy-drated and can not sweat enough to cool his or her body, the internal temperature may rise to dangerous-ly high levels, causing heat stroke.

of the newpapers in China that one of the reasons for the increasing relationship of trust between President Minister Abe of Japan has been your meeting in the Philippine island of Cebu last January.Fourth point: What are the implications of this shift to each of these countries, to the business that operate within them and their Asian neighbors vis-a-vis.

The following are the most common symptoms of heat stroke, al-though each individual may experience symptoms differently. However, in cer-tain circumstances, such as extreme heat, high humidity or vigorous activ-ity in the hot sun, this cooling system may begin to fail, allowing heat to build . Thank you.

President Arroyo arrives in haikou Meilan International Airport early morn-ing at April 21, 2007 for the Boao Forum. She is welcomed.

The President is welcomed by Secretary General Long Yongtu (c) and Boao Forum Chairman Fidel Ramos upon her arrival at the Main hall.

NATION NATION

BizNews Asia/ Display until May 14, 2007 BizNews Asia/ Display until May 14, 200712 13

At Boao, GMA asks Asia’s power elite to help the poor

The five agreement signed in Boao when the President went there April 21 were for a cyber-education project, a supply contract for a national broadban network, the second phase of the Angat Dam wtaer utilization and aqueduct im-provement project, and on mango pulp and tapioca exports. The cyber education project, worth $465.5 million, was signed by Trade and Industry Secretary Peter Favila in behalf of the Department of Education and Dr. Kang Ke Jung of Tsinghua Tongfang Nu-ctech Co. as part of the RP-China ICT Cooperation. Transportation and Communica-tions Secretary Leandro Mendoza and ZTE Corp. Vice President Yu Yong inked the $329.5-million supply contract for nation-al broadband network which will improve government communications capabilities.

xpressing her bullishness inAsia’s fu-ture, President Gloria Macapagal Ar-royo challenged movers and shak-

ers of the region Saturday (April 21), “to use evry tool available to lift up the poor”, in or-der to achieve equitable, sustainable growth. First of all, I would like to congratulate my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counter-parts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investing ag-gressively in the I.T backbone. We are bringing the internet to every high school and spend-ing more pesos for education. We are bring-ing incentives to start small and micro busi-ness to build an entrepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yunus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is im-portant for the person to be treated immediately as heat stroke can cause permanent damage or death. There are some immediate first aid mea-sures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin followed by fanning to stimulate sweating During outdoor activities, take fre-quent drink breaks and mist yourself with a spray bottle to avoid becoming overheated. Increase time spent outdoors. Try to spend as much time indoors as possible on very hot and humid days.ou can take while waiting for help to arrive. Remove clothing and gently ap-ply cool water to the skin followed by fanning to stimulate sweating and challenge “of the world.

E “We see your dramatic growth lifting millions out of poverty and springing your nation squarely onto the world stage as a new global power. And you also need to bal-ance growth with concerns for the environ-ment and the quality of life,” she explained. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for edu-cation. We are bringing incentives to start small and micro business to build an en-trepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yu-nus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent dam-age or death. There are some immedi-ate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating During outdoor activities, take fre-quent drink breaks and mist yourself with a spray bottle to avoid becoming over-heated. Increase time spent outdoors.

xpressing her bullishness inAsia’s future, President Gloria Macapagal Arroyo chal-lenged movers and shakers of the re-gion Saturday (April 21), “to use evry tool available to lift up the poor”, in order to achieve equitable, sustainable growth. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for edu-cation. We are bringing incentives to start small and micro business to build an en-trepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yu-nus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent dam-age or death. There are some immedi-ate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating During outdoor activities, take fre-quent drink breaks and mist yourself with a spray bottle to avoid becoming over-heated. Increase time spent outdoors. Try

REGION REGION


Asians richer “We see your dramatic growth lifting millions out of poverty and springing your nation squarely onto the world stage as a new global power. And you also need to bal-ance growth with concerns for the environ-ment and the quality of life,” she explained. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for edu-cation. We are bringing incentives to start small and micro business to build an en-trepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yu-nus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent dam-age or death. There are some immedi-ate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating During outdoor activities, take fre-quent drink breaks and mist yourself with a spray bottle to avoid becoming over-heated. Increase time spent outdoors.

xpressing her bullishness inAsia’s future, President Gloria Macapagal Arroyo chal-lenged movers and shakers of the re-gion Saturday (April 21), “to use evry tool available to lift up the poor”, in order to achieve equitable, sustainable growth. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for edu-cation. We are bringing incentives to start small and micro business to build an en-trepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yu-nus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent dam-age or death. There are some immedi-ate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating During outdoor activities, take fre-quent drink breaks and mist yourself with a spray bottle to avoid becoming over-heated. Increase time spent outdoors. Try

In the last ten years, China has emerged as an economic power. China has $1.2 trillion reserves, half East Asia’s value of output, and been growing by more than 10% for four straight years.

REGION REGION


“We see your dramatic growth lifting millions out of poverty and springing your nation squarely onto the world stage as a new global power. And you also need to bal-ance growth with concerns for the environ-ment and the quality of life,” she explained. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for education. We are bringing incentives to start small and micro business to build an entrepreneurial class. Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points.

xpressing her bullishness inAsia’s future, President Gloria Macapagal Arroyo chal-lenged movers and shakers of the re-gion Saturday (April 21), “to use evry tool available to lift up the poor”, in order to achieve equitable, sustainable growth. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for education. We are bringing incentives to start small and micro business to build an entrepreneurial class.Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points.

The

Emerging Asia grew 8%, the fastest in ten years





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BizNews Asia/ Display until May 14, 2007 19

DRUGS WAR “We see your dramatic growth lifting mil-lions out of poverty and springing your nation square-ly onto the world stage as a new global power. And you also need to balance growth with concerns for the environment and the quality of life,” she explained. First of all, I would like to congratulate my prede-cessor President Ramos for be-ing reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what ex-tent will the current approach-es to driving economic growth in Asia be able to sustain the social and environmental fab-ric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and envi-ronmental fabric on the other. As our economic en-gines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for educa-tion. We are bringing incentives to start small and micro business to build an entrepreneurial class. And I would like to say that in do-ing this, we have learned from the participating of this forum. We have learned from Doctor Yunus the power of mi-crofinance. And we have ap-plied Doctor Yunus’ traiblazing experience to millions of entre-preneurs, mostly women in the It is important for the person to be treated immediately as heat

xpressing her bullishness inAsia’s future, President Gloria Macapagal Arroyo challenged movers and shakers of the re-gion Saturday (April 21), “to use evry tool available to lift up the poor”, in order to achieve equitable, sustainable growth. First of all, I would like to congratulate my predeces-sor President Ramos for being reelected as chairman of the

Boao Conference. And I would to thank President Ramos and his two counterparts from Austra-lia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driving economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and envi-ronmental fabric on the other. As our economic en-gines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for educa-tion. We are bringing incentives to start small and micro business to build an entrepreneurial class. And I would like to say that in do-ing this, we have learned from the participating of this forum. We have learned from Doctor Yunus the power of mi-crofinance. And we have applied Doctor Yunus’ traiblazing experi-ence to millions of entrepreneurs, mostly women in the It is important for the person to be treated imme-diately as heat stroke can cause permanent damage or death. There are some immediate first aid measures you can take while wait-

COvER STORY


COvER STORY

BizNews Asia/ Display until May 14, 200720


xpressing her bullishness inAsia’s future, President Gloria Macapagal Arroyo chal-lenged movers and shakers of the re-gion Saturday (April 21), “to use evry tool available to lift up the poor”, in order to achieve equitable, sustainable growth. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for education. We are bringing incentives to start small and micro business to build an entrepreneurial class.Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points.





COvER STORY


COvER STORY


Novartis sues India on patentsinvestors. Those that we thought would go for a song, we got a very good price-Pantabangan, Magat, Calaca and Ma-sinloc which was critized so we had to cancel it. The plants were priced very well in the market. Pantabangan and Magat were sold for $500 million. Mirant was sold for $3.5 billion. The new owners are going to have a $500-million expansion for 400 megawatts. So the total investements is $4 billion.That is the biggest Japanese investment.

You still have one of the highest electricity rates in Asia. how are you doing to bring it down? I agree with you. I’m always concerned with the prices consumers and the industrial users pay. That’s why I’m very impatient to move the privaliza-tion of Napocor. For one thing, it will free government from subsidies which we could spend no more investments. And also, it should provide for more competition and competition for more competition will tend to bring down the rates. In the meantime, we’re work-ing together on other things to address.Mirant was sold for $3.5 billion. The new owners are going to have a $500-mil-lion expansion for 400 megawatts. So the total investements is $4 billion.


There’s no competition yet in (electricity) retail. Yes, That right. Exaclty. Last year, Meralco offered to allow its custom-ers choice even before the 70%. We’re taking them up on it now, Customer choice means that you don’t have to connect to Meralco. You can connect to any utility. You pay Meralco only for the transmission. You pay Meralco for the tolling fee. But then you can already choose which of the utilities will give you the lower rate. First you start with one megawatt of consumption but we will lower it to 750 kilowatts. The other thing is that Philippine Economic Zone Authority can now also contact with other gencos at lower prices within its own economic zones. Also, we have to accelerate privatization. We have asked to have a more business. PSALM has to review the bid-ding documents for privatization because many of the bidding documents provisions are Mirant was sold for $3.5 billion. The new owners are going to have a $500-mil-lion expansion for 400 megawatts. So the total investements is $4 billion.


how come depite of these achieve-ments, you still get very low ratings in surveys? The credit ratings were fine. Unfortunately, for the political analysts, they work on old data and look at the newspapers. And if you’re gonna look at who are the ones in the Transparency International Philippines, they’re amde up of opposition people. The opposi-tion has no agenda but to remove me. Mirant was sold for $3.5 billion. The new owners are going to have a $500-million expansion for 400 megawatts. So the total investements is $4 billion.

Roberto “Obet” M. Pagdanganan

“Drugs must be affordableAnti-investor. There are many complaints. Nono Ibazeta is not required to think within the box. We hope that there will be other bidders for TransCo. We hope that when the bidding documents are nicer, other will come. We have to adhere to the rules of international business. Pow-er is what everybody sees as the need. There’s a market need for infrastructure to be more competitive. And the most important infrastructure we need to be more competitive is power infrastructure. We don’t really want to have new taxes. Because amy of our increased expenditures are going to be capital.


There are many complaints. Nono Iba-zeta is not required to think within the box. We hope that there will be other bid-ders for TransCo. We hope that when the bidding documents are nicer, other will come. We have to adhere to the rules of international business. Power is what everybody sees as the need. There’s a market need for infrastructure to be more competitive. And the most important infrastructure we need to be more competitive is power infrastructure. We don’t really want to have new taxes. Because amy of our increased expenditures are going to be capital.


COvER STORY


COvER STORY


THE PHILIPPINES and India agreed to improve efforts and cooperation in the pharmaceu-tical industry to provide cheap medicines for the poor. President Arroyo and visiting India President Avul Pakir Jainulabdeen Abdul Kalam witnessed the singing of the agreement between the Philippine International Trading Corp.

investors. Those that we thought would go for a song, we got a very good price-Pantabangan, Magat, Calaca and Ma-sinloc which was critized so we had to cancel it. The plants were priced very well in the market. Pantabangan and Magat were sold for $500 million. Mirant was sold for $3.5 billion. The new owners are going to have a $500-million expansion for 400 megawatts. So the total investements is $4 billion.That is the biggest Japanese investment.

You still have one of the highest electricity rates in Asia. how are you doing to bring it down? I agree with you. I’m always concerned with the prices consumers and the industrial users pay. That’s why I’m very impatient to move the privaliza-tion of Napocor. For one thing, it will free government from subsidies which we could spend no more investments. And also, it should provide for more competition and competition for more competition will tend to bring down the rates. In the meantime, we’re work-ing together on other things to address


There’s no competition yet in (electricity) retail. Yes, That right. Exaclty. Last year, Meralco offered to allow its custom-ers choice even before the 70%. We’re taking them up on it now, Customer choice means that you don’t have to connect to Meralco. You can connect to any utility. You pay Meralco only for the transmission. You pay Meralco for the tolling fee. But then you can already choose which of the utilities will give you the lower rate. First you start with one megawatt of consumption but we will lower it to 750 kilowatts. The other thing is that Philippine Economic Zone Authority can now also contact with other gencos at lower prices within its own economic zones. Also, we have to accelerate privatization. We have asked to have a more business. PSALM has to review the bidding documents for privatization because many of the bidding documents provisions are


how come depite of these achieve-ments, you still get very low ratings in surveys? The credit ratings were fine. Unfortunately, for the political analysts, they work on old data and look at the newspapers. And if you’re gonna look at who are the ones in the Transparency Inter-national Philippines, they’re amde up of opposition people. The opposition has no agenda but to remove me.

COvER STORY


COvER STORY


Obet wants to revitalize BulacanRoberto of the things that in-

spired Obet Pagdanganan in his work is an October 2004,

“The Truth About Drug Companies: How They Deceive Us and What to Do about it.” Unhappily, it is out of stock in local bookstores. First of all, I would like to con-gratulate my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investigation to sustain the social

ne of the things that inspired Obet Pag-danganan in his work is an October 2004, “The Truth About Drug Compa-nies: How They Deceive Us and What to Do about it.” Unhappily, it is out of stock in local bookstores. First of all, I would like to con-gratulate my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investiion Boao Confer-ence. And I would to thank.

being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive

ThE GOOD READ


ThE GOOD READ


The book that shook the drug industry highlights of the book

One of the things that inspired Obet Pagdanganan in his work is an October 2004, “The Truth About

Drug Companies: How They Deceive Us and What to Do about it.” Unhappily, it is out of stock in local bookstores. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for edu-cation. We are bringing incentives to start small and micro business to build an en-trepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yu-nus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent dam-age or death. There are some immedi-ate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating During outdoor activities, take fre-quent drink breaks and mist yourself with a spray bottle to avoid becoming over-heated. Increase time spent outdoors.

ne of the things that inspired Obet Pagdan-ganan in his work is an October 2004, “The Truth About Drug Companies: How They Deceive Us and What to Do about it.” Unhap-pily, it is out of stock in local bookstores. First of all, I would like to con-gratulate my predecessor President Ra-mos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are investi

ne of the things that inspired Obet Pag-danganan in his work is an October 2004, “The Truth About Drug Com-panies: How They Deceive Us and What to Do about it.” Unhappily, it is out of stock in local bookstores. First of all, I would like to con-gratulate my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment.

and of the things that inspired Obet Pagdan-ganan in his work is an October 2004, “The Truth About Drug Companies: How They De-ceive Us and What to Do about it.” Unhap-pily, it is out of stock in local bookstores. First of all, I would like to congratu-late my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Aus-tralia and Japan for having initiated this very important forum nine years ago. Today’s ple-nary raises a number of compelling points. First point: To what extent will the cur-rent approaches to driving economic growth in Asia be able to sustain the social and en-vironmental fabric in a responsible manner? In other words to use the jargon of Boao, how do we have win-win? Rapid eco-nomic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for edu-cation. We are bringing incentives to start small and micro business to build an en-trepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yu-nus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent dam-age or death. There are some immedi-ate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating During outdoor activities, take frequent drink breaks and mist your-self with a spray bottle to avoid becom-ing overheated. Increase time spent outdoors. There are some immediate.

Everyday of the things that inspired Obet Pagdanganan in his work is an October 2004, “The Truth About

Drug Companies: How They Deceive Us and What to Do about it.” Unhappily, it is out of stock in local bookstores. First of all, I would like to con-gratulate my predecessor President Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ramos and his two counterparts from Australia and Japan for having initiated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driv-ing economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic engines drive us to First-World status, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are invest-ing aggressively in the I.T backbone. We are bringing the internet to every high school and spending more pesos for education. We are bringing incentives to start small and micro business to build an entrepreneurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yunus the power of microfinance. And we have applied Doctor Yunus’ traiblazing experience to millions of entrepreneurs, mostly women in the It is important for the person to be treated immediately as heat stroke can cause permanent damage or death. There are some immediate first aid measures you can take while waiting for help to arrive. Remove clothing and gently apply cool water to the skin fol-lowed by fanning to stimulate sweating.

and of the things that inspired Obet Pagdanganan in his work is an October 2004, “The Truth About Drug Companies: How They Deceive Us and What to Do about it.” Unhappily, it is out of stock in local bookstores. First of all, I would like to congratulate my predecessor Presi-dent Ramos for being reelected as chairman of the Boao Conference. And I would to thank President Ra-mos and his two counterparts from Australia and Japan for having initi-ated this very important forum nine years ago. Today’s plenary raises a number of compelling points. First point: To what extent will the current approaches to driving economic growth in Asia be able to sustain the social and environmen-tal fabric in a responsible manner? In other words to use the jar-gon of Boao, how do we have win-win? Rapid economic growth on one hand and a sustainable, social and environmental fabric on the other. As our economic en-gines drive us to First-World sta-tus, we must not do so on the backs of the poor nor at the expense of our environment. In the Philippines we are in-vesting aggressively in the I.T back-bone. We are bringing the internet to every high school and spending more pesos for education. We are bringing incentives to start small and micro business to build an entrepre-neurial class. And I would like to say that in doing this, we have learned from the participating of this forum. We have learned from Doctor Yunus the power of mi-crofinance. And we have applied Doctor Yunus’ traiblazing experi-ence to millions of entrepreneurs, mostly women in the It is impor-tant for the person to be treated immediately as heat stroke can cause permanent damage or death.

By Dr. MARCIA ANGELL

jumuad emagz

Documents

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tsp magnoliagold butter

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cake dazzle