The Philippine government tried to assure the business community in Hong Kong to keep their faith in the country's economy with a soaring peso and robust economic growth at a non-deal roadshow here Monday.

The Philippine government chose Hong Kong as the first stop of its roadshow in Asia as members of an economic team -- Secretary of Finance Margarito Teves, Governor of Banko Sentral ng Pilipinas(BSP) Amando Tetangco and Executive Director of Investor Relations Office Renato Pizarro -- outlined the country's reform agenda to leaders of the business community in Hong Kong.

"We assured them that our continued efforts on the reform frontwill ensure the progress is sustained," Secretary of Finance Tevestold a roundtable briefing with the media.

During the non-deal roadshow, Teves reiterated the Philippine government's commitment to sustaining economic growth and fiscal discipline to prominent investors in Hong Kong, saying such discipline has generated very positive economic numbers for the country and has raised investor confidence to the highest level inyears.

Teves presented to investors the Philippine government's plans to pursue further economic reforms including additional measures to improve tax administration and governance within government agencies and efforts to enhance revenue channels.

According to the latest official figures, net foreign direct investment in the Philippines grew 33.5 percent year on year in the first two months in 2007 after reaching 2.35 billion U.S. dollars in 2006.

He said business leaders acknowledged the Philippine government's progress in reigning in the deficit, reducing external debt andincreasing investments in the country's infrastructure.

When asked about the strengthening Philippine currency peso, Philippine central bank BSP Governor Tetangco said the peso's appreciation was decided by the market due to the country's capital market reform and such appreciation has helped the country achieve the balance of payment with a "moderate inflation."

Tetangco said much of the appreciation was also offset by the rising oil prices and other strengthening currencies in the regionand they need "more time and more data" to measure its impact on inflation.

"But we are well on our way to achieving long-term sustainable macroeconomic stability, with inflation in April one of the lowestin years, international reserve at an all-time high, and the peso continuing to strengthen, together with the other currencies in the region," he said.

He said the BSP shall continue to focus on maintaining price stability, strengthening external position, and pursuing banking sector and capital market reforms to enhance the resilience of itssystem and to invigorate its domestic capital market.

During their non-deal roadshow, the Philippine economic team will also visit Tokyo and meet Japanese investors and representatives from the business and financial community.

Source:Xinhua