NEWSFLASH

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ERAP MEETS BUSINESS LEADERS TODAY

Makati City, May 19, 1998 - Leaders of the Philippine business community hold an informal discussion today with the man who could be the next President of the Philippines.

The prime movers in the financial and business world sought the audience with Vice President Joseph Estrada, whose grasp of the economy they used to downplay.

Among those expected to attend are representatives from the Philippine Chamber of Commerce and Industry, Employers Confederation of the Philippines, Management Association of the Philippines, Financial Executives Institute of the Philippines and the Makati Business Club.

"The meeting will give the business community the opportunity to find out the economic program of Estrada and remove their apprehensions once and for all," said Allied Bank president Federico Pascual, a former PCCI president and one of Estrada's economic advisers.

Pascual added that businessmen will also explore the possibility of establishing effective consultation mechanisms with government on important policy issues, including transparency in receiving authoritative first-hand information on state policies and directions.

"The first 100 days of the new President will be the honeymoon and learning process stage. On the second 100 days, the true character of the government will surface and this is the crucial part as it will signal local and foreign investors on their investment decisions into the country," said Raul Concepcion, vice chairman of the Makati Business Club.

The group sought a similar meeting in 1992 with president-elect Fidel Ramos.

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