Statement by Assistant to the President for Press Relations Fitzwater on the President's Meeting With Members of the Philippine-United States Business Committee

President Reagan told the U.S.-Philippine Business Committee today that the time is right to invest in the Philippines. In an Oval Office ceremony for the U.S. charter members, the President praised the commitment of these American corporate leaders, their chairman, Maurice Greenberg, and the sponsoring institution, the U.S. Chamber of Commerce, to expand American trade and investment ties with the Philippines. He recalled the extraordinary progress President Aquino has made toward restoration of democracy and the rekindling of economic growth, and pledged to continue to seek ways to contribute to Philippine economic recovery.

The Business Committee, a joint initiative agreed upon during President Aquino's visit to the United States last September, is designed specifically to promote and facilitate trade and investment flows between the two countries. The group will coordinate strategy with a counterpart of over 30 Philippine business leaders. Committee leaders and their Philippine counterparts will meet next month in Manila for an initial joint planning session.