Aquino Hits Reluctance of Business Leaders to Invest

MANILA —  President Corazon Aquino today criticized Filipino business leaders and foreign business officials as well for reluctance to invest in the Philippines, warning that “the floodwaters are rising” on this financially ailing nation.

“Your government has done what it can to set the stage for economic recovery. I think that it is high time that the private sector does its part,” Aquino told a combined meeting of foreign and Filipino chambers of commerce at a plush downtown hotel.

The president used some of her harshest language to date in accusing the business leaders of reneging on backing her government once Ferdinand E. Marcos was ousted as president last Feb. 7.

Before Marcos fled to Hawaii, many business executives complained about his practice of awarding monopolies to friends and taking over existing businesses. Many claimed that financial resurgence would begin once Marcos was gone.

Aquino noted that monopolies have been abolished, corruption greatly reduced, inflation lowered and a tax reform program proposed.

“I remember your wild applause when I vowed to remove the obstacles that prevented you from being the engine of the economy,” Aquino said, referring to a speech to the same group at the hotel toward the end of her presidential campaign.

“I have removed the obstacles. But where is the engine?”