President Gloria Macapagal Arroyo formally inducted into office the new set of Meneleo J. Carlos, Jr. in a simple ceremony at the InterContinental Hotel Manila in Makati City on May 2, 2008.

In her speech following the induction ceremony, PGMA called on private business to assist government in bringing down the price of electricity. She said the government has filed several petitions before the Energy Regulatory Commission seeking to force Meralco to bring down the power rates it is charging residents in Luzon, including Metro Manila.

Mr. Carlos delivered the opening remarks, thanking the President for accepting the invitation to address the FPI’s General Assembly and induct the new officers. He also thanked the President for launching the Central Nautical Highway on April 30, 2008, which has contributed much to countryside development, tourism and global competitiveness. He acknowledged the fiscal reforms of the administration that have helped strengthen the peso and served to mitigate the effects of fuel and food price shocks.

The President also asked businessmen to help in the fight against corruption in the Bureau of Customs by not seeking favors from “their working friends” there.

The event served as an occasion for the launching of the ‘Buy Pinoy, Buy Local”campaign spearheaded by FPI and the federation of Filipino-Chinese Chamber of Commerce and Industries. In support of this campaign, the President instructed Executive Secretary Eduardo Ermita to reissue an executive order “regarding the government’s preferential procurement of materials and supplies produced, made and manufactured in the Philippines.