Ayala Land now offers deeper discounts and longer repayment for condominium units in upscale Makati. Our sector is still in a slump. But it's the perception of governance and the uncertainty. Wallace also blames the high cost of doing business. Estrada's hardline approach suggests that military tensions are likely to persist, at least for the next few months.
Direct investment takes a longer view.
Trade and Industry Secretary Manuel Araneta Roxas maintains that such inflows are still coming. But the U.S. giant has added shifts at an existing plant owned by the family. Back-office services are a growth sector. America Online has transferred phone-help lines to the country. Such moves by leading multinationals are no small vote of confidence in the country's long-term stability, telecommunications infrastructure, and information technology and business services personnel.