MANILA, Philippines—The Philippines is looking at booming economies in the Middle East to offset a possible slowdown in foreign investments arising from the US economic slowdown, President Gloria Macapagal-Arroyo said Friday.

Arroyo, in a speech at a business conference in Makati City, said the “Middle East powers” have both financial capacity and quick decision-making to invest overseas given their “oil-driven wealth” and unitary governments.

“The fact that the Philippines has a Mindanao, close to the heart of Middle East powers, opens up such opportunities for us,” she said at the Business Roundtable, organized by The Economist Conferences, at Dusit Hotel.

“And we have been mobilizing these opportunities, not only in Mindanao but in our urban beltway as well.”

In the open forum, Arroyo said as part of its preparations for the slowdown of the US economy, the government has been holding talks with potential investors in Middle East countries.

“We have been mobilizing good relations with the Middle East countries. They are important hosts of OFWs (overseas Filipino workers) so they know how good our workers are, and they’re helping us in the peace process in Mindanao,” she said.

In her speech, Arroyo said that with its strong fiscal and banking reforms that resulted in the country’s economic growth of 7.3 percent last year, the country could weather the global economic crunch. TJ Burgonio