Also joining her in the threeday summit meeting intended to enhance closer cooperation with the expanded European Union (EU) member-countries are Foreign Affairs Secretary Alberto Romulo, Trade and Industry Secretary Cesar Purisima, and other government officials.

"This is a powerhouse summit where the East meets West in an economic partnership that has been drawn tighter over the years," the President said on the eve of her departure to Vietnam, this year’s host-country for the ASEM summit.

According to Mrs. Arroyo, her attendance to the ASEM summit is an opportunity for the Philippine government to inform members of the EU about the "advanced stage" of the government’s peace process in Mindanao, including its development programs.

"With the arrival of the international peace monitors and sustained cessation of hostilities between the MILF and our military, the President can inform world leaders that the Mindanao peace agenda is now at an advanced stage," Press Secretary Ignacio Bunye said.

Mrs. Arroyo noted that the EU and the entire European Community have pledged to pour a total of 12 million Euros into the Multi-Donor Fund for Mindanao that has been set up through the various bilateral and multilateral agreements the Philippines has forged with.

The British government has also invested in the oil exploration and development in Malampaya, Palawan, where the country expects to generate about $8 to $10 billion from an estimated 3.2 trillion cubic feet of natural gas in the next 20 years.

"I shall bring the message of our national pride and our continuing engagement with the world to Hanoi this week," the President said, noting that the EU is the country’s top source of foreign direct investments over Japan and the United States.

Included in this year’s agenda of ASEM is the approval of the Philippine proposal for an ASEM Oceans Initiative which seeks to promote Asia-Europe cooperation and dialogue in marine environmental protection and marine scientific research.

The President is also expected to push for enhanced cooperation with the expanded EU in the fields of trade, tourism, security, and international migration. The membership of the influential EU has been expanded from 15 to 25 member-countries.

"With its enlargement, the EU now represents the biggest single market in the world. We also have half a million Filipinos spread throughout several EU countries. The President considers diplomatic with the EU as a major pillar of our foreign policy," Bunye said.

Cyprus, Czech Republic, Estonia, Hungary, Poland, Slovenia, Latvia, Lithuania, Malta and Slovakia recently acceded to the EU, while Cambodia, Laos, and Myanmar have been accepted as full-fledged members of ASEM.

Funding from Australia

The Australian government has joined the European Union (EU) and the Organization of Islamic Conference (OIC) in supporting the peace negotiations between the Philippines and the Moro Islamic Liberation Front (MILF), and expressed its intentions to provide funding for development projects in war-affected areas in Mindanao once a peace agreement has been signed.

Australian Ambassador to Manila Ruth Pearce announced that the Australian government is considering to provide a substantial amount to the trust fund for the MILF once it signs a peace agreement with the government.

"We would very much like to see that happen. My government has already committed to donate in the trust fund being organized by the World Bank once a peace agreement is signed," Pearce said.

Last year, the EU also expressed commitment to donate to the trust fund as an incentive to the MILF to forge a peace agreement with the government.

Pearce said that the trust fund aims to help the rebel returnees re-establish themselves in their areas of origin and help the government rehabilitates the war-affected areas in Mindanao.

"The Philippine government is confident that an agreement would be signed this year. From what we can see, both parties are on the right track," Pearce said.

She, however, declined to determine how much the Australian government is willing to donate to the trust fund.

Meanwhile, a total of 53 peace monitors from OIC member-countries are arriving this month to enforce the ceasefire between the government and the MILF.

Forty-three peace monitors from Malaysia will arrive at the Villamor Air Base on Saturday, Oct. 9, while an additional 10 peace monitors from Brunei will arrive in Manila on October 15.

The Department of Foreign Affairs has welcomed the arrival of the peace monitors from the OIC, saying that the deployment of the international peace monitors will ensure the success of the forthcoming formal peace negotiations.