During his administration, Ramos began implementing economic reforms intended to open up the once-closed national economy, encourage private enterprise, invite more foreign and domestic investment, and reduce corruption. Ramos was also known as the most-traveled Philippine President compared to his predecessors with numerous foreign trips abroad, generating about US$20 billion worth of foreign investments to the Philippines. To ensure a positive financial outlook on the Philippines, Ramos led the 4th Asia Pacific Economic Cooperation (APEC) Leaders' Summit in the Philippines in November 1996.