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| Bright Future: Ninoy Aquino III |
President Benigno
Aquino III encourages investors to put their money in the Philippines as he
vows to sustain the country's economic growth momentum.
MANILA, Philippines –
It has been a rough two months for President Benigno Aquino III following the Mamasapano crisis but on Tuesday, March 24, an upbeat Aquino
brandished the economic accomplishments of his administration before promising
greater things to come.
Aquino listed his
administration's achievements front of an audience of over 500 business
leaders, investors, and policy makers at the Euromoney Investment Forum, which
he called “a valuable
opportunity" to share the progress of the Philippines under his watch.
Such economic progress
includes:
- 2014 as the banner year for net
FDIs (foreign direct investment), which reached an all-time high of $6.2
billion, 65.9% higher than in 2013
- From 2010 to 2013, the
Philippines averaged a GDP (gross domestic product) growth of 6.3%,
compared to the 4.3% average of the previous administration
- In spite of the lingering
effects of Typhoon Haiyan (Yolanda) and uncertainty in the global economy, GDP growth was at 6.1% in 2014
- Upgrade to investment grade by
all 3 major credit ratings agencies in 2013, and continued credit rating upgrades ever since
In line with all this,
Aquino said: "We are indeed making history. All these, and many other
factors, have led to even greater optimism for our country’s prospects.”
He added: "Our
administration remains hard at work so that we can maximize every opportunity
available to us, and I think many of you will agree with me when I say: You
ain’t seen nothing yet."
Continued
growth
Aquino said the
administration's plans include, among others, to continue growing the budget of
the Department of Public Works and Highways (DPWH) from P165 billion in 2010 to
almost P570 billion in 2015, and to have infrastructure spending comprise 5% of
GDP by 2016.
Aquino said his
administration is also focused on accelerating infrastructure development
through the Public-Private Partnership program (PPP). He said that under his
helm, 9 projects have been awarded, 16 are in the process of being bid out, and
over 30 other projects are in various stages of development.
He added that the
government is focused on developing the power supply situation in the country,
noting that “a total of 48 committed incoming power projects with 4,693.6
megawatts of power are expected to come online between now and 2018.”
“Out of these 48 power
plants, 21 will be from renewable energy, in line with our goal of diversifying
our energy mix and building a power supply that is as clean and reasonably
priced as possible,” the President said.
He added, “As you can
see, we are determined to continue treading green pathways to development, and
to maintain our status as one of the driving forces for clean energy in the
region.”
ASEAN
Integration
The President also
addressed the realization of the ASEAN Economic Community (AEC) expected by the
end of the year, and assured that “the Philippines is taking every possible
measure to take on a more dynamic economic role in the region.”
“Our compliance rate
in the AEC scorecard in terms of our commitments to AEC 2015 is now at around
86%. I have already signed crucial laws that will
help us meet our financial integration commitments, including an Act
Strengthening the Insurance Industry and the Act Allowing the Full Entry of
Foreign Banks in the Philippines," he said.
The President said for
the remainder of his term, the government "will continue expanding the
range of financial tools available in our country, so we can maximize the
advantages of integration."
Aquino also talked
about focusing on empowering micro, small, and medium enterprises (MSMEs) that
would “establish economic dynamos in even the most remote parts of the nation,”
which could become “one of the strongest and most direct tools towards
inclusive growth.”
To accomplish this, he
said the SME Roving Academy has conducted more than 1,871 training sessions
focused on skills training, product pricing and costing, business planning,
entrepreneurship development, and financial management, which has helped more
than 85,000 potential and established entrepreneurs.
Aquino said he also
signed the Go Negosyo Act which would build
business centers that will offer MSMEs a full range of services, including
business registration processing, training sessions and seminars, and the
establishment of market linkages.
“By the end of this
year, we intend on putting up 100 of these establishments across the
archipelago,” he said.
'Bet
on PH'
The President seized
the opportunity to encourage investors at the forum to put their money in the
country.
“To those who are here
to take a closer look at the Philippines, I invite you: Bet on the Filipino
people, and discover for yourself how it’s more fun and more profitable to do
business in the Philippines,” he said.
“If, on the other
hand, you decline this invitation, perhaps I may pose a question, how confident
are you that you will never say: we missed such a good opportunity?”
He also said the
administration would continue to invest in “the limitless potential of our
people, who have been the lifeblood of our success.”
“These past few years,
our people have proven themselves to the world. But having been exposed to the
skill, talent, loyalty, and resilience of so many of our countrymen, I know
that we have only scratched the surface,” he said. – Rappler.com
Source: #Rappler
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