French investors bullish on Phl

PARIS – Investors here are bullish on the Philippines but raised concerns on some sectors such as energy and the impact of climate change.

Jean Burelle, chairman of the Mouvement des Entreprises de France, which is the largest union of employers in the country representing 800,000 French companies, said the figures cited by Aquino in terms of economic growth speak for themselves.

“You want things to happen, in other words you are a doer. As a businessman I admire this...Do you want us to invest? Do you want us to trade? You know, we have a lot to offer: technology, energy, transport, light rail transportation, shipping,” Burelle said.

Aquino responded that it might sound greedy but “I have to say, we want it all.”

Addressing the Philippine Business Opportunities Forum, Aquino assured French businessmen yesterday that no more collusion exists among bidders in government projects in the Philippines.

Aquino said a “stark example” of the administration’s anti-corruption commitment is the Department of Public Works and Highways

(DPWH)’s reforms to ensure transparency and accountability in government projects.

ÅgFor the longest time, it was an agency that had a reputation as a hotbed of corruption,” he said. “However, in these past four years and three months, with Secretary Rogelio Singson at the helm, it has become one of our top performing agencies. What did he do? Here is one simple example: He eliminated the requirement for prospective bidders to submit a letter of intent to bid.”

Aquino said the original purpose of the procedure has been lost in the mist of time.

ÅgBut what we found out was that it was used as a tool for collusion amongst prospective bidders, who would find out who their supposed competitors were, contact them and rig the process,” he said.

ÅgWe decided to eliminate this requirement, making it difficult, if not outright impossible, for unscrupulous people to collude in the bidding process, because now they do not know who they were bidding against. The strategy of our DPWH: Undertake the right projects, implemented by the right people, for the right quality and the right price, to be finished right on time, if not earlier.”

Aquino said an example of this strategy in action was an underpass in the heart of Metro Manila that was inaugurated in 2012.

A budget of P694.2 million was originally allotted, but that it was reviewed and a more realistic costing was done, he added.

The elimination of graft further brought down the price to the winning bid of P430 million, he said.

Aquino said the project was completed 100 days ahead of schedule.

ÅgIt has been this kind of transparency and efficiency that has allowed the DPWH to save more than P27 billion as of May this year,” he said.

Aquino said the Philippines has become more conducive to business.

ÅgIt is clear: the country formerly known as ‘the Sick Man of Asia’ is on an upward swing,” he said.

ÅgJust to give you an idea of how significant this is: Countries who have hit such a sweet spot averaged a yearly growth of 7.3 percent in the following 10 years.

ÅgMassive investments in education, both formal and informal; the expansion of our national health insurance system, both in terms of the number of people and the diseases covered, will enable our country to maximize this sweet spot. They are now becoming more empowered to participate in economic growth.”

Aquino said the French word “renaissance” would perfectly encapsulate the state of the Philippine economy today.

ÅgFrom our very first day in office, we refocused the priorities of government, rekindling the true spirit of governance, and showing the Filipino people what it is like to have a government that works for them,” he said.

Aquino said the government has invested in the people, particularly in education to help match available jobs.

ÅgThis is why one of our administration’s first messages to the world was that ‘the Philippines is once again open for business’,” he said. “Since then, we have worked tirelessly to show that our country is truly worthy of your consideration. We rewrote the formula for success in the Philippines, from one where patronage and a willingness to bend the rules were necessary, to one that rewarded hard work, innovation, ingenuity and abiding by the rules.”

Aquino said the government cut bureaucratic red tape to optimize the process of setting up shop in the Philippines.

ÅgTo do this, we put up the Philippine Business Registry, which gathers the business registration processes of multiple agencies into a one-stop shop,” he said.

ÅgNow, registering a business in the Philippines only takes three days maximum – a process which once could take up to three months.”

Aquino said the culture of corruption has been demolished and a regime of transparency is being instituted.

ÅgIndeed, our country’s momentum is stronger than it has ever been in recent memory, and we will not sit idly by; we will build on this momentum,” he said.

ÅgAnd I am here... to invite all of you to be part of our story – to take a closer look at our country, to study your prospects... and ultimately, take part in the Philippine renaissance that continues to win the admiration of the world. France and the Philippines are no stranger to each other; we only have to open a new, more vibrant chapter in commercial relations to expand on the people-to-people contacts we currently enjoy.”

Aquino said the government’s efforts had paid off as a resurgent economy is now one of the fastest growing in Asia.

Various international credit rating agencies and organizations had taken notice of the reforms and have given the Philippines an upgrade in terms of competitiveness and anti-corruption efforts, he added.