Aquino: Phl economy keeps getting better

NEW YORK – It has all been rosy for the economy in the past four years and “it just keeps getting better” for the country as it continues to reap the fruits of reforms and good governance, President Aquino told a gathering of chief executive officers and business groups here Tuesday.

“You will be glad to hear: The good news never gets old because it just keeps getting better for the Philippines,” Aquino said in a roundtable discussion with CEOs and senior officials from the US Chamber of Commerce and the US-ASEAN Business Council at the Julliard Ballroom of the Omni Berkshire Hotel here.

“Today, the Philippines is an even better country in which to do business,” he said. “It is indeed my hope that you have come here with the determination to build on your success in the Philippines – or to explore new avenues in pursuit of the same.”

“Our commitment to institute good governance and fight corruption has not flagged; we continue to implement reforms in order to ensure a significant return on each peso we spend for government’s programs and projects,” Aquino said.

He cited the gains his administration has achieved in the area of competitiveness, with no less than the World Economic Forum rating Manila as the most improved in terms of competitiveness since 2010.

“The credit ratings upgrades we have received have not only put the Philippines at investment grade; they have also made us, as J.P. Morgan says, the most upgraded sovereign credit in the region in recent years,” Aquino said.

There was also a noticeable increase in key industries, he pointed out.

“The information technology-business process management industry remains one of our strongest industries, recording a $6.6-billion increase in revenues, from $8.9 billion in 2010 to $15.5 billion in 2013,” he said.

“Manufacturing has completely rebounded: with growth accelerating from 5.4 percent in 2012 to 10.3 percent in 2013. This is not to mention the other sectors worthy of note, including tourism, agriculture and infrastructure,” he said.

The Chief Executive also vowed to continue his administration’s “massive investments” in social services aimed at empowering Filipinos and making them “active participants in building our economy, and the nation, as well.”

“My administration’s agenda of empowerment is even more significant, in light of the fact that the Philippines is poised to hit a demographic sweet spot next year,” Aquino emphasized.

He based his assessment on a UN projection that in 2015 a “majority of our people will reach working age – which means that there will be an abundance of talent and creativity in the workforce, ready to spur your businesses to success.”

Earlier in Cambridge, Massachusetts, Aquino told students of Harvard University’s John F. Kennedy School of Government that they could take lessons from the Philippines’ example and application of good governance.

In his policy speech, he said he is determined to make the most until the end of his term in 2016.

“Our challenge today is to make the gains even greater, and to ensure that the transformation becomes an enduring mainstream of justice and inclusiveness,” Aquino said.

“It is my hope that our experiences will motivate those like you, from the other side of the world, to be influencers, who in turn will inspire the communities and institutions with whom you will interact,” he said.

He emphasized that leaders must not be afraid to do what is right, even in the face of widespread criticism or opposition, as giving up would mean allowing the shameless and the unscrupulous to have control over the fate of everyone.

He also told Harvard students that some of his Cabinet officials attended the prestigious institution, among them Budget Secretary Florencio Abad and his daughter Julia who heads the Presidential Management Staff, Social Welfare Secretary Corazon Soliman and food security czar Francis Pangilinan.

Bases Conversion Development Authority chief executive officer Arnel Casanova and the late interior and local government secretary Jesse Robredo were also fellows of the university.