EDITORIAL - Wish list

President Aquino delivers his fifth State of the Nation Address today with his popularity at its lowest ever in the latest surveys, but still with over half of the population approving of his performance. That’s encouragement enough for a president in what he describes as his “last two minutes” to stay on track and sustain the reform momentum.

Under his watch, the Philippines has been one of Asia’s best performing economies. The World Bank sees the country as the next Asian economic miracle, and a model of the anti-corruption mantra that good governance is key to economic success.

With just two years left in his term, and just over a year before the campaign for the 2016 elections heats up, President Aquino must consolidate the gains of the past four years, and ensure that reforms for good governance will be irreversible.

The President must also focus on pressing matters that are threatening to reverse economic gains, starting with the looming power crisis. This will require long-term solutions, but the President can start laying down a solid foundation for the nation’s energy security.

Last week the top business groups submitted to the President a wish list of measures that Malacañang can work on with Congress to attract more investments in energy and other sectors and create meaningful jobs. Despite being Asia’s second fastest growing economy, the Philippines is still the regional laggard in terms of actual levels of foreign direct investment. Current problems such as the gridlock in Manila’s ports and unreliable electricity supply compound persistent problems such as red tape and inefficiency in local governments and the inadequacy of infrastructure.

In the wish list of the business groups, apart from investments in energy infrastructure and competitive power rates, are measures to promote fair competition, modernize Customs procedures and curb smuggling. The business groups want anti-trust legislation, and more transparency through a freedom of information law. They want consistency in the application of laws by the national and local governments. They want labor policies that will attract more job-generating investments. And they want measures to boost the growth of small and medium enterprises. These are doable proposals. With President Aquino down to his final two years, there is no time to lose.