WATCH: 'Philippines is stable, resilient,' Aquino tells APEC

MANILA, Philippines — President Benigno Aquino III faced finance ministers of APEC economies on Thursday and talked about the country's economic gains under his leadership.

Opening his speech in Cebu City, Aquino cited the ills in the previous administration under President Gloria Macapagal Arroyo.

"We have severely underestimated how much the patronage and corruption of the past have undermined our institutions," Aquino said.

"Everyday it seemed we have uncovered issues that have festered during my predecessor's term. At that point many of us could not help but long for the weekend if only for the temporary respite from the problems bequeathed to us," he added.