Its nice to read this article and get to better understand the thinking of President Aquino as to his role in the country’s economic development as he finishes 2 of his 6 years in office. Let’s wish him continued success for the remaining 4 years as there is more to be done.
From the Philippine Business Mirror
PRESIDENT Aquino said on Tuesday the economy has responded positively to his administration’s reforms, allowing the government to invest in projects and programs to make the country more competitive.
At the Second Integrity Summit at the Hotel InterContinental Manila in Makati City, Mr. Aquino apprised the business community of the “tangible results” of his reforms in pursuit of “re-establishing a culture of integrity in the government.”
“These are real, tangible reforms that have borne real, tangible results. The economy is responding…. We have been channeling these economic gains into projects and programs that will make the country even more competitive,” he said.
He cited the eight positive create-ratings actions obtained by the Philippines under his watch, one of them placing the country just a notch away from investment grade.
“If achieved, this could open up Philippine bonds to a whole new set of buyers, and could possibly lead to even lower borrowing costs,” Mr. Aquino said.
He said the significant jump of the Philippines to 65th place—from 85th place in 2010—in the World Economic Forum’s Global Competitiveness Report shows “that we must have been doing the right thing since we came into office” while growth in the first two quarters of year point to attaining the higher end of the 5-percent to 6-percent target.
He said that because of the country’s economic gains, the government managed to provide a bigger allocation for social services, set at P698.8 billion in 2013, or 13.9 percent higher than this year’s P613.4 billion.
The President said that as early as June, the government had released 73.66 percent of funds for the year’s infrastructure program, or P151.6 billion out of the P205.8 billion allotted for this year.
“We have been channeling the budget into investments in our people—in education, health, poverty alleviation and infrastructure—because we recognize that sustaining our economic momentum requires a citizenry that can compete in the global arena,” he said.
Mr. Aquino said that the bottom line of his administration’s strategy is to ensure a level-playing field which is “stable, rules-based and whose outcomes are predictable.”
The President said sustaining the growth being enjoyed by the Philippines entails “making difficult choices” and that he, as Chief Executive, is committed to solve as many of the nation’s problems as he could before the end of his term in 2016.
He expressed hope that his successor would be someone “of foresight; someone who definitely will not kick the can down the road; someone who will solve problems; and someone who will fortify the culture of integrity that we are building now.”