MANILA (Mindanao Examiner / Feb. 20, 2014) – Filipino leader Benigno Aquino has urged investors to play a bigger role in efforts to make the Philippines and its economy greater than ever before.
Aquino, speaking at the Euromoney Philippines Investment Forum at the Solaire Resort and Casino in Pasay City, said opportunities abound along the path to shared prosperity.
“As our people continue to rewrite the story of the Philippines—from the apathy of the past to the dynamism of the present, from our previous fumbles to the firm resolve that is propelling us towards a more promising future—I invite all of you to take a larger role here—to be present as our people pursue the permanence of our prosperity, on the road to becoming an economy and a country greater than ever before,” he said.
Aquino said gone were the days that the Philippines was called the ‘Sick Man of Asia.’ Now, he said, the Philippines is seeing so many international organizations and publications referring to it as ‘Asia’s Bright Spot,’ or as the ‘New Asian Tiger.’
He said that despite last year’s successive tragedies from natural calamities, Filipinos have shown their resiliency, with the government extending the needed assistance.
“We want to empower them to take hold of their destinies once more; and to do that, we must give them the opportunity to work for their personal advancement, and for the advancement of their families and communities. This is how we approach the task of relief and recovery. It is not simply about distributing goods or putting up shelter; it involves coming up with strategies to revitalize the economies in the local communities, to create jobs, and to encourage productivity in the areas in the soonest possible time,” he said.
“The road ahead promises many challenges, but we are convinced that with the backing of our people, and with the right partners in the private sector, we will prevail. We will complete the rehabilitation and improvement of the affected communities sooner rather than later; and all of you will see those areas brimming with more opportunity than ever before,” he added.
Aquino also cited the country’s progress after Fitch Ratings Agency gave the Philippines its first investment grade rating from a major credit rating agency in its history. Standard & Poor’s followed suit, and so did Moody’s, he said.
“Despite the disasters that befell our country in 2013, the Philippines still posted one of the fastest growth rates in Asia at 7.2 percent,” he said.
He said the Philippines continued to defy expectations on several measures of competitiveness, climbing up the World Economic Forum’s Global Competitiveness Rankings, reaching 59th place.
Also, the Philippines recorded a marked improvement in the World Bank and International Finance Corporation’s Ease of Doing Business Report, moving up 30 places in just one year, according to Aquino.
He said the Heritage Foundation also bumped the Philippines up in its 2014 Index of Economic Freedom, placing us 89th out of 178 countries—an eight-notch improvement from the previous year.On top of this, after a 2013 survey of companies in Asia and Oceania, the Japan External Trade Organization said that the Philippines is the second most profitable among ASEAN-5 countries, trailing only Thailand.
For now, Aquino said the Philippines is fully intent on keeping up the pace of its progress. He said now is crucial as population projections by the United Nations show the Philippines will hit a ‘demographic sweet spot’ starting in 2015 – this means a large portion of the population will hit working age.
“On average, hitting such a sweet spot has led to a ten-year period of 7.3 percent yearly growth. So one can only imagine the possibilities for us, considering our workers are renowned for their resilience, creativity, and loyalty,” he said.
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