Philippines back in business, Aquino tells investors
SINGAPORE—We’re back in business.
Saying that he intends to be “the complete opposite” of what his predecessor represented, President Aquino on Saturday invited the business leaders of Singapore to invest in the Philippines as it begins to rise to new economic heights.
Speaking at the Singapore Business Federation-International Enterprise Singapore Eminent Leaders Lecture, Aquino cited the Philippines’ growth rate of 7.3 percent last year, economic reforms, and the sense of “optimism” that the 2010 election engendered to entice investors to the country.
“I invite the Singaporean business community to take part in this wonderful opportunity as the Philippines rises to the sky … We are here, and are ready to reclaim our rightful place in the community of nations,” Aquino said at the forum held at the Shangri-La Hotel.
Rewards
“Partnering with us holds both tangible and intangible rewards; it means also a commitment to lifting the lives of a people who only recently had learned how to dream again,” he said.
Among the business leaders present were Singapore Minister for Trade and Industry Lim Hng Kiang, Keppel Corp chief executive officer and Philippine-Singapore Business Council co-chair Choo Chia Beng, and businessman Fernando Zobel de Ayala.
“In the past eight months, we passed a national budget on time for the first time in the past 11 years. Our Department of Budget and Management generated more than P250 million in funds by terminating more than ten agencies and programs that were no longer delivering intended outcomes,” Aquino told the businessmen.
“Already our efforts are bearing fruit. The Philippine growth rate of 7.3 percent is its highest in the last 30 years. Continued growth in my country will be fueled by investments that are already coming in from both domestic and foreign sources,” he said.
Aquino said that economic growth had also been brought about by the optimism engendered by the change of leadership after the 2010 elections.
Sense of optimism
“I guess the sense of optimism then expressed [in 2009] was that there is going to be a change in the leadership and 2010 did produce I hope the complete opposite of what my predecessor represented,” he said.
“For too long a time, my people have been deprived of hope. They birthed, fueled and supported my campaign, resulting in a mandate, and a renewed sense of hope and commitment. And now, no one doubts the simple truth that we are addressing the core obstacles toward national advancement,” he added.
‘Path to progress’
Aquino said reforms have been set in the military, “where faulty procurement practices have robbed our soldiers of decent equipment and dignified living standards;” in the judiciary, “where Lady Justice’s scales have tipped toward the privileged few; and all across the bureaucracy, where a lack of integrity and competence has been the norm, rather than the exception.”
The President added that the country’s Public-Private Partnership (PPP) scheme in infrastructure projects and the Business Process Outsourcing (BPO) and electronics industries promise to take the nation “further on the path to progress.”
Choo said the business community in Singapore welcomed the new administration’s “emphasis on transparency and competition for projects under the PPP scheme.
“This is key as investors look for clarity and transparency in such projects. For Singapore companies investing in the Philippines, it is very critical that the law and the courts have credibility and I would urge the President to ensure that,” Choo said.
“I understand that the Philippines is expected to launch a large number of projects this year nationwide and this sends a strong signal that the government is taking proactive measures to ensure the country’s economic growth is sustainable in the long term,” he said.
Good infrastructure
Good infrastructure is a vital support for business activity and growth. We look forward to the government’s plans to establish an improved transportation network both in Manila and throughout the country,” he added.
Aquino said there were other initiatives to improve the business environment in the Philippines were also underway.
“We are finalizing the details of an executive order that will liberalize the entry of foreign carriers in a way that will not decimate our local carriers … Under this order, we will allow foreign carriers to fly into key destinations in the Philippines,” he said.
Saying that he intends to be “the complete opposite” of what his predecessor represented, President Aquino on Saturday invited the business leaders of Singapore to invest in the Philippines as it begins to rise to new economic heights.
Speaking at the Singapore Business Federation-International Enterprise Singapore Eminent Leaders Lecture, Aquino cited the Philippines’ growth rate of 7.3 percent last year, economic reforms, and the sense of “optimism” that the 2010 election engendered to entice investors to the country.
“I invite the Singaporean business community to take part in this wonderful opportunity as the Philippines rises to the sky … We are here, and are ready to reclaim our rightful place in the community of nations,” Aquino said at the forum held at the Shangri-La Hotel.
Rewards
“Partnering with us holds both tangible and intangible rewards; it means also a commitment to lifting the lives of a people who only recently had learned how to dream again,” he said.
Among the business leaders present were Singapore Minister for Trade and Industry Lim Hng Kiang, Keppel Corp chief executive officer and Philippine-Singapore Business Council co-chair Choo Chia Beng, and businessman Fernando Zobel de Ayala.
“In the past eight months, we passed a national budget on time for the first time in the past 11 years. Our Department of Budget and Management generated more than P250 million in funds by terminating more than ten agencies and programs that were no longer delivering intended outcomes,” Aquino told the businessmen.
“Already our efforts are bearing fruit. The Philippine growth rate of 7.3 percent is its highest in the last 30 years. Continued growth in my country will be fueled by investments that are already coming in from both domestic and foreign sources,” he said.
Aquino said that economic growth had also been brought about by the optimism engendered by the change of leadership after the 2010 elections.
Sense of optimism
“I guess the sense of optimism then expressed [in 2009] was that there is going to be a change in the leadership and 2010 did produce I hope the complete opposite of what my predecessor represented,” he said.
“For too long a time, my people have been deprived of hope. They birthed, fueled and supported my campaign, resulting in a mandate, and a renewed sense of hope and commitment. And now, no one doubts the simple truth that we are addressing the core obstacles toward national advancement,” he added.
‘Path to progress’
Aquino said reforms have been set in the military, “where faulty procurement practices have robbed our soldiers of decent equipment and dignified living standards;” in the judiciary, “where Lady Justice’s scales have tipped toward the privileged few; and all across the bureaucracy, where a lack of integrity and competence has been the norm, rather than the exception.”
The President added that the country’s Public-Private Partnership (PPP) scheme in infrastructure projects and the Business Process Outsourcing (BPO) and electronics industries promise to take the nation “further on the path to progress.”
Choo said the business community in Singapore welcomed the new administration’s “emphasis on transparency and competition for projects under the PPP scheme.
“This is key as investors look for clarity and transparency in such projects. For Singapore companies investing in the Philippines, it is very critical that the law and the courts have credibility and I would urge the President to ensure that,” Choo said.
“I understand that the Philippines is expected to launch a large number of projects this year nationwide and this sends a strong signal that the government is taking proactive measures to ensure the country’s economic growth is sustainable in the long term,” he said.
Good infrastructure
Good infrastructure is a vital support for business activity and growth. We look forward to the government’s plans to establish an improved transportation network both in Manila and throughout the country,” he added.
Aquino said there were other initiatives to improve the business environment in the Philippines were also underway.
“We are finalizing the details of an executive order that will liberalize the entry of foreign carriers in a way that will not decimate our local carriers … Under this order, we will allow foreign carriers to fly into key destinations in the Philippines,” he said.
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