Gov. Salceda says Aquino better than predecessors

LEGAZPI CITY: Gov. Joey Salceda of Albay defended President Benigno Aquino 3rd against his detractors, which according to him the Aquino administration is better than his predecessors as the peso value strengthened in the first 100 compared to former Presidents Joseph Estrada and Gloria Arroyo. Salceda told The Manila Times that among the five administrations—which include Corazon Aquino, Fidel Ramos, Joseph Estrada and Gloria Arroyo—only during the younger Aquino’s first 100 days that the peso strengthened at +5.5 percent.

“It is under this administration that the peso strengthened the most in the first 100 days at +5.5 percent followed by Ramos at +1.85 percent while all the other two posted negative—PGMA at -3.53 percent and Erap at -3.92 percent,” Salceda said.

“Again, in the other key indicator of business confidence, only this administration advanced to positive territory at +22 percent, followed by Ramos but still negative at –9 percent, PGMA at –18 percent and Estrada at –28 percent,” Salceda added.

A classmate of Aquino at the Ateneo de Manila University and served as a former economic adviser to former President now Rep. Gloria Arroyo, the governor said that the administration of Aquino could not be measured of the recent hostage fiasco involving Hong Kong nationals and illegal numbers game controversy.

“It is easy to be swept away by vociferous punditry over the static and the noise surrounding the first 100 days of our President. Given the high expectations, it is both easy and facile to find faults,” the governor said.

According to Salceda, the 100 days is a short period and being its first 100, the new administration is just settling down and setting benchmarks.

“There are no GDP [gross domestic product], Comparative index Performance figures for which they can be held accountable. A comparative listing of policy initiatives would also be difficult since they face hugely disparate policy imperatives,” Salceda said.

Stock prices and currency movements according to Salceda, are forward looking as they have been proven to be good predictor of economic trends.

Salceda said that he has not included in his observations the long lasting impacts of the current policies being implemented by the new administration.

The robust markets suggest there is fuel for Philippine growth, now it is the turn of the administration to rev up the engines to use such fuel according to Albay governor.

“The first 100 days are affirmatively auspicious-the next 100 days are more critical in determining how the Aquino administration will convert strong financial markets into programs and projects that prompt positive consequences in the lives of ordinary Filipinos who have pinned based on these objective measurements,” he said.
RHAYDZ BARCIA, Manila Times