PH near to filling up the half-full glass

The Philippines is truly on the right path, according to Aquino and is on the way of filling up the half-full glass.

President Aquino yesterday expressed confidence that the country is likely to reach the 5 percent to 6 percent gross domestic product (GDP) target, citing that different industries are doing well as seen in the 5.9 percent second-quarter growth.

“I am sure you have all heard that, in the second quarter of 2012, the Philippine economy grew by 5.9 percent. If all goes as planned, we’ll be on target in achieving between 5.0–6.0 percent GDP growth for 2012.

These achievements, together with the 44 record highs of the Philippine Stock Exchange Index, and the fact that the Philippines is now only one level below investment grade according to two of the three major ratings agencies, show that we are well on our way to filling up the half-full glass,” Aquino said in addressing the IBM Think Forum in Makati City.

The President, in a chance interview at the Bakas Parangal awards ceremony that followed in Camp Aguinaldo in Quezon City, enjoined everyone to keep praying that the Philippines would continue to do well.

He also stressed the importance of cooperation between the private and public sectors, saying that “if we continue to support each other, we can do this in our respective fields, and, together, we can give rise to a country that not only rises to meet its potential, but exceeds it regularly.”

Aquino cited that among the contributing factors are the: growing number of investments in the country, the good performance of the agricultural sector, the ongoing government spending and implementation of projects like the school building programs among others.

The President initially cited that the best indication of the country’s success was the 2012-2013 World Economic Forum’s Global Competitiveness Report where the Philippines jumped another 10 spots to rank 65th out of 144 economies from 85th in 2010.

“In total—for those less challenged in math—a twenty-place jump in rankings since we took office—and allow me to emphasize that this is the first time we have broken into the top 50 percent of countries, I’m told, since 1994, the year the Philippines was first included in the report.

He also cited the statement of International Monetary Fund managing director Christine Lagarde that while there are external pressures and factors that can impede or have already impeded the progress of some global economies, these factors can also open up new prospects for other countries like the Philippines, he said.

“For example, with instances of capital outflow from more developed but troubled economies, emerging markets like the Philippines are given the opportunity to make the most of their competitive advantages and become prime locations for investment. We all need to take advantage of opportunities like this,” he said.

“The Philippines is truly on the right path. Everyone—from our countrymen and tourists, to leaders of industry both in the country and beyond its shores, to organizations and other governments—share our optimism. And this has allowed us to succeed: to regain our confidence and make the most of even more opportunities to achieve inclusive growth for all Filipinos. In the midst of these uncertainties, leaders must ask themselves how they can spark a virtuous cycle of inspiring others to contribute to tangible change that can be felt by the entire society,” he added. –JOCELYN MONTEMAYOR, Malaya