Aquino: Q2 growth higher than 5.9%

President Aquino said on Monday that economic growth in the second quarter of this year was higher than originally announced, or more than 5.9 percent, prompting an upward revision in terms of growth for that period.

Mr. Aquino made the announcement before the Filipino community at the Auckland City Convention Center in Auckland, New Zealand, on the first day of his state visit to that country, while apprising his audience of the progress his administration has achieved, in contrast to supposed problems that his predecessor Gloria Macapagal-Arroyo had left him.

“I was surprised that in two years’ time, our economy in the first quarter posted 6.3-percent GDP [gross domestic product] growth. In the second quarter, it was 5.9 [percent] but I understand that would be revised upward,” he said.

The President did not mention the revised growth figure for the second quarter, saying that his economic managers have yet to tell him “how up is upward.”

The Philippine economy was earlier reported to have grown by 6.4 percent in the first quarter, but this was revised to 6.3 percent later on.

GDP growth in the first half of the year, without the anticipated revision in the second quarter, already averaged 6.1 percent or more than the 5-percent to 6-percent GDP target for 2012.

Mr. Aquino said while the global economy was “in a bad situation,” confidence in the Philippine economy was “very, very high,” as reflected in the performance of the stock market, which had posted 27 record levels under his watch.

“So many of the problems previously thought of [as] being impossible in terms of solution seem to just really need a little time to be able to…effect changes,” he added.

To show the changes in the country since he took over, the President cited the rice-supply situation, and infrastructure development before and during his administration.

He said the Arroyo administration left him with a P177-billion debt because of excessive rice importation and a badly planned P30-billion bridge program.

From excessive rice importation, Mr. Aquino added, the country was on track in attaining rice self-sufficiency and may even become a rice exporter by next year, and had reduced the cost of infrastructure projects, such as the Araneta Avenue-Quezon Avenue underpass from P690 million to P430 million and completed 100 days ahead of schedule.

He said disaster mitigation and preparedness improved under his watch and that by next year, the Department of Education (DepEd) would be able to fully address the 66,800-classroom shortage that the Arroyo administration left behind.

The President, apparently referring to officials of the previous administration, added that those who had wronged the country should be held accountable.

“We can hold accountable those people who have wronged our people. They have to pay so that we can ensure that no one would emulate them,” he said.

Mr. Aquino shared a text joke that took a jab at the former President, which he said had made him laugh a lot when he received it.

“The joke [goes that] our corrupt countrymen in the Philippines have expensive cars but if they want to escape, they use a wheelchair,” he said.

Ahead of the 2013 elections, the President appealed to Filipino voters to choose candidates who have platforms, and who can show that they can deliver on their promises.

“Let us choose someone who does not only sing and dance well, who has not only appeared in a telenovela, but someone with a platform…and had shown in his track record that he can deliver on his promises,” he said.

Mr. Aquino added that the candidate might be someone who was not very popular or even shy and did not promote his achievements as much as other candidates, but had depth and, for this reason, should be supported over others who seemed to be “very good at presenting themselves.” –Mia M. Gonzalez | Reporter, Businessmirror