The Philippines surpassed Malaysia and Singapore in a 2012 Japanese survey of most profitable firms in the 10-member Association of Southeast Asian Nations (Asean), President Aquino disclosed on Tuesday.
Speaking at the Philippine Investment Forum at The Peninsula Manila Hotel, he cited findings of the Japan External Trade Organization’s (Jetro) survey in Asia and Oceania states last year that the proportion of profitable firms for Asean members “declined, except for the Philippines, which, in fact, increased.”
Mr. Aquino, at the same time, noted that credit-rating agencies Standard and Poor’s, Moody’s and Fitch have all placed the Philippines at one level below investment grade, while “bond markets are already pricing us at investment grade.”
He said the Jetro 2012 survey “places us squarely in the middle, with 71.9 percent of surveyed firms [expecting] a profit. In just a year, we have overtaken Singapore and Malaysia in this regard.”
“As your businesses progress, and as we remain committed to growing the Philippines, there is plenty of reason to believe this upward trend will continue,” the President assured delegates to the investment forum, further noting the continued confidence in the economy as validated by recent surveys.
He added, “What you see today is a country on the rise, propelled by our determination to change the way things were done in the Philippines and ensure that integrity, transparency and accountability characterize our actions. From Day One, we have been making good on this promise. We are making sure that neither power nor money gives anyone an undue advantage, whether in justice or in business. We are making sure that public funds are used to help our countrymen, and that information on expenditures is made available to the public, to help in guarding against corruption.”
Mr. Aquino considers 2012 as an “outstanding year” for the economy that, he said, “bested all expectations, including our own analysts’, by growing 6.6 percent, one of the highest growth rates in Asean.”
“Last year was also a historic year for our stock market, with record highs sometimes coming every day in the trading week. At last count, in the two years and eight months of our administration, we are at 84 record highs, and close to breaking 7,000, when last year, we were astounded with breaching 5,000 and, not too long ago, 4,000 seemed an impossibility,” he said. “The performance of our economy, brought about by our prudent fiscal policies, strong external position, macroeconomic stability and our dedication to reform, has allowed us to reverse a decade’s worth of decline in our credit ratings.”
According to the President, his administration remains focused on its three priorities: agriculture, tourism and infrastructure.
“Agriculture remains one of our priorities, precisely because it is the source of livelihood and employment for so many Filipinos, 12.1 million individuals, as of last year. This is why, for this year, we have increased our agriculture budget by 22 percent from P61.4 billion to P75 billion. This will fund the construction and rehabilitation of farm-to-market roads, enhance irrigation systems and provide support services, among others,” he said
Weather permitting, according to Mr. Aquino, “we hope to strengthen our position [regarding] rice self-sufficiency, and regain our footing in the export markets by exporting 100 metric tons of high-quality rice in 2013. If there is anyone interested out there in being a part of the rise of the Philippine agricultural sector, our Agribusiness Lands Investment Center will be more than happy to conduct briefings for you.”
He affirmed that tourism is another sector “in which we are heavily invested, and for good reason [as] one only need visit Boracay or the beautiful islands of Palawan, attend Cebu’s Sinulog Festival, or walk around the walled city of Intramuros [in Manila] to understand the attraction that has [seen] visitors flocking to the country. From the 4.3 million international tourists who visited the Philippines in 2012, to the 37.5 million Filipinos who traveled around our country in 2011 alone, so many agree: It is, indeed, more fun in the Philippines. May I also add that the 37.5 [million] broke the original 35 million target for 2016. The new target for domestic tourism is now at 56 million.”
In support of tourism, agriculture and, in fact, the overall viability of the Philippines as an investment destination, the President said, the government has also been working on constructing, rehabilitating and enhancing the quality of the country’s infrastructure.
He noted that both public and private construction activities expanded in 2012, contributing to the growth of industry and the gross domestic product (GDP). To sustain this, Mr. Aquino said, the government increased the infrastructure budget by 18 percent, from P205.33 billion in 2012 to P242.3 billion in 2013. This bigger budget, he added, will fund the development of road networks, ports and airports, among others.
“Even as we are working on this, we also know that harnessing the expertise and resources of the private sector can complement government efforts to get big-ticket projects done. This is why we continue to open some of our biggest infrastructure projects to the private sector. Again, those of you interested in partnering with us will be happy to know that there are two other major projects that will be rolled out, namely, the Cavite-Laguna Expressway and the Nlex-Slex (North Luzon Expressway-South Luzon Expressway] link connector road, both of which are meant to cut travel time and enhance connectivity among our cities in Luzon,” the President said, referring to the country’s biggest group of islands. — Butch Fernandez | Reporter, Businessmirror
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