NAYPYIDAW: Being called the “brightest spark” in Southeast Asia and “Asia’s Rising Tiger,” President Aquino told businessmen attending the 22nd World Economic Forum (WEF) on East Asia here that the Philippines was ripe for investments. The President touted the reforms and the new mandate his administration received from the Filipino people in the last midterm elections.
Aquino and members of his delegation arrived here yesterday morning for the forum and had separate meetings with Myanmar President Thein Sein, opposition leader Aung San Suu Kyi, and Klaus Schwab, founder and executive chairman of the WEF.
“Today, all the factors are in place: political stability, low inflation and low borrowing rates, opportunities for growth in almost all sectors, a government committed to integrity and empowerment, and a people known the world over for their industry, loyalty, and creativity,” Aquino said during a luncheon hosted by Ayala Corp.
“In our country, you have the recipe for sustained, inclusive growth that benefits investors and the public alike. All that is left is for us to engage each other, and work together – and this is precisely why we are here today,” he said. He called on the businessmen to see challenges in the Philippines as opportunities as they could come and build the much-needed infrastructure as well as participate in the agriculture and tourism sectors.
With a 7.8 percent gross domestic product growth in the first quarter, investment grade from Fitch Ratings and Standard and Poor’s, victory in the last elections, reforms in various aspects to make the country conducive to business, the President said businessmen should no longer have doubts about coming to the Philippines. “This is the perfect time to invest in the Philippines. More and more opportunities have been created... both as a result of and as an affirmation of our commitment to reform, and we are here today to share these opportunities and invite you to work with us,” Aquino said.
He said the development of infrastructure is necessary for the growth of all other sectors.
“Right now, the Philippines is behind its Asean (Association of Southeast Asian Nations) counterparts in this regard, including the state of our roads. Instead of seeing this as a setback, we choose to see it as an opportunity to make quality investments into infrastructure. So, we have increased our budget for infrastructure, from $4.86bn in 2012 to $5.94bn in 2013. This more than $1bn increase will go toward paving all unpaved sections of our national road network, and developing airports and other transport hubs in the country,” he said.
THE PHILIPPINE STAR
