President Benigno S. Aquino III highlighted his administration’s economic achievements during the 4th Annual Euromoney Philippines Investment Forum at The Peninsula Manila in Makati City on Tuesday.
In a speech delivered before business leaders and investors at the hotel’s Rigodon Ballroom, President Aquino said the country has had an impressive number of achievements that have contributed to its economic progress.
The President noted the country’s “all-time high of $6.2 billion in foreign direct investments and a respectable 6.1 percent Gross Domestic Product growth” last year.
“2014 was a banner year for net Foreign Direct Investments, reaching an all-time high of $6.2 billion, 65.9 percent higher than what we received in 2013. We have likewise posted impressive growth: from 2010 to 2013, the Philippines averaged a Gross Domestic Product (GDP) growth of 6.3 percent. Compare this to the previous three-year period, under my predecessor, where growth was just at 4.3 percent. On top of this: even in spite of the lingering effects of Typhoon Haiyan and the uncertainty in the global economy, our country still posted a respectable 6.1 percent GDP growth figure last year,” he explained.
President Aquino also cited a Bloomberg report saying the Philippines is forecasted to be the world’s second fastest growing economy in 2015.
“The tremendous amount of confidence the global community has developed for the Philippines is incredibly gratifying, especially considering that, not too long ago, we were known as the ‘Sick Man of Asia.’ However, our administration remains hard at work so that we can maximize every opportunity available to us, and I think many of you will agree with me when I say: You ain’t seen nothing yet,” he said.
He also pointed out that infrastructure is one of the sectors that have benefitted from “our drive to become more competitive”.
The budget of the Deparment of Public Works and Highways, he said, has more than tripled from P165 billion in 2010 to almost P570 billion in 2015.
“We can expect this to grow even more, as our goal is to have infrastructure spending comprise 5 percent of GDP by 2016,” he said.
The President said that under the Public-Private Partnership program, nine projects have been awarded, 16 are in the process of being bidded out, and more than 30 other projects are under various stages of development.
President Aquino further said that the government has been pursuing options to address the projected power shortfall this summer due to the threat of the El Niño weather phenomenon and the rehabilitation of the Malampaya gas field.
“We are expediting the rehabilitation of the 300-megawatt (MW) Malaya Thermal Power Plant Unit 1 to help augment power supply in Luzon. We are also requesting the National Grid Corporation of the Philippines to optimize the dispatch of hydropower plants, which will generate additional energy supply during peak hours. Partnerships with the private sector have also proved useful: Under the Interruptible Load Program, as of January 2015, 252 participants have signed up to use their own generators and de-load a total of 688.67 megawatts during times when power supply is too tight,” he said.
He indicated that 48 committed incoming power projects with 4,693.8 MW of power are expected to come between now and 2018.
Out of these 48 power plants, 21 will be from renewable energy, in line with our goal of diversifying our energy mix and building a power supply that is as clean and reasonably priced as possible, he added.
Emphasizing that the country’s greatest resource is its people, President Aquino said his administration will continue to channel funds to programs that have the twin effects of creating a skilled, talented, and healthy workforce that can attract more investors, and of allowing the people to retake control of their destinies.
The President told business leaders and investors attending the forum to “take a closer look at the Philippines”, inviting them “to bet on the Filipino people and discover for yourself how it’s more fun and more profitable to do business in the Philippines”.
“Together, I am convinced that we can work to accelerate this country’s performance and propel it to even greater heights,” he concluded.
Finance Secretary Cesar Purisima earlier introduced President Aquino as guest speaker while Euromoney Institutional Investor Asia Chief Executive Officer Tony Shale delivered the welcome remarks.
Some of the key topics to be discussed during the 4th Euromoney Philippines Investment Forum are the Philippines and the ASEAN Economic Community; infrastructure analysis; capital markets: financing growth; real estate investment trusts in the Philippines; solving the energy and power crisis; and digital economy. PND (jm) |