11 October 2012
President Benigno S. Aquino III served as guest of honor and keynote speaker in the 38th Philippine Business Conference and Exhibition at the Manila Hotel. The three-day event carried the theme “One. Global. Filipino. Investments and Governance, Pillar of Economic Growth.”
In his message, the President announced that the growth of the country’s economy this year has been robust, with average Gross Domestic Product (GDP) growth for the first semester exceeding expectations at 6.1 percent. He believes that the country would be able to achieve the projected GDP growth of 5.0 – 6.0 percent this year. He also noted that the 2011 debt-to-GDP ratio was marked at 50.9 percent which is lower than the 52.4 percent recorded in 2010.
“We have recorded a second consecutive ten-place jump in the World Economic Forum’s 2012-2013 Global Competitiveness Report, putting our country 65th out of 114 economies. Analysts from business news site Market Watch have also classified the Philippines as a ‘new tiger,’ a bright spot in both the Southeast Asian region and the global economy. The 2012 Report of Knight Frank and Citi Private Bank has also ranked our country as the 6th fastest growing economy in the world. And many, if not all of you, have echoed these sentiments, with the Philippines identified as having the second most optimistic community of business leaders in the 2012 Grant Thornton International Business Report,” President Aquino emphasized.
The President lauded the Philippine Chamber of Commerce and Industry (PCCI) for believing in the sincerity of the reforms undertaken by the administration that resulted to the economic achievements in the country in a span of only two years.
“Your investments allow us more revenues to spend on projects that benefit all – in infrastructure development, health, education, and social services, further enabling our people to become empowered consumers, skilled workers, and active participants in inclusive growth. Good governance has truly become the foundation upon which our administration and the business community have formed a stronger, more effective working relationship,” President Aquino stated.
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