The Peninsula Manila, Makati City
24 March 2015
President Benigno S. Aquino III faced several business leaders, investors, and policy makers to discuss the country’s economic prospects and challenges for 2015 and 2016 as he graced the opening of the 4th Euromoney Philippines Investment Forum.
More than 500 delegates, both from the private and public sector, attended the forum which focused mainly on key strategic topics such as the ASEAN Economic Community, Infrastructures Finance, Power Crisis, and the Digital Economy. With this, President Aquino laid out his report about the latest updates in the country’s economic status, which he considered one of the many reasons for the Philippines’ fast improvement.
In his speech, the President emphasized the rapid growth of Foreign Direct investment (FDI) that reached an all-time high of 6.2 billion dollars, higher by 65.9 percent compared to 2013. Such growth in FDI posted an impressive progress in the country’s Gross Domestic Product (GDP) by 6.3 percent, compared to the previous three-year period, which is 4.3 percent. Likewise, the Philippines has been receiving an investment grade from the three major credit ratings agencies from 2013 until now.
“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,” President Aquino said.
He also mentioned the sectors that contributed to the country’s economic growth, one of which is infrastructure. As of the latest, the Department of Public Works and Highways’ (DPWH) budget has tripled from 165 billion pesos in 2010 to almost 570 billion pesos in 2015. Despite the department’s budget increase, President Aquino gave his assurance that corruption has been vastly minimized and that projects are now regularly completed ahead of time without overspending the allotted budget.
Likewise, the President guaranteed that the government will continue to invest in the Filipino people by enhancing and giving an appropriate budget to the departments that cater to the needs of the public such as the Department of Education (DepEd), Department of Health (DOH), and the Department of Social Welfare and Development (DSWD).
“Together, I am convinced that we can work to accelerate this country’s performance, and propel it to even greater heights,” President Aquino said.
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