MikeLigalig.com

By Lilybeth G. Ison

Despite the worldwide economic crisis, President Benigno Aquino III said good governance played an important role in maintaining the Philippines' economic growth.

In his speech at the 20th anniversary of the Philippine Exporters Confederation Inc. (PhilExport) held Tuesday evening at the World Trade Center, the President said that his administration has worked long nights to find solutions on how the country weather the global economic crisis that has affected even third world countries such as the United States and Europe.

"And through hard work, perseverance, and a little creativity, we did indeed find the solutions. Our push for reforms in our institutions is bearing fruit: We are seeing improved business confidence and greater citizen participation," he noted.

President Aquino cited such reforms like the implementation of a new budgeting process -- a zero-based budgeting, "through which we are curbing government spending on projects that simply do not work, and spending that money, instead, on programs that directly help our people."

He said his administration also pursued procurement reforms, "which allowed us to make certain that we get the best price for every bridge and every road we had to build."

The President said these reforms have allowed the government to give conditional cash assistance to some 3.1 million poor Filipino families, send their children to school, and for expecting mothers and children to receive regular medical check-ups.

"These have (also) allowed us to fund our efforts to erase our backlog in classrooms, and to expand the coverage of our health care system. Amazingly, while we were doing this, our deficit figures actually improved, from 3.5 percent of Gross Domestic Product in 2010, to two percent in 2011," he noted.

With just more than two years after the Aquino administration took office, the Philippines has been on the receiving end of nine credit ratings actions, including an upgrade of Moody’s credit rating from Ba2 to Ba1.

"The results of our efforts have also been shown in the economy. In the first 27 months of our administration, our stock market has reached record highs 46 times -- or broken highs 46 times. In the first semester of this year, our economy grew by at least 6.1 percent, so far besting our forecast of five to six percent," the President said.

The 2012 report of Knight Frank and Citi Private Bank also projected the Philippines to be the sixth fastest growing economy in the world for the period between 2010 to 2050.

"Might I emphasize -- this is all happening at a time when the world economy is beset with uncertainty," he stressed.

President Aquino urged the export industry to continue efforts as a major driver of growth for the country's economy.

"For two decades, your organization has taken the lead in developing a strong export industry, ensuring that our products are competitive in the global market. Indeed, the export sector is a major driver of growth for the national economy, creating employment and business opportunities for our people," he said.

"We in government count on our partnership with your sector. Let us sustain our solidarity and dynamism in refining our mission of revitalization with appropriate policies and procedures -- and effective infrastructure for the benefit of investors and exporters alike, which redounds to the public welfare," he added.

The President said that as long as "we remain guided by the values of excellence and integrity in our pursuits, our efforts will result in lasting equitable progress for the Filipino people."

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