Business leaders praise the economic performance of Philippines at APEC

Beijing, CHINA, Nov 12, 2014 – At this year’s 22nd Asia Pacific Economic Cooperation leaders summit, Philippine President Benigo Aquino III met with rare praise from various delegates, praise that has not been heard of the Philippines for many decades.

Raymond McDaniel Jr., CEO of Moody’s, on the leading international ratings agencies, was effusive about the progress of the Philippines, which had led to numerous ratings upgrades in the last two years, despite a slowing global economy. In response, Aquino pointed twoards the expertise of his cabinet, who made “personal sacrifices to serve the country”, Presidential Spokesperson Edwin Lacierda said on his behalf.

As discussed in an earlier article, the strength of the growth of the Philippine economy has been well noted, with now 20 credit rating upgrades since March of 2013, and also being the most improved country since 2010 in the World Economic Forum’s Competitiveness Index.

The secretary-general for the OECD, Angel Gurria, was similarly impressed, saying that despite a challenging set of circumstances in the global economy, Aquino had implemented sound policies and improved governance to sustain the competitiveness of the nation, noting that in doing business, Philippine’s competitiveness ranking “went up just like a rocket”.

The importance Aquino has placed in healthcare was also noted by French healthcare giant, Sanofi. They praised Aquino’s emphasis on preventative measures in healthcare, and it’s contribution to sustainable economic development.

President Aquino’s speech to delegates of the APEC summit stressed that the Philippines now had the best economic conditions for foreign investment than it has ever had in its history.

“This is an indicator of a more balanced and more resilient economy—one that can better withstand shocks and one that is consequently more attractive to investors,” President Aquino said.

Aquino also stressed that “good governance is good economics”, a hint at his efforts in stamping out endemic corruption, well noted by other groups of economic cooperation, such as the World Bank and the IMF.

“We assure all of you: our efforts will not stop here. We are looking to go from strength to strength. One way we are doing this is by making investments in our greatest resource, the Filipino people, because we know that it is through empowering them that we can sustain our country’s momentum,” Aquino said.

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