President Benigno Aquino III. AP FILE PHOTO
SINGAPORE — President Benigno Aquino III on Wednesday made an investment pitch before top executives here, citing reforms in governance and improved business climate in the Philippines.
“I urge you to raise your stake even more. For those who are exploring the possibilities, I tell you: the time is now,” Aquino said at a roundtable at the Shangri-La Hotel.
The President cited the improved performance of the Philippine economy, given the consistent positive international outlook for the country.
He said the economy grew at an average of 6.3 percent over the last three years, the second-fastest growing Asian economy, tied with Malaysia next to China.
“A confident, energized, empowered people, who by the way are entering a demographic sweet spot by next year, are now poised to make the most of the opportunities that are coming their way. For those of you who have already bet on the Philippines,” Aquino said.
“Our government has gone back to its roots, where government exists to serve not just some of the people but all of the people. This is in turn has ignited a virtuous cycle,” he added.
“As growth becomes more inclusive, as witnessed by the reduction in poverty figures, the entry of new businesses and the creation of new jobs, we can indeed say: there is no better time to invest in my country, where the playing field has been leveled, growth is palpable, and opportunities are teeming,” Aquino said.
He said the economic environment during the previous administration was “unsustainable.”
“This was highly consumption-driven, fueled by the remittances of overseas Filipino workers. And why remittances? People left our country due to the lack of opportunities brought about by many years of misgovernance. By its nature, this is not sustainable, because it is subject to so many risks,” Aquino said.
The President is wrapping his two-day working visit here Wednesday afternoon and is set to arrive in Manila at 6:45 p.m.
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