Philippine President Benigno Aquino III arrives at the National Cemetery in Seoul, South Korea, Thursday, Oct. 17, 2013. AP
SEOUL, South Korea—Whether in the Philippines or overseas, President Aquino never misses an opportunity to blame the country’s economic problems on the alleged corruption of the previous administration.
Saying doing business in the Philippines was now easier, President Aquino encouraged South Korean businessmen on Friday to invest in the Philippines as he urged them to be partners in riding the “rising tide” of the country’s growing economy.
Addressing members of the Korea International Trade Association at the Grand Hyatt Hotel here, Mr. Aquino said his administration’s efforts to eliminate corruption and red tape in the bureaucracy had made it possible for the Philippines to attain outstanding economic growth despite business uncertainties in other parts of the world.
“The causality between good governance and good economics is precisely what we have taken to heart and practiced these past three years,” the President told senior officials of Korean conglomerates.
“There is a rising tide in the Philippines, fueled by a growing segment of the population that has the skills to drive businesses, and the spending power to spur profits. Today, we invite you to ride this wave: To invest in the Philippines and become part of our country’s continued success,” he said on the last day of his two-day state visit here.
Aquino said the political and economic reforms introduced by his administration have made the Philippines the “New Asian Tiger or Asia’s Bright Spot” instead of the “Sick Man of Asia.”
“This drastic transformation is anchored on a simple idea—the same idea that our people voted for in the 2010 national elections: If we eliminate corruption, we can end poverty,” he said.
The President said that during the administration of Gloria Macapagal-Arroyo, businessmen had to submit piles of documents to start their businesses, which only exposed them to “unscrupulous individuals.”
To improve the country’s antiquated bureaucratic processes, he said, the government established the Philippine Business Registry, a one-stop-shop for important business documents.
He said the move has significantly reduced the time needed for investors to start a business and the risks of falling victim to corrupt public officials.
To entice the Korean businessmen, the President cited the successes of Korean companies, including Hanjin Heavy Industries and Construction Corp., SKY-KR Consortium, Posco Engineering and the Korean Transport Institute.
He said the power plants owned by Korean Electric Power Corp. provide about 10 percent of the Philippines’ generation capacity.