President Benigno Aquino III. INQUIRER FILE PHOTO
MANILA, Philippines—President Benigno Aquino said Saturday that confidence in the Philippine economy under his 19-month administration has resulted in P439 billion worth of investments in the Philippine Economic Zone Authority.
In a speech at rites commemorating the 26th anniversary of the Edsa People Power Revolution, Aquino said the amount represents 22 percent of the P2 trillion in investments that went into the Peza since 1995.
“This confidence is apparent in the record influx of investments in the Philippine Economic Zone Authority or Peza,” he said. “Last year, we reached the most aggressive entry of investments into the Peza with P288.3 billion. The total amount of investments that went into Peza from the first day of our administration to the latest data gathered only the past week has reached P439 billion.”
The President stressed that 22 percent of the total investments in Peza the past 16 years came only in 19 months of his presidency.
Aquino made the remarks amid criticism that the economy has slowed down during his administration due to an alleged preoccupation with politics and going after perceived political foes, including former President Gloria Macapagal-Arroyo and Chief Justice Renato Corona.
“After one-and-a-half years of the straight path, let us ask ourselves: is there a difference between our system now and the system that we had before when for almost a decade Filipinos were affected by graft and corruption?” he said. “The correct answer: it’s a huge difference.”
Aquino said the People Power uprising was the launching pad of Filipino unity.
“And until now, our revolution still isn’t finished,” he said. “The miracle of Edsa would be for naught if this wouldn’t be nurtured and cared for. Democracy is useless if there’s no change in the lives of most people.”
The President said this is the reason why the government has been “dismantling the barricades of poverty using our conditional cash transfer program.”
He said the target of having 2.3 million families benefit from the program in 2011 was exceeded by 45,000 before the year ended. The program continues to expand with the government expecting three million beneficiary families in 2012, he added.
“We are investing in our countrymen because for every one who’s freed from the bondage of poverty is a Filipino partner in achieving progress for our country,” the President said.
He added: “We are not one to brag but when the country has registered all-time highs in the stock index for 16 times and when Moody’s, Standard and Poors, Fitch and Japan Credit Ratings Agencies raised our grade several times, this is no longer called bragging. This is called reforms and results.”
Aquino noted that the Japan External Trade Organization has also described the Philippines as an ideal destination for businessmen in Asia. He said the organization cited the country’s skilled workers and the affordability of doing business in the country.
“I would just like to make it clear. It is not our own agency that did this research but an organization from Japan,” he said. “This kind of success isn’t achieved by chance.”