By Leslie D. Venzon
MANILA, Sept. 9 (PNA) — President Benigno S. Aquino III on Tuesday said his administration’s reform efforts are attracting more investments and supporting the country’s robust economic growth.
“Our message to investors is clear: The Philippines is once again open for business. We have leveled the playing field, and are giving the investors the assurances that matter — that as they deal with the commercial risk that naturally comes with enterprise, our government will do its utmost to minimize regulatory risk,” he said in a speech delivered at the ASEAN Business Awards Philippines 2014.
To create a more conducive investment climate, President Aquino cited the establishment of the Philippine Business Registry that provides a faster process for business registration and minimizes the opportunities for corruption.
The President said the Department of Public Works and Highways (DPWH) also optimized the bidding process and reduced the required bidding documents.
“Simply by plugging the leaks in their system, their agency has saved nearly P28 billion, on the way to building, upgrading, and improving our infrastructure, like the 12,184 kilometers of national roads — which, if they were put together, is equivalent to four roads connecting Laoag to Zamboanga City,” he said.
President Aquino said his administration’s reforms also supported the economy which grew by 7.2 percent last year, making the Philippines one of the best performing economies in Asia.
He said credit rating agencies from all over the world also announced a total of 20 positive credit ratings actions for the Philippines in the past four years, with the most significant upgrades coming from Moody’s, Fitch and Standard & Poor’s last year.
Likewise, the Chief Executive said the Philippines has consistently climbed global competitiveness ranking, the latest was the country’s leap to 52nd place on the World Economic Forum’s 2014 Global Competitiveness Report from a ranking of 85th in 2010.
“All this was a result of our belief in our people, and in our efforts to put them in the global spotlight. The resurgence of the Philippines is a result of striving for success in the face of challenge,” President Aquino said. (PNA)