THE Philippines stands to benefit the most from the expected investment boom President Benigno S. Aquino III’s forthcoming official visit to the United Kingdom will generate, an official of the Department of Foreign Affairs said recently.
Philippine Ambassador to the UK Enrique Manalo said the President’s visit from June 4 to 6 will “further cement and invigorate” bilateral ties between the two countries and further boost investor confidence in the country.
He said UK businesses and investors have been looking at the Philippines as an “emerging power in Asia,” noting the country’s resiliency to withstand economic downturns in other countries like the United States but most especially, its positive growth for three consecutive years.
“His (President Aquino’s) coming here (UK) will further cement and, I hope, invigorate the bilateral ties between the Philippines and the UK…and when he comes here, one of the topics of his agenda will be to promote business and commercial relations with the UK for
investments and trade…and we feel that his coming here will also pave the way for more high level companies to invest in the Philippines,” Manalo said.
“As you know, our country has experienced for the past three years positive growth rates despite the economic downturn in the US. This is an area where there are many economic opportunities (and) I think the UK business investors will try to take advantage of that. We should see how we can offer incentives and (more) opportunities for them,” he added.
Among President Aquino’s activities in UK will be a bilateral meeting with Prime Minister David Cameron at 10 Downing Street where the two leaders are expected to discuss Philippine-UK political and economic cooperation, the UK’s participation in the international
contact group (ICG), regional and international issues, and anti-corruption and good governance practices of both governments.
The President will also meet with several British investors, take part in the Philippine fun tourism campaign of the Department of Tourism and meet with the Filipino community in the UK, the largest in Europe.
The Philippines and the UK have a long standing diplomatic relations, with ties starting in 1946. The UK is the country’s top European investors, the 23rd trading partner, the biggest tourism market in Europe and host to the biggest number of Filipinos in Europe. (PCOO)
MALACAÑANG bared the significant growth in the country’s economy that were attributed to the continued confidence by the private sector on the Aquino administration, including the increase in exports and the increase in expenditures by the Filipino people.
In a regular press briefing in Malacanang on Thursday, Deputy Presidential Spokesperson Abigail Valte read a statement on the country’s Gross Domestic Product (GDP) growth in the first quarter of 2012 which, she said, was the highest in Asia and in the entire Association of Southeast Asian Nations (ASEAN) region.
“The Philippine economy grew by 6.4 per cent in the first quarter of 2012. The better than expected economic growth was due to sustained private sector confidence and accelerated government spending. There were healthy increases in the services sector, complemented by growth in exports and increases in household consumption expenditures,” Valte said.
“The first quarter GDP figure validates the optimistic outlook of the President and his economic team. It is the highest first quarter GDP growth in a non-election year since 2006; the second highest in Asia; and the highest growth rate in the entire ASEAN region for this
period,” she added.
“We are confident that the positive trajectory of our GDP growth will be sustained in the latter quarters of this year, which has traditionally demonstrated more robust and dynamic economic performance. Moreover, this affirmation of our country’s steady advance toward inclusive growth comes at the heels of Moody’s Investors Service upgrade of our credit
outlook to positive from stable. All indications point to the global economy’s continued confidence in the Philippines, as well as to a more optimistic outlook within the country,” Valte explained.
At the height of these achievements, Valte assured that the government will continue to pursue its reform agenda and efforts to ensure the improvement of the lives of the Filipinos.
“The hard work continues, on the firm foundations of these recent achievements. As the Aquino administration has been resolute in carrying out its agenda of reform and in institutionalizing good governance, it will continue to be equally steadfast in translating our
economy’s gains into employment opportunities, programs geared toward poverty alleviation, and the systemic improvement of the way of life of Filipinos,” Valte noted. (PCOO)
THE Aquino administration will carry out more aggressive spending in the second half of 2011 particularly in major infrastructure projects even as it ensures that public money will be spent wisely, Presidential Spokesman Edwin Lacierda said.
In a regular press briefing on Wednesday in Malacanang, Lacierda said the Aquino leadership has to fix the excesses of the past administration by restructuring and reviewing the whole process of allocating and releasing money.
“It took some time for us to do that. We don’t want to waste taxpayers’ money. That’s precisely why there was under spending – to make sure that the money we spend will be spent prudently and wisely,” he said.
He reiterated that there was under spending in the first half of the year because the present administration has to clear some processes, do some changes and studies to avoid the mistakes of the past administration.
Lacierda also noted that Budget Secretary Florencio Abad assured the senators this week during a budget hearing that the country could expect increased spending in public infrastructure in the next half of the year after the government initiated the reform measures.
Some senators have raised the necessity for an aggressive spending in the first half of the year to boost the local economy which could protect the country from possible fallout from the U.S. economic slowdown following a credit rating downgrade. (PCOO)
TAGBILARAN CITY, Aug. 10 (PIA) – KUMPIYANSA si Presidente Benigno “Noynoy” Aquino III nga dili maapektuhan ang mga negosyo sa nasud sa nahitabo karon sa ekonomiya sa Estados Unidos.
Nagtuo si Presidente Aquino nga makabawi ra usab ang patigayon sa stock market sa nasud ug mobalik pagkusog ang piso kontra dolyar nga mihinay human ang credit downgrade sa Standard and Poors (S & P) sa Amerika.
Pasabot sa Presidente, kahibalo usab ang mga trading partners sa nasud nga bintahe ang pagnegosyo sa Pilipinas.
Nauna nang mihinay ang mga international trading market apil na ang Philippine Stock Exchange (PSE) tungod sa paghinay sa major economies sa kalibutan. (PIA-Bohol/ecb)
TAGBILARAN CITY, Aug. 9 (PIA) – GISEGURO sa Bangko Sentral ng Pilipinas (BSP) nga magpabiling lig-on sa 42 hangtud 54 nga level ang kantidad sa piso kontra dolyar bisan gipaubos sa Standard and Poor’s sa AA+ rating ang credit rating ng Estados Unidos gikan sa kanhi AAA.
Sa briefing sa Senate Finance committee kalabot sa balaodnon sa 2012 national budget, miingon si BSP Governor Amando Tetanco Jr. nga bisan moubos ang piso, makabarug ra usab kini.
Ang lig-on nga pagsulod sa remittances sa mga Overseas Filipino Worker (OFW), export receipts ug ang igong reserves ang mosuporta sa kalig-on sa piso.
Samtang matud pa usab ni kanhi Budget Secretary Benjamin Diokno, dili angay magpanik ang gobyerno sa gihimo sa Standard and Poor’s nga pagpaubos sa AAA rating sa Estados Unidos sa AA+ nga maoy pinakaubos nila nga rating sukad niadtong tuig 1917.
Dugang pa ni Diokno, lig-on pa gihapon ang ekonomiya ng US kun itandi sa mga nasud sa Europa o bisan sa China.
Bisan pa niini, gitataw ni Diokno nga angay pa gihapon’g mag-andam ang Pilipinas tungod kay siguradong maigo ang nasud kun mohinay ang ekonomiya sa Amerika ug mao kini ang panahon aron mas hingusgan sa kagamhanan ang domestic economy niini. (PIA-Bohol/ecb)