Despite the specter of
worse financial troubles in the euro zone, the Philippines is expected
to hit its 5-percent to 6-percent growth target for the year, President
Aquino said on Wednesday.
Mr.
Aquino made the statement at the IBM Think Forum at the Makati
Shangri-La Hotel, where he narrated positive developments in the
Philippine economy in the face of worrisome external developments.
“I am sure you have
all heard that, in the second quarter of 2012, the Philippine economy
grew by 5.9 percent. If all goes as planned, we’ll be on target in
achieving between 5-percent to 6-percent GDP growth for 2012,” he said.
In
a media interview, Mr. Aquino said economic growth will be driven by
infrastructure development, investments, agriculture and public
spending, and that computations for the first two quarters of the
year—6.3 percent and 5.9 percent, respectively, showed average growth
exceeding target.
“Let’s
just look at this—6.3 and 5.9 is 12.12, right? Divided by two is 6.06….
So far, we have exceeded the 5 to 6 [percent],” he said.
In
his speech, he said in the midst of financial troubles in Europe where
the embattled Greek economy had stoked the “fear of the unknown” among
other governments, the Philippines had managed to significantly improve
its competitiveness ranking in the World Economic Forum’s Global
Competitiveness Report for 2012-2013.
“These
achievements, together with the 44 record highs of the Philippine Stock
Exchange Index, and the fact that the Philippines is now only one level
below investment grade, according to two of the three major ratings
agencies, show that we are well on our way to filling up the half-full
glass,” he said.
Referring
to the unstable Greek economy, Mr. Aquino said, “This fear of the
unknown is feeding on itself, and spiraling into what may become a
greater crisis, which benefits neither the people of Greece, nor other
citizens of the euro zone or, as Madam Christine Lagarde’s position is,
nobody is immune from the crisis in the euro zone.”
Lagarde
is the managing director of the International Monetary Fund (IMF), and
had addressed leaders including Mr. Aquino at the Asia-Pacific Economic
Cooperation Summit in Hawaii last year and in Vladivostok, Russia, this
year.
“In both
meetings, Madam Christine Lagarde…made references to external pressures
and factors that can impede, and have already impeded, the progress of
some global economies—but at the same time, these factors can also open
up new prospects for others,” he said.
The
President said that emerging markets like the Philippines “are given
the opportunity to make the most of their competitive advantages and
become prime locations for investment” as capital flowed out from
developed but troubled economies.
The President also lauded IBM Philippines, which celebrated its 75th anniversary, for betting on the Philippines.
“Instead
of fearing the unknown, your leaders saw an opportunity to bet on the
Philippines and to bet on the strengths of your company. Today, we can
all agree: those bets have indeed paid off,” he said.
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