Aquino tells Cebuanos: Investment confidence in RP ‘very, very good’

Written by Wilfredo Rodolfo III / Reporter

Thursday, 16 September 2010 15:02

President Aquino visited Cebu on Wednesday, the first time since he took office, and with his economic team presented their plans to the business sector. Business-sector leaders presented their wish list during the interchange. Mr. Aquino lauded the strong public-private partnership in Central Visayas while reporting that investment confidence in the country was “very, very good.” He promised the rehabilitation of the Mactan Cebu International Airport as well as the establishment of a cold-chain logistics system spanning Mindanao, the Visayas and Luzon. “You are well poised to take advantage of the economic climate in the country,” the President said. “These linkages [public and private] can help us meet our mutual goals that will benefit the entire nation.” The business leaders presented him with seven requests, which they said would support the economic growth in the region: 1. Infrastructure projects worth P4.4 billion. 2. Priority for tourism and the value-chain network 3. Reduction of fuel and power costs 4. Expansion and modernization of the Mactan-Cebu airport 5. Mass transit system in Metro Cebu 6. Construction of the Panglao International Airport 7. Construction of a bridge connecting Cebu and Bohol In a press conference that followed, the President, gave promising remarks on the airport projects. But he said he would still have to look at the infrastructure wish list. “The Bohol-Cebu Bridge could be too ambitious,” he said. “The money may be there but we want to know if these are the projects that we really want.” The President’s economic team met with some 200 businessmen before the Chief Executive’s arrival, and presented their plans for the next six years. National Economic Development Authority Director-General Cayetano Paderanga said the administration was hoping a 5 percent to 6-percent GDP growth in 2010 and a 7 percent to 8-percent growth from 2011 to 2016. He also said the administration planned to roll out close to P740 billion worth of infrastructure projects in the medium term. The administration wants to add tourism to the three existing pillars of the Philippine economy at present—the OFW remittances, the semiconductor export industry and the BPO, Paderanga said. Finance Secretary Cesar Purisima said the administration is also determined to cut red tape and reduce, if not stamp out, corruption, while improving the country’s tax-collection efficiency to the regional standard of 17 percent from 13 percent. Trade Secretary Gregory Domingo said he planned to roll out the online-based Philippine Business Registry system in the next three months to expedite and streamline business registration in the country. Energy Secretary Jose Rene Almendras said his department would focus on building additional supply while working on energy efficiency in the country. The President later met close to 5,000 campaign volunteers as well and recipients of government poverty alleviation programs.