Ph is now Asia’s bright spot, PNoy says in final SONA

sona

The improvement that the Philippines has achieved in economic standing during the years of his administration was underscored by President Benigno Aquino III during his sixth and final State of the Nation Address delivered this Monday, July 27.

He cited the consistent credit ratings upgrade from international rating agencies n the last three years that catapulted the country to the ranks of investment-worthy economies.

New foreign investments i n 2014 reached an unprecedented P6.2 billiion, while local investments grew with P2.09 billion.

He also bannered the  8 per cent growth in manufacturing , lower unemployment rate – at 6.8 per cent, the lowest in the past decade, and more harmonious labor-management relations with incidence of strikes down to 15, from more than a hundred.

In the eyes of the world, he said, the Philippines is known as “Asia’s rising tiger,” “Asia’s rising star,” and “Asia’s bright spot.”

Public perception is also high, he said, citing an SWS survey that showed 8 out of 10 Filipinos believed that the Philippines would eventually be a developed country.

Other economic gains cited in this year’s Sona include:

  • An average of 6.8 per cent GNP growth rate, the most robust in 40 years
  • 8.6 million TESDA graduates, 71 to 90 per cent of whom have found jobs
  • Expanded coverage of the Pantawid Pamilya program to 4.4 million households
  • Completion of infrastructure projects, e.g. Lullutan Bridge in Isabela and Jalaur River Multipurpose project in Iloilo, plus more going on
  • 50 ongoing public-private partnership projects
  • 78 per cent of Sitio Electrification program completed
  • Increased tax collection which breached the P1 trillion mark in 2013
  • Decline in the number of OFWs from 9.51 million in 2011 to 9.7 million in 2014
  • Enactment of landmark economic legislation such as the Sin Tax, the Competition Act, and the New Cabotage Law.

He attributed much of the accomplishments  to the inroads in the anti-corruption campaign he instituted early on his term as well as the economic reforms adopted under his watch.

He said that if the reforms would proceed unabated, the Philippines should be in its way to being a first-world country.

“If the economic reforms would continue, we would be on the same level as – if not surpass – the countries we look up to.”

He warned against a relapse to old, crooked ways.  “If that would happen, we would once again be left behind and the upward trajectory of the economy would be broken.”

Towards the end of his two-hour report, the President thanked people who have supported him, most prominently, God and his parents, as well as members of his cabinet, his Malacanang staff, his sisters, and  his household staff including his yaya or personal assistant.