President Benigno Aquino III INQUIRER FILE PHOTO
MANILA, Philippines – President Benigno Aquino III on Monday told the business sector to refrain from “knee-jerk reactions” and instead look at the long-term prospects of the Philippine economy.
“While I know that monitoring internal and external developments is an important part of any successful business strategy, [but] perhaps it would be wise to shun a culture of myopia and temper the urge for knee-jerk reactions,” Aquino said at the oath-taking ceremony of the officers of several business organizations.
The President said that while things such as currency fluctuations may cause apprehension, government and business alike should “think strategically” and look at long-term trends.
“Together, we can focus on solutions that redound to stronger industries and stronger working relationships between government and the private sector,” he said.
Aquino said, citing an observation by Budget Secretary Butch Abad, that while there is a “general disconnect between the front page and the business page” of newspapers, the optimism felt by the sector is not unfounded.
“The Philippines has made huge jumps in various competitiveness rankings, and has also received a unanimous investment grade rating from all three major credit ratings agencies. Investments are up: for example, net FDI increased by 20 percent, from $3.22 billion in 2012, to $3.86 billion in 2013,” he said.
Aquino said that “All this is happening because your government has leveled the playing field and created an environment where capabilities, rather than connections, are at the forefront.”
He said the public should expect more opportunities for competition that will in turn prevent “inefficient monopolies or oligopolies.”
The President, however, reminded the businessmen that their interests and that of the common Filipino should not compete.
“After all, it is the Filipino worker that populates your offices; it is the Filipino wage-earner that spends money on your products and services; it is the Filipino parent that instills values and knowledge in their children who will then sustain the virtuous cycle of prosperity and empowerment that we are experiencing now,” he said.
Among the guests at the event, held in Malacañang, were Trade Secretary Gregory Domingo, Senator Sonny Angara and newly elected officials of the Philippine Chamber of Commerce and Industry, the Philippine Exporters Confederations, Employers’ Confederation of the Philippines, and the Anvil Business Club.