MANILA, Philippines—President Benigno Aquino predicted more record highs in the Philippine Stock Exchange index, adding that the cash-strapped Philippine economy was “on the threshold” of transformation.
In a forum of business leaders on Friday night, Aquino called on private business and the labor sector to work together to propel this transformation.
“Who could have imagined, two years ago, that our stock market will have set record highs twenty-one times in twenty-one months? Just today (Friday), it closed at 5,145.89,” Aquino said in his speech during at 20th anniversary of the Anvil Business Club.
“I would like it to grow bigger, with more record highs than my months in service. And that is possible,” Aquino said in a forum of business leaders on Friday night.
It was only quite recently that the stock exchange’s main index broke 5,000 mark and Aquino almost immediately indicated that he wanted it to reach 6,000.
The President also used the occasion to call for improved relations between businessmen and the labor force to further boost the country’s economy.
“This is just the start. Management has the vision and the resources; workers have the wherewithal to use those resources and make that vision a reality. Imagine what heights we can soar to, if management and labor can propel each other upward by truly working together,” he said.
“Make no mistake: we are on the threshold of transforming this country, our society, and the lives of our people. We can, and we have already been doing it. The challenge before us is to accelerate this transformation further. Together, it will be done,” he added.
The President also called on government officials and private sector to work together, recounting the gains of his administration on the economic front.
“We are on the road to becoming one of the world’s more successful economies: HSBC recently predicted that by the year 2050 we will be the 16th largest economy in the world. Of course this is a long way off, but two years ago, how many people imagined that we would be receiving such distinctions?” Aquino said.
“How many people thought that when agencies like the Jetro surveyed Japanese firms in Asia and Oceania, that their conclusions would say that we have significant advantages, as far as cost of doing business, the supply and quality of labor, and employee salaries, compared to other countries in the region?” he added.