Pres. Benigno Aquino III (PCOO)
Speech
of
His Excellency Benigno S. Aquino III
President of the Philippines
At the APEC finance ministers’ welcome event
[Delivered at Lapu-Lapu City, Cebu, on September 10, 2015]
A little more than five years and two months ago, I took my oath as President of the Philippines. From the very beginning, we knew that tremendous challenges awaited us. We quickly realized, however, that we had severely underestimated how much the patronage and corruption of the past had undermined our institutions. Every day, it seemed, we uncovered issues that had festered during my predecessor’s term. At that point, many of us could not help but long for the weekend, if only for a temporary respite from the problems bequeathed to us.
In the face of these challenges, we steeled ourselves, strengthened by the principle the Filipino people voted for in 2010, which is: “Where there is no corruption, there will be no poverty.” We relentlessly pursued all those who had committed wrongdoing, regardless of their wealth or influence; we revamped our budgeting system and exercised fiscal prudence, making sure that taxpayer money is spent prudently, conscientiously, and judiciously on projects and programs that truly benefit our people; we cut red tape and made it easier for investors to bet on the Filipino people; above all, we have massively increased our focus on social services, knowing full well that the only real growth is inclusive growth. In particular, you may have heard of our conditional cash transfer program, which provides cash grants to poor families, with the primary conditions being that children are sent to school and are vaccinated, and pregnant mothers undergo regular health check-ups. In the past five years, we have expanded the scope of this program from less than 800,000 households to 4.4 million households, covering about 20 million of our population.
Our resolve began to reap results much faster than expected. One look at the figures tells a complete story: From 2010 to 2014, we posted a GDP growth rate of 6.2%, which marks the fastest period of economic growth for our country in four decades; and we believe the macroeconomic fundamentals are in place for us to continue, if not improve on, this performance. During our administration alone, the Philippines received 22 positive credit rating actions. The most prominent among these occurred in 2013, when the world’s most prominent credit ratings agencies unanimously declared the Philippines’ investment grade. On top of this, the Philippines’ credit default swaps have remained one of the lowest in the region.
The past five years have also seen us climb multiple global measures of competitiveness: We have gone from 85th to 52nd in the World Economic Forum’s Global Competitiveness Index, from 144th to 95th in the World Bank’s Ease of Doing Business Report, amongst many other indices. Naturally, the global community has taken notice that in empirical terms—and in terms of self-confidence—the Philippines is stable, able, and resilient.
This, ladies and gentlemen, is the Philippine Story. I have chosen to share it with you to illustrate that, regardless of the seeming magnitude of the challenge, progress can be achieved sooner rather than later—especially if we work with solidarity, coherence, and integrity. Of course, achieving this on a regional level will entail a greater amount of work, cooperation, and time; but my optimism is shaped by my experience of how a group with a unified sense of purpose can accelerate our shared journey towards prosperity.
My positivity is reinforced by the Cebu Action Plan—named after one of the most progressive provinces in our nation—to which our economies are committing. I am told that it ticks all the right boxes: better financial integration among APEC members fosters an environment ripe for investment; greater transparency as regards government funds maximizes efficiencies—and more importantly—the benefits enjoyed by our peoples; and a renewed commitment to improve and finance infrastructure that will lay the necessary foundations for continued growth. Not to mention, the Cebu Action Plan will also help equip us to respond to some of the gravest threats to our economies in the form of natural disasters, particularly those caused by the new normal of climate change.
Two months from now, I will be welcoming the leaders of APEC economies to discuss clearer pathways for us to build more inclusive economies, towards building a better world. The success of that meeting, however, is rooted in gatherings such as this, where the more technical aspects are forged into policies that public servants can carry out for the benefit of our countrymen. I am hopeful that your time here in Cebu will go beyond finalizing previously discussed agreements, and will involve speaking of new ideas that can further grow our economies. On another note, I hope that, apart from my welcome, you will be able to feel the warm welcome of the Cebuano people, who are renowned for their musicality and hospitality. After all, you are in the Philippines’ Queen City of the South, and I hope you can take time off your busy schedules to enjoy its pristine beaches, its vibrant metropolis, and most importantly its people, who are living proof that it is indeed more fun in the Philippines.
Thank you. Good day.
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